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I wanted to check out the relationship between inflation and house prices, I did not find a clear one. In the 80's there was high inflation, but it seems that high interest rates kept house prices from going out of control.
As a curiosity for you guys, I ran into a very tight rental market in the north east (Boston area). 3-5% vacancy rates in the areas that I looked. Very odd times we live in. Sounds like Charlotte may follow suit.
2 years ago, didn't we have a 1% commercial vacancy rate in downtown Charlotte? But when i come back to CLT for work, parking space "feels" sparse.
Thanks for the link to the article, although it discussed apartments more than SF homes.
So the "stigma" of renting has largely been elimintated now, courtesy of the awful selling market. However, there is still some part of me that cannot get past the thinking that I am "throwing away" money on rent.
I guess my question, too, is would it be a smart idea to lock in a rent amount with a long lease now, since rents might increase?
I have learned that the goal of having your home paid for when you retire is often not beneficial. What good will it do you if you die and leave a paid for house?Why care if it is ever paid for if you can maintain and enjoy life now rather than skimp and save just to own the house.With a paid for home that asset is the first thing creditors go after and take but if you rent they cant make you move or take what you dont have.The older you get the wiser renting seems.
I heard a story on NPR a few weeks ago that retired age people are the number one demographic going into foreclosure. The story claimed that these people figure, hey, my house lost 100,000; if I can pay it off in 30 years I'll be 93...why not rent and have a nicer place for less money that I don't have to maintain?
On the other hand, you have folks like my parents, who made a mint buying and selling houses; my dad had a knack for knowing where the next hot area would be. Their 800,000K house was paid for with cash...I think the security for them is that they would never have to worry about that payment, and should something happen to one of them, the other would be secure.
There is such a *mindset* to owning....my DH and I have owned 4 houses and made money on the first 3 and the last one lost 100,000 in value. Sometimes I think everyone has been brainwashed into owning. But then I think, if it IS paid for, and values do rise, then you make money for just having lived there. (if that makes sense)
Still wondering....do you all know, is it common in Charlotte, for people to bid up the asking rental price on a house? And why would you do that?
I think the answer to the question is also dependent upon the price range of the rental. If it is a McMansion, then I would expect the rates on these places to continue to fall. If it is a more modest home the rental rates might rise due to demand. One thing to remember that while inflation is rising, the average household income is falling in both real terms and versus this inflation.
Forget the happy talk on the TeeVee, the real economy out there is bad and getting worse unless you are a bankster, executive, or well placed politician.
I heard a story on NPR a few weeks ago that retired age people are the number one demographic going into foreclosure. The story claimed that these people figure, hey, my house lost 100,000; if I can pay it off in 30 years I'll be 93...why not rent and have a nicer place for less money that I don't have to maintain?
On the other hand, you have folks like my parents, who made a mint buying and selling houses; my dad had a knack for knowing where the next hot area would be. Their 800,000K house was paid for with cash...I think the security for them is that they would never have to worry about that payment, and should something happen to one of them, the other would be secure.
There is such a *mindset* to owning....my DH and I have owned 4 houses and made money on the first 3 and the last one lost 100,000 in value. Sometimes I think everyone has been brainwashed into owning. But then I think, if it IS paid for, and values do rise, then you make money for just having lived there. (if that makes sense)
Still wondering....do you all know, is it common in Charlotte, for people to bid up the asking rental price on a house? And why would you do that?
I just leased a place; and no, I did not bid it up. Summer is approaching, and that's when the rental inventory peaked last year, as I expect it will again this year.
In my situation, rent will remain stable with only a few units getting another look to see how competitive or in line with rental prices they are.
If I had to guess, downtown rentals will probably go up a little. The same goes for the more desirable areas, but I would lean more towards them staying put. I can't imagine too many areas seeign lowered rental rates, aside from the parts where people don't want to live.
Houses in our neighborhod rent within a month of going on the market. They average around $1600 a month for 4 bedrooms. I am still surprised everytime a house rents or leases quickly.
I am still surprised everytime a house rents or leases quickly.
Really? We are finding houses that are receiving multiple applications within one day of being advertised....it is crazy out there. Maybe we're just too picky, or we want what everyone else wants.
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