[JViello]

Originally Posted by mlassoff

I want to know how this turns out too. JViello and Nep will be neighbors

Isn't the saying in real estate "follow the gays" for a good return? This is self interest. lol

Originally Posted by Stylo

Not when you figure in closing costs, property taxes and homeowners insurance. And repairs/upkeep. Also monthly PMI/FHA insurance (FHA is another lump upfront cost too) unless you can put down 20%.

I guess the write-off helps.

To be fair though, aside from PMI that stuff is built into the rental rates.

Originally Posted by mlassoff

You guys, really need to give this kid a break.

He's been trying to make this decision for a couple of years. Now he made one. Good for him. Don't tell me that you didn't go in to home ownership the first time with a bit of enthusiasm and some unrealistic expectations?

It's a home. It's an anchor. It's a great first step in growing up, creating some stability. Now maybe he'll find a nice boy.

Nep, congrats. I hope it works out for you.

I definitely mirror that sentiment. Seeing him consider Manchester alone is a huge leap from where he was a couple years ago. Good luck Nep. You're welcome to visit anytime. mlassoff can tell you, I'm actually a nice guy in person. lol Maybe when the deal is closed, I'll swing by with a house warming gift.

[nep321]

All,

Despite all the excitement going on in this thread, I had just had a serious conversation with my parents, who are real estate investors / property managers. We have concluded that making a home purchase at this time in this economy is simply not a wise idea. Therefore, tomorrow, I will be withdrawing from the negotiation process. I will not be purchasing a house. Yet I came closer than ever.

"Never catch a falling knife," my father said.

Just look at the way the market has been performing over the past 5 years. Down, down and DOWN! It's common sense. Back in 2009, everyone was saying "buy, buy, buy!" Now it's 2011 and look what happened. Property values continued to plummet. This girl bought this house for $198K in 2009, and now she's resorted to asking $169,900. You know what? Check back in 2013, I bet that house will be worth $149K.

Yes, interest rates are at historic lows. Yes, the market has declined considerably, making it more affordable for buyers. But why inherit the problem? We can't ignore that fact that a home is an investment. The proper time to purchase a home would be after a few years of consistent increase in market values. Only then would I be comfortable and confident that it is more likely than not that my investment would appreciate.

That's all.

[Stratford, Ct. Resident]

Originally Posted by nep321

All,

Despite all the excitement going on in this thread, I had just had a serious conversation with my parents, who are real estate investors / property managers. We have concluded that making a home purchase at this time in this economy is simply not a wise idea.

"Never catch a falling knife," my father said.

Aren't these the same parents that are actively shopping for a million-dollar personal residence?

Are they bi-polar or something?????

I just don't understand........................................ ..

[nep321]

Originally Posted by Stratford, Ct. Resident

Aren't these the same parents that are actively shopping for a million-dollar personal residence?

Are they bi-polar or something?????

I just don't understand........................................ ..

They have money to burn lol.

[JViello]

Originally Posted by nep321

"Never catch a falling knife," my father said

Not bad advice, but also easy to say when you are sitting pretty on plenty of assets.

[Cambium]

Originally Posted by nep321

i had just had a serious conversation with my parents, who are real estate investors / property managers. We have concluded that making a home purchase at this time in this economy is simply not a wise idea. Therefore, tomorrow, i will be withdrawing from the negotiation process. I will not be purchasing a house.

Originally Posted by uconnhusky1

haha...this just keeps getting better. I love this entertainment!

lmfao.

[DawnMTL]

Originally Posted by nep321

All,

Despite all the excitement going on in this thread, I had just had a serious conversation with my parents, who are real estate investors / property managers. We have concluded that making a home purchase at this time in this economy is simply not a wise idea. Therefore, tomorrow, I will be withdrawing from the negotiation process. I will not be purchasing a house. Yet I came closer than ever.

"Never catch a falling knife," my father said.

Just look at the way the market has been performing over the past 5 years. Down, down and DOWN! It's common sense. Back in 2009, everyone was saying "buy, buy, buy!" Now it's 2011 and look what happened. Property values continued to plummet. This girl bought this house for $198K in 2009, and now she's resorted to asking $169,900. You know what? Check back in 2013, I bet that house will be worth $149K.

Yes, interest rates are at historic lows. Yes, the market has declined considerably, making it more affordable for buyers. But why inherit the problem? We can't ignore that fact that a home is an investment. The proper time to purchase a home would be after a few years of consistent increase in market values. Only then would I be comfortable and confident that it is more likely than not that my investment would appreciate.

That's all.

I'm happy that you spoke with your parents.

If you feel good about your decision (and there's no reason that you shouldn't feel good about it), then I'm happy for you.

While renting has stress factors, owning has its own stress factors, too. And the latter cost money.

Stay put. Let the economy right itself. There will always be houses out there that you love... when you're ready.

[kidyankee764]

Nep, I think you've made the right decision for where you're at right now. You've come closer than ever, gotten lots of sound advice and once you're ready, you'll be ahead of the game (because that's what it is: a game).

[DawnMTL]

Originally Posted by kidyankee764

Nep, I think you've made the right decision for where you're at right now. You've come closer than ever, gotten lots of sound advice and once you're ready, you'll be ahead of the game (because that's what it is: a game).

^^ That's what I meant to say.

[mlassoff]

So now what are you going to do Nep? Find another rental to complain about?

We moved to Westport because we wanted a home there. We liked the condo, the community and I like the feeling of being :04 minutes from where I grew up. I like seeing people I've known for 20 years and frequenting the places that I have always enjoyed. We enjoy walking the beach and I like to get a bit of fishing going in the spring and fall.

We don't want to lose money on the place and it's unlikely we will. We were looking for a home.

My/our investments are in mutual funds, stocks, bonds and in my company. Those are investments. Nothing as emotional as your home should really be thought of as an investment. Go visit the home you grew up in and see what emotions it conjures up. I bet the first one isn't "I bet mom and dad made a killing on that place."