Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So it's sounding to me like it may be a good time to buy, especially if we're going to be hit with major inflation.
Am I wrong in thinking that if the value of the dollar drops, home prices and rents will rise a lot?
What about the housing supply?
Long Island seems pretty tapped for homes under 350k.
My rent is due to break $2000 a month for a single bedroom this coming fall. I moved in 5 years ago at $1200.
If I buy now, I'll be paying a $1850 a month mortgage on a 3 bedroom starter home.
Since I can't actually move off the island, buying now looks like my best choice vs downgrading to a studio in someone's basement.
So it's sounding to me like it may be a good time to buy, especially if we're going to be hit with major inflation.
Am I wrong in thinking that if the value of the dollar drops, home prices and rents will rise a lot?
What about the housing supply?
Long Island seems pretty tapped for homes under 350k.
My rent is due to break $2000 a month for a single bedroom this coming fall. I moved in 5 years ago at $1200.
If I buy now, I'll be paying a $1850 a month mortgage on a 3 bedroom starter home.
Since I can't actually move off the island, buying now looks like my best choice vs downgrading to a studio in someone's basement.
If you're able to get financing and you aren't looking to move it's not a bad time. If anything it will scare off buyers for a while except for low-ball investor types looking for desperate sellers.
The question is how picky will sellers be for anyone not paying all cash? Hopefully not too much.
As I posted elsewhere, I was in the air on 9/11, and outside Lehman the day they shut down in 2008. What I'm seeing now is a far worse panic, likely because many of the people panicking were too young to remember the Great Recession or 9/11.
I think people were, are, and will be Short Money. Lots of folks are going to be losing their jobs.
The caveat is that many folks (small landlords to reits) will not know it is in their best interest to rent to you below cost to carry.
Lots of people are losing their jobs, or will shortly. If you bought recently you got a low rate of interest on a vastly inflated property. Welcome to a Zombified real estate
market. Defaulting might be a good idea for many in the future as well.
I doubt LEGAL rent will go lower on Long Island, just for the simple reason that taxes are not going to go lower.
Assessments and taxes may even spike higher.
Illegal apartments might end up being decently cheap as people try to make ends meet.
I suspect that if interest rates keep dropping, we'll be seeing starter home prices jump to the 400k-500k level for 2bd/1bath.
Especially once we get another mass migration of people from NYC to Long Island.
I'm pretty sure that $1 had much more value last year than compared to now.
The government has been printing and spending money for quite a while.
I would be surprised if they didn't launch a new currency after all this has blown over a bit.
Maybe digital, backed by gold.
As I posted elsewhere, I was in the air on 9/11, and outside Lehman the day they shut down in 2008. What I'm seeing now is a far worse panic, likely because many of the people panicking were too young to remember the Great Recession or 9/11.
Young people are partying shoulder to shoulder on spring break.
When were houses ever considered to be liquid? Any asset that takes months to cash out is by definition illiquid.
Now if you want to argue that prices will drop and desire to purchase a house will drop at least temporarily due to increased unemployment I would agree with you.
When were houses ever considered to be liquid? Any asset that takes months to cash out is by definition illiquid.
Now if you want to argue that prices will drop and desire to purchase a house will drop at least temporarily due to increased unemployment I would agree with you.
Now that is some truth, I have never heard somebody settle a debt by saying, "here, take these 2 houses"
At least I've never heard of it
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
yonk
