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Old 10-14-2012, 09:05 AM
 
50 posts, read 87,237 times
Reputation: 31

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How are the home prices doing now?
We were here in '07, and we didn't buy anything. Perhaps it was a good thing. Now we are going back again, I am wondering if we should rent, or plonk it down and buy a home. But I have friends who are still smarting from their purchases. So we are hesitant. Anyone in the same shoes?

 
Old 10-14-2012, 09:14 AM
 
106 posts, read 132,438 times
Reputation: 126
If you know you can and want to stay put, go for it. Otherwise, I would rent. Moderator cut: see comment I see it every day in my job.
We bought almost five years ago and are down about 15%. My wife is retiring next summer and we will be renting our home out- that was not in the plans, but you have to deal. We're hoping to sell it in a couple of years.
One thing I will say is that short-sales have really picked up... due to the MDRA expiring (although I believe it will be extended eventually). The problem for next spring sellers is that the short-sales will be used against them in comps for listing and appraisals. I keep saying once we can get them and most of the foreclosures worked through the system, we can turn it around- assuming interest rates stay down.

Last edited by BstYet2Be; 10-14-2012 at 01:08 PM.. Reason: enough
 
Old 10-14-2012, 12:53 PM
 
16 posts, read 19,048 times
Reputation: 23
Rental pricing seems out of line compared with mortgage payments. Or am I just missing seeing reasonable rentals? Looks to be a better investment to buy to me especially if you can find property in a desirable area that has a good resale reputation. Hate the thought of pouring money down the drain for rent.
 
Old 10-14-2012, 05:43 PM
 
Location: San Antonio, TX
11,151 posts, read 20,362,688 times
Reputation: 26408
Quote:
Originally Posted by Goodbye to "Misery" View Post
Rental pricing seems out of line compared with mortgage payments. Or am I just missing seeing reasonable rentals? Looks to be a better investment to buy to me especially if you can find property in a desirable area that has a good resale reputation. Hate the thought of pouring money down the drain for rent.
Remember, a landlord is also paying property taxes, insurance, HOA dues, and paying for home repairs. Our property taxes are higher here because we don't have a state income tax. Of my mortgage payment, about 60 percent goes toward the actual mortgage, the rest is for property taxes and insurance. If you're looking at mortgage payment calculators, make sure you're using one that lets you put in property tax and homeowners insurance.
 
Old 10-15-2012, 02:44 AM
 
363 posts, read 653,538 times
Reputation: 238
But you own the house...
 
Old 10-15-2012, 08:19 AM
 
155 posts, read 244,625 times
Reputation: 190
Quote:
Originally Posted by SsnTktHldr View Post
But you own the house...
But your bank owns the house...
 
Old 10-15-2012, 01:40 PM
 
Location: San Antonio-Westover Hills
6,878 posts, read 18,187,633 times
Reputation: 5152
Quote:
Originally Posted by Goodbye to "Misery" View Post
Rental pricing seems out of line compared with mortgage payments. Or am I just missing seeing reasonable rentals? Looks to be a better investment to buy to me especially if you can find property in a desirable area that has a good resale reputation. Hate the thought of pouring money down the drain for rent.
Absolutely. Rent here in "Military City, USA" will always been a battle of supply vs demand. Rents are higher than a mortgage payment, at least from what I've seen. As long as people PCS here there will be landlords able to command what they do. Having said that, I've seen rents in this city all over the spectrum. I don't know that I'd like to live in some of the areas, but there's your tradeoff.


Quote:
Originally Posted by badalchemist View Post
But your bank owns the house...

I don't understand your argument. The bank lends you money to purchase the house. Your bank does not own the house; they hold the warranty deed. If you default, they keep the deed. You are the mortgagor. The money you give the bank every month goes, at least partially, to your equity in the house. Every year, you own a larger stake in your home. If you're smart, you finance it so that you can pay it off as soon as possible.
 
Old 10-15-2012, 01:48 PM
 
Location: San Antonio/Houston
37,774 posts, read 55,496,757 times
Reputation: 89296
^^^^^ this! You pay yourself and not a landlord.
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Old 10-16-2012, 07:07 AM
 
Location: New Braunfels, TX
6,259 posts, read 8,999,975 times
Reputation: 6347
As long as you're going to be in the house 5 or more years AND you do your due diligence by checking comps in the area (pay no more than the average SOLD psf price in your immediate area), you'll do just fine. If you think you're going to come in for 2-3 years and then sell the house, you're begging for problems. Also - check comps for historical reference as well - if a certain area is "hot" right now, the comps might be artificially high.
And don't forget - put a good chunk down (at least 20%). If you can't, then sorry....you do NOT want to buy a house right now! Less than 20% means you're going to pay PMI - that usually amounts to a coupla hundred bucks a month, and THAT adds up in a hurry when it's time to sell, and you see just how little has been applied against principle!
 
Old 10-16-2012, 07:37 AM
 
106 posts, read 132,438 times
Reputation: 126
TR, this is why I counsel military folks using their VA (with no money down) right now, UNLESS they are planning to retire here. It's just too risky...I see it every day: folks who thought they could sell after 3-4 years and find out comps keep them from it. We will be in ours 5 1/2 years by the time we leave, and have decided to rent it out. This forces us to rent in our new state for a couple of years.
I'm pushing through short-sales every day now and I fear spring sellers will pay for that and need to hold off selling awhile.
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