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Old 05-21-2018, 08:27 PM
 
12,677 posts, read 12,090,964 times
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I bought my condo recently and have zero care if the value drops to a dollar. I guess the only care I would have is the riff-raff that would move into the building with such low cost housing.

I am not planning on moving, not planning on selling.
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Old 05-21-2018, 08:38 PM
 
Location: Raleigh NC
7,773 posts, read 6,128,244 times
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just because, according to Zillow, the average price in JAX has risen from 92 to 162K in the last 6 years, doesn't mean that being slightly above the 2007 peak is a bubble.

as a few other smart people have said, what matters is can you afford it, and how does that compare to your current rent?
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Old 05-21-2018, 08:49 PM
 
209 posts, read 97,153 times
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Quote:
Originally Posted by LifeIsGood01 View Post
If you are throwing money away on rent and you don't like apartment living than buy a house. Think of it as renting a house from the bank but your mortgage will never go up, besides the escrow for taxes and insurance and Florida has homestead exemptions. In 30 years you will own the home or sooner if you pay extra each month.

We are not at the peak and prices in many areas are not at the height that they were before the bubble burst. Investors have been scooping up properties to rent out for a few years now, they started selling those homes a few years ago and there is less inventory which is causing prices to go up, and the Fed raised interest rates because everything is okay. If things were bad they would keep them low so more people could buy.

It's not going to burst for the same reason it did last time, not any time soon unless Trump tells the bank to start giving loans to unqualified applicants.

IF you can buy a home for less than you are paying in rent, or for less than the house you want would rent for than it's a great deal. You snooze you lose.

A home is a place to live and an investment in the long run. Rent is an expense. Rent makes your LL richer, owning makes you richer.
Just add in maintenance and depending on where you live, the price of the house when the market falls out from under us will be worthless.
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Old 05-21-2018, 10:03 PM
 
10,274 posts, read 6,510,807 times
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Originally Posted by SDWNC View Post
Just add in maintenance and depending on where you live, the price of the house when the market falls out from under us will be worthless.
Keep renting. I'm sure LL will drop rental prices like they didn't do last time.
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Old 05-21-2018, 10:06 PM
 
10,274 posts, read 6,510,807 times
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Quote:
Originally Posted by 49erfan916 View Post
Wouldn't higher rates lower the number of buyers?
That's my point, wait for that bubble to burst, it doesn't happen and be priced out of the market.
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Old 05-21-2018, 10:10 PM
 
10,274 posts, read 6,510,807 times
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Quote:
Originally Posted by boxus View Post
I bought my condo recently and have zero care if the value drops to a dollar. I guess the only care I would have is the riff-raff that would move into the building with such low cost housing.

I am not planning on moving, not planning on selling.
People won't sell, they will just hold on to the units, or rent them out if they are allowed to by the HOA. I told one of my older neighbors that prices were rising, and he thinks it's not a good thing, but I tell him it is because less riff raff can afford to move in.

Anyway the good thing with condos is the HOA has to make sure they are not doing illegal things and it's easier for them to get them kicked out than a homeowner would be with a bad neighbor.
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Old 05-21-2018, 10:29 PM
 
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This is what i picture with people who are waiting for the bubble to burst.

OMG it's 2048 and we are paying $5,000 for a studio apartment in Kansas and we could have paid off our home in 15 years with the rent we paid if we would have bought in 2018.
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Old 05-22-2018, 03:44 AM
 
Location: Southern Most New Jersey
944 posts, read 698,428 times
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I have been trying very hard to find a quality 3/2 rancher in the Charlottesville, VA area for over a year.

Market is so hot my realtor told me to give it some time. She is in her 50s, been a realtor her entire career. I am listening to her advice. But I do look at Realtor.com almost daily.

Personally unless a really good/long term job is involved I would not chase this market. Maybe not then either.

Want to add - study the foreclosures in any potential area. Real eye opener. And don't let anyone kid you by saying there are foreclosures everywhere. Some areas are very solid.

Last edited by NJBoy3; 05-22-2018 at 04:04 AM..
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Old 05-22-2018, 05:14 AM
 
3,042 posts, read 1,214,969 times
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Quote:
Originally Posted by NJBoy3 View Post
I have been trying very hard to find a quality 3/2 rancher in the Charlottesville, VA area for over a year.

Market is so hot my realtor told me to give it some time. She is in her 50s, been a realtor her entire career. I am listening to her advice. But I do look at Realtor.com almost daily.

Personally unless a really good/long term job is involved I would not chase this market. Maybe not then either.

Want to add - study the foreclosures in any potential area. Real eye opener. And don't let anyone kid you by saying there are foreclosures everywhere. Some areas are very solid.
Most of the good foreclosures in Jax were gone 4-5 years ago (I got one then and I had another friend who also got one then). That said, Jacksonville is still a very popular place to move. They are attracting a lot of people into the financial sector and it is also popular with retirees who donít want the more crowded, touristy areas that are farther south in Florida with more seasonal traffic. The counties adjacent to Duval also have excellent schools, which put them ahead some other places in Florida where there really arenít good schools. The market may go down, but I donít think it is going to go down 50%.
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Old 05-22-2018, 05:34 AM
 
2,962 posts, read 2,874,216 times
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Quote:
Originally Posted by nep321 View Post
I truly believe that 2018 is the peak of the housing market, since we're in a huge housing bubble now. I believe that the market decline will begin later this year and that homes will lose up to 50% of their value by 2021. Please don't debate with me whether the housing market is at its peak. Even if it's not at its peak yet, let's just assume that it is at the peak, for purposes of this discussion.
If you believe it is at it's peak and that housing prices will drop 50% by 2021, then you'd be a fool to buy today. That likely means you'd either be continuing to rent or something. Let's say you were looking at a 300k house. Just to use rough numbers, if you believe that 300k house will drop in value to 150k in 2.5 years (2021) that means you think that on average the value of a generic house will lose 5000/mo in value.

As long as your alternative (rent?) is less than 5000/mo, you would not want to buy a home in this market.

Quote:
Originally Posted by nobodysbusiness View Post
You should not think of it as an "investment," per se, but a place to live with tax advantages.
That's not as true as it used to be. The tax advantages for home ownership used to be the mortgage interest deduction and the state and local tax (property tax, school tax) deductions. The value of those is much smaller than they used to be. If you can't itemize over 12k (single) or 24k (married), they have ZERO value.

So, for the OP - the tax advantages are only there if your mortgage interest and property taxes are high enough to push you over that threshold.
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