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Hello, I am new to this board and we are going to be moving to the area in June. We are planning to buy a house but articles like this really make me wonder.
What do you all think about this? I know that the triagle area hasn't seen the growth that some other areas have, but a decline of 20+ percent in the housing market is scary.
If you were moving to the area would you buy now or wait?
Tracy, where do you live now and how well do you know the triangle area? Do you have children. Secure jobs? I would not wait because of the housing market, but I would rent for a while if you are not familiar with the area because it will help you decide the area you would best like to live. I basically look at a house as a home and not an investment, but if you are not sure you will be here too long you will probably lose money if you buy. If you know the area and you know you are making your home here, you could probably get something nice. One "advantage" of the weak housing market is that you have no need to be in a hurry to buy something if you are not sure if you will stay or where you want to live.
As a longtime renter and tenant advocate, I say BRAVO!
A home is supposed to be a place to live, not an investment. Tax benefits subsidize homebuyers by rebating part of their interest. We renters are just "trash" who destroy a community and should be penalized.
Well, the speculators and flippers just pushed it too far fueled by a completely corrupt financial services industry. Home prices exceeded buyers' ability to pay.
Duh! What next but a market "correction". If the customer can't afford the product, even a dumb Bubba like me can see why the market must collapse like a house of cards.
What we really need is a tax system designed to maximize revenue and not set up to change the behavior of citizens.
Why should tenants be second class citizens when we may contribute much less to sprawl and not waste resources heating unneeded McMansions just to "keep up with the Jonses"?
To those concerned with homes as investments. don't think of them that way. It's a place to live, requires considerable maintenance expense, and may or may not provide better appreciation than an insured CD or solid mutual fund.
Buy it to live in, not to sell.
Sorry to be so blunt, but tenants are very discriminated against for their housing choices.
We are moving from South Florida. We did not buy a home here because we knew that we didn't want to stay and only planned on being here three years. We are so happy that we didn't buy...since the market here has really taken a dive in the last three years.
We moved to South Florida from Wilmington (loved it there) and we are so happy to be moving back to North Carolina. We know the area a little bit and we are planning a house hunting trip the first week in April. I am being transferred for my job, but my husband does not have a job yet. He is currently a teacher, but just finished his masters in administration and is hoping to get a job as an assistant principal in either Wake or Johnston counties...his resumes are out...just waiting for some interviews
We just need to figure out if we want to move to the area and rent for a few months (could be difficult with all of our stuff...two dogs and baby) or buy now. We are planning on staying in the area for at least 5 years...hopefully longer!
Tracy, I agree that if it's possible for you to rent for 6 months to a year that you should definitely do it. The Triangle is very large, made up of multiple towns in multiple counties. It's better to live here for a while and get a feel for the area before buying.
As for the housing market ... well, we could all speculate and try to guess what's going to happen next year, but the truth is that nobody knows. All we can tell you is that prices in this area in general have stayed pretty steady. It's better to find out what's happening in your particular micro-market: your price range, your desired part of town, whether you want existing construction of want to have something built, etc.
Tracy, I decide to wait. I don't know which town you are looking at. I'm interested in Chapel hill. If you go to trulia.com, they give you good data about the market. http://www.trulia.com/real_estate/Ch...orth_Carolina/
I assume this new tax system will address property taxes as well since homeowners pay those and renters do not.
We certainly do. Our landlord pays the tax, and it's part of the expenses included in our rent.
We can't usually justify itemizing deductions to claim charitable tithes, etc.
If we make a profit on savings or investments, it's taxed. A big chunk of home appreciation passes tax-free at sale.
We are screwed royally by the tax system. It's just not fair to dictate people's lives with tax breaks.
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