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Old 11-20-2018, 02:20 PM
 
3,662 posts, read 1,573,691 times
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Unless prices go down, it's not "boding well for buyers".


Housing is the only expense that people cheer when it goes up.


Nuts.
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Old 11-21-2018, 04:40 AM
 
Location: Williamsburg, VA
1,850 posts, read 846,734 times
Reputation: 3911
Quote:
Originally Posted by noobclear View Post
Prices in the desirable areas like bay area will just flatten if everywhere else declines..

And there are other parts of the country where prices are still going up.
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Old 11-21-2018, 05:16 AM
 
Location: Cary, NC
31,754 posts, read 55,668,121 times
Reputation: 30355
Quote:
Originally Posted by davebarnes View Post
Working link
https://www.chicagotribune.com/class...118-story.html

Shallow article.
And, all real estate is local.
Quote:
Originally Posted by Piney Creek View Post
And there are other parts of the country where prices are still going up.

"And, all real estate is local."


And, local market dynamics are segmented into price and hyperlocality.


Broad trends may or may not be applicable or relevant when you want to buy or sell that sweet little loveshack.
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Old Yesterday, 01:40 PM
 
345 posts, read 167,662 times
Reputation: 555
Quote:
Originally Posted by Scooby Snacks View Post
A person should buy based on what they want and need at this very moment. If you need to buy now, buy now. If you need to buy a year from now, buy a year from now.
I posted a few times in c-d in a few different forums since I’ve been struggling for the past year whether or not to buy and I’m in an overheated market. We want to get out of our apartment and didn’t want to move to another rental. The main factor was whether I planned on staying at my job long-term. Last month some very positive developments occurred with my job and barring any layoffs I now plan to stay for at least another four years. A few weeks after the job re-assurance the best house for the money that we’ve seen after six months of looking came on the market and we went for it without any hesitation. Very reasonable sellers who were willing to negotiate.

Hope for the best, prepare for the worst is my personal philosophy. In my mind the house will drop 10% in value in the next year or two, but this is a home - a place to live, not an investment. I’m OK with it losing some value if that does happen - we will have an ideal, comfortable space and will no longer be in a cramped apartment. Even if we were to rent a house, there’s always the risk of the landlord cashing out and we’d be stuck moving again.

Our realtor even thinks this might not be the best time to buy and I truly appreciated his honesty but it’s the right time for us and it could be another six months for another great house to come on the market. Can’t time markets.
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Old Yesterday, 02:43 PM
 
Location: Williamsburg, VA
1,850 posts, read 846,734 times
Reputation: 3911
Quote:
Originally Posted by Cubicle Dweller View Post
I posted a few times in c-d in a few different forums since Iíve been struggling for the past year whether or not to buy and Iím in an overheated market. We want to get out of our apartment and didnít want to move to another rental. The main factor was whether I planned on staying at my job long-term. Last month some very positive developments occurred with my job and barring any layoffs I now plan to stay for at least another four years. A few weeks after the job re-assurance the best house for the money that weíve seen after six months of looking came on the market and we went for it without any hesitation. Very reasonable sellers who were willing to negotiate.

Hope for the best, prepare for the worst is my personal philosophy. In my mind the house will drop 10% in value in the next year or two, but this is a home - a place to live, not an investment. Iím OK with it losing some value if that does happen - we will have an ideal, comfortable space and will no longer be in a cramped apartment. Even if we were to rent a house, thereís always the risk of the landlord cashing out and weíd be stuck moving again.

Our realtor even thinks this might not be the best time to buy and I truly appreciated his honesty but itís the right time for us and it could be another six months for another great house to come on the market. Canít time markets.

There is a lot of wisdom in your post. Life is short, get the house because you want it without worrying about whether or not someone on the internet thinks you made the perfect investment. You never know. I bought my first house back in the 80s, when interest rates were insanely high and everyone said the market would soon tank and I'd be losing money. Held on to it for about a decade, and ended up making a lot of money off of it. despite what everyone said. Plus I had a place to live that suited what I needed for my life.
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Old Today, 01:58 AM
 
345 posts, read 167,662 times
Reputation: 555
Quote:
Originally Posted by Piney Creek View Post
Life is short, get the house because you want it without worrying about whether or not someone on the internet thinks you made the perfect investment.
Thanks! Now that we know we wonít be moving for several years I am much less concerned about timing the real estate market. I have a few investment properties and in those cases I made darn sure I was buying at the right time otherwise I could have put the money elsewhere. But finding a place to live is different.

You win some, you lose some. My husband bought our previous home in 2002 when prices were rapidly increasing and a few people told him it was a bad time to buy. Prices didnít peak until three years later and even after the recession never got anywhere close to as low as 2002 prices in the market where we used to live. We wound up doing quite well when we sold to move cross-country. If we donít do as well with this home then so be it - at least weíll be happy with the place we call home.
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