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Remember that you have a responsibility to the community that you choose to live in.
So, as the owner of a home, you would willingly accept a price below what was offered for it in order to maintain your responsibility to your community?
The value of something is whatever people are willing to pay for it. If there were an open bidding competition on DC apartments, and you placed a bid of $1000 on a 1BR/1BA apartment near the U Street Metro, someone would undoubtedly outbid you. Whatever the final bid ended up being would be the market value of the apartment.
But if more people choose basic, smaller apts in non-trendy areas, that brings down price of the U Street apts, because less demand. Then there's an oversupply of vacant U Street apts. That helps bring down the price for the whole community.
But if more people choose basic, smaller apts in non-trendy areas, that brings down price of the U Street apts, because less demand.
No, it wouldn't. What would bring the price down of U Street apartments is everyone who wants to rent in that neighborhood making the determination that the price being asked of rental units is too high. Under your scenario, the only thing likely to change is that the cost of housing in less trendy areas would increase because of increased demand for that housing.
And wouldn't you know, that is precisely what has happened.
It's clear that you're simply bitter about being unable to afford a home in a desirable neighborhood. Such is life.
No, it wouldn't. What would bring the price down of U Street apartments is everyone who wants to rent in that neighborhood making the determination that the price being asked of rental units is too high.
You just restated what I just in a a slightly differnt way and basically agreed with my point. Less demand = prices drop.
Indeed, but your scenario does not inherently mean less demand. More people buying in less trendy areas does not necessarily mean that there has been an appreciable drop in demand for housing in desirable neighborhoods--people are going to buy into neighborhoods where they want to live and can afford. It also assumes a static population in DC, and as we know that is not the case. In short, your scenario is completely unrealistic.
And people are, in fact, pursuing homes and apartments in less trendy areas--that is why neighborhoods like Petworth, Brookland, Hill East, Brightwood and others have seen significant increases in housing values over the last five years. As I pointed out, the only certainty under your scenario is that the price of homes in less-desirable neighborhoods would increase. Which is indeed what has happened.
Indeed, but your scenario does not inherently mean less demand. More people buying in less trendy areas does not necessarily mean that there has been an appreciable drop in demand for housing in desirable neighborhoods--people are going to buy into neighborhoods where they want to live and can afford. It also assumes a static population in DC, and as we know that is not the case. In short, your scenario is completely unrealistic.
And people are, in fact, pursuing homes and apartments in less trendy areas--that is why neighborhoods like Petworth, Brookland, Hill East, Brightwood and others have seen significant increases in housing values over the last five years. As I pointed out, the only certainty under your scenario is that the price of homes in less-desirable neighborhoods would increase. Which is indeed what has happened.
Ok, so you don't think what Baja is recommending--overpaying by hundreds of dollars a month rather than shopping around for a better deal-- contributes to the problem?
Ok, so you don't think what Baja is recommending--overpaying by hundreds of dollars a month rather than shopping around for a better deal-- contributes to the problem?
LOL. You are funny. Bottom line is that you have to pay to play in this town. If that's a problem for you, there's always Baltimore.
Ok, so you don't think what Baja is recommending--overpaying by hundreds of dollars a month rather than shopping around for a better deal-- contributes to the problem?
It's not overpaying. The market is what the market is. It's one thing if the mysterious "better deal" is to be found in the same neighborhood (which is quite rare, and is typically the result of a foreclosure or something wrong with the property). But if the "better deal" is found in a different neighborhood, it's not comparable. Spend five minutes doing some research into how real estate appraisers identify and measure comps, that will shed some light on this subject.
It's not overpaying. The market is what the market is. It's one thing if the mysterious "better deal" is to be found in the same neighborhood (which is quite rare, and is typically the result of a foreclosure or something wrong with the property). But if the "better deal" is found in a different neighborhood, it's not comparable. Spend five minutes doing some research into how real estate appraisers identify and measure comps, that will shed some light on this subject.
I am not talking about comps, I'm talking about moving to different areas and just refusing to pay these prices.
If your not willing to pay top prices for an house/apartment then go somewhere else where the prices are more your range. Then you find yourself surrounded by others like you...cheapskates (sp?) who also didn't want to pay market value. Me, I much rather pay extra to be in a community that values the same things I do and are willing to pay more than live in an area with others who could care less about the neighborhood. There's a reason why some areas are bad...you get what you pay for.
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Less demand = prices drop.
