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Me and my friend both bought our houses for similar price of $600k in 2012. He bought it in Elmhurst, Queens. I bought mine in Essex county NJ. His house now worth $850k, mine is now worth $590k, which means he will probably need to work 5 years less than me.
I think houses are becoming like the stock market, if you bought Amazon 2 years ago vs buying Cisco, the difference is around 50% in price hike.
Folks, just something to keep in mind when you buying Real Estate.
Indeed - I thought we did pretty well when we gained 30% on the townhouse we sold in Morris County last year which we lived in for 14 years. Then I heard about a friend's brother who bought and sold a place in Hoboken around the same timeframes that we did and he enjoyed a 200% appreciation
There's a lot of luck involved - homes purchased during the bubble still haven't recovered fully except in the hot areas. Folks who bought in Sussex or the Poconos at the wrong time. - screwed. We shouldn't view our homes as investments like stocks, but your point is understood.
I dunno. I bought a house in Essex County in 2009 and it's worth more than twice what I paid for it. Also, I don't have to live in Queens. So I'm pretty happy with my situation.
Unless you're planning on selling now, those numbers don't have much meaning. I don't see how the value of the house today affects you or your friend's retirement plans.
Like I tell everyone, the value of your home only matters on 2 days. The day you buy and the day you sell. Anytime in between is meaningless.
Isn't that the truth about someone's net worth as well? Unless you are holding cash on hand, every other investment go up and down, and cash value only go down
Unless you're planning on selling now, those numbers don't have much meaning. I don't see how the value of the house today affects you or your friend's retirement plans.
actually a lot because he can take out more home equity and re-invest in other things.
actually a lot because he can take out more home equity and re-invest in other things.
that worked out so well for so many people last time that was popular...
fact is in NYC right now there is a bubble forming for "investment property" rentals that is rising the tide for all homes fueled by Asian money. I've spoke to a number of realtors I know about this- seems to be all over the outer boroughs at the moment.
actually a lot because he can take out more home equity and re-invest in other things.
is that what he is doing?
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