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Old 01-24-2010, 04:02 PM
 
254 posts, read 788,982 times
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I hope it soars! I bought my house a year and a half ago,,though it was still priced in such a way we actually can afford it,,,,the value already went down significantly and if we have to move (hope we don't!) we'll probably lose money (that we don't have)!
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Old 01-24-2010, 05:08 PM
 
Location: Marshall-Shadeland, Pittsburgh, PA
32,613 posts, read 77,439,770 times
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Quote:
Originally Posted by Caladium View Post
What's significant about Nova is that the home prices are expected to soar.
...which means what, exactly, for singles trying to buy their first home in five to ten years?
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Old 01-24-2010, 05:57 PM
 
3,378 posts, read 3,701,061 times
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Originally Posted by ScranBarre View Post
...which means what, exactly, for singles trying to buy their first home in five to ten years?
I'm not sure I completley trust these so-called "experts"
Have you ever noticed the statements that 4 out of 5 dentists recommend a certain toothbrush? Thats great, but I would like to know what the 5th dentist thinks. He might be right!
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Old 01-24-2010, 06:30 PM
 
Location: Home is where the heart is
15,402 posts, read 28,893,285 times
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Originally Posted by Guamanians View Post
I'm not sure I completley trust these so-called "experts"
LOL, especially Forbes, who seem to have a list of the "10 Best" or "10 Worst" every week or so. A lot of their lists are, shall we say, eyebrow raising. Fun to read, but I wouldn't make any life changing decision based on them...
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Old 01-24-2010, 06:38 PM
 
Location: Home is where the heart is
15,402 posts, read 28,893,285 times
Reputation: 19090
Quote:
Originally Posted by ScranBarre View Post
...which means what, exactly, for singles trying to buy their first home in five to ten years?
LOL, take your pick:

a) it means you have 5 years to find a sugar daddy.

b) it means you have 5 years to design a killer app that will make you a buttload of money.
b.1) or, you could invent a killer version of a mojito and make a buttload of money.
b.2) or, you could write songs about your frustration, become a hit on the local music scene, cut a gold record, and make a buttload of money.

c) it means you have 5 years to get married or find a roommate to help pay the bills. Or, get married AND find a roommate to help pay the bills.

d) it means you have 5 years to realize owning a house is over-rated and you'd rather spend your extra money travelling and having fun.

e) it means you have 5 years to have a blast in DC, get job experience, network like crazy, and when you're ready to buy a house move to Pittsburgh.
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Old 01-24-2010, 06:57 PM
 
Location: Loudoun County, VA
1,148 posts, read 3,732,474 times
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Quote:
Originally Posted by athousandlogins View Post
Yes, it's true. We could absolutely get a decent townhouse in a lovely neighborhood for the rent we are paying now. Rent here is as high as a mortgage payment. No argument there.

But until a downpayment on a $300 - $400K townhouse falls from the sky on us, the question is really irrelevant. Look, I have awesome credit. But because I'm a SAHM and my husband got his Ph.D. so he didn't start making non-grad-student wages until he was 30, we also have almost no cash. We can walk into a rental with a first month's rent and security deposit. We need tens of thousands of dollars, even with an FHA loan, to buy a house. And we don't have wealthy parents who can hand it to us. The monthly payment on buying versus renting is actually *irrelevant* until we have the money for a downpayment. Even if it becomes MORE expensive to rent month-to-month, we have no choice. We will continue to rent because we have no other option. And there is no such thing as entering the market on a tiny starter condo when you already have 2 kids.

I can't imagine we are the only people in this situation.
We are exactly in the same situation..

Also, it doesn't really matter that a mortgage costs about the same as renting, you'll always have lots of expenses when you own the house, especially an older house (even 15 years old). The house we rent is about 16 years old and things keep braking constantly. From appliances to the furnace.. And the windows and the deck need to be replaced too. There is something fishy going on with the electricity and the plumbing could be better too. There is no way we could afford to own this house with an income and a half. A brand new townhouse maybe, that was still under warranty. We did some calculations and if we were to buy this townhouse, we'd pay about $2400/month in mortgage plus all the other expenses. We rent for $1750. That's a huge savings.

We're just wondering if it is worth buying now when we're hopefully moving out of state in the next five years. If this report is trustworthy, we could make some money out of any house we buy. Decisions, decisions..
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Old 01-24-2010, 07:00 PM
 
Location: SE Florida
1,194 posts, read 4,120,239 times
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Higher prices for homes seems great but what about the scads of people who have a regular government jobs and mom and dad have a combined income of $150,000. What if they have 2 kids? A 300k home in DC is a home I would not wanna live there because my retired income is around 125k and with my Ph.D. my education debt remains in the 60's.....I would and could not afford DC.....

Not sure that it is a good thing especially in the DC Metro area. The rest of the country is having a really tough time just keeping their job while the home prices in the DC Virginia area is expected to soar in 5 years....

Economists understand statistics and the proper methods of use but where is their history? 1930's is not a good reference point and who will pay for the banks, the auto makers? You and I and our grandchildren's grandkids will pay.

We need to combine our voter strength and display our thinking objections at the poll. No real reason to predict higher home prices because we haven't encountered the mess our economy is currently enduring.
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Old 01-24-2010, 07:14 PM
 
Location: Home is where the heart is
15,402 posts, read 28,893,285 times
Reputation: 19090
Quote:
Originally Posted by EuroExpat View Post
Also, it doesn't really matter that a mortgage costs about the same as renting, you'll always have lots of expenses when you own the house, especially an older house (even 15 years old).
LOL, no kidding. Especially with homes that are 50+ (learned this one the hard way). All those really old houses that have so much character won't be quite as charming when you find out how much repair they constantly need.
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Old 01-24-2010, 07:14 PM
 
3,378 posts, read 3,701,061 times
Reputation: 710
Quote:
Originally Posted by Synergy1 View Post
Higher prices for homes seems great but what about the scads of people who have a regular government jobs and mom and dad have a combined income of $150,000. What if they have 2 kids? A 300k home in DC is a home I would not wanna live there because my retired income is around 125k and with my Ph.D. my education debt remains in the 60's.....I would and could not afford DC.....

Not sure that it is a good thing especially in the DC Metro area. The rest of the country is having a really tough time just keeping their job while the home prices in the DC Virginia area is expected to soar in 5 years....

Economists understand statistics and the proper methods of use but where is their history? 1930's is not a good reference point and who will pay for the banks, the auto makers? You and I and our grandchildren's grandkids will pay.

We need to combine our voter strength and display our thinking objections at the poll. No real reason to predict higher home prices because we haven't encountered the mess our economy is currently enduring.
Excellent post... this is why I am skeptical of the rising home prices. Weren't the experts sayting the same thing in 2005? It will be interesting to see what happens as the gov't grows over the next few years. But maybe the growth of gov't will stall as the political tide turns? What if the "demand" to move into this area drops like the congressional approval rating? If the cost of living is too high then people will look elsewhere, and current residents will flee... Not to mention, the Skins, Wizards, and Nats aren't exactly giving sports fans a reason to stay.
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Old 01-24-2010, 07:19 PM
 
Location: Home is where the heart is
15,402 posts, read 28,893,285 times
Reputation: 19090
Quote:
Originally Posted by Guamanians View Post
Not to mention, the Skins, Wizards, and Nats aren't exactly giving sports fans a reason to stay.
LOL, oh well at least we still have the Caps!
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