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Yeah if you plan on living there for 5 years or more then it is ok, but if not then it is a loosing wager, even if the market is doing pretty good (which it isn't right now, mind you). The closing costs for a house can be quite a big sum of money and it will take a couple of years to recover those costs in a good market. In a declining real estate market, which is what we have now, those closing costs are basically just a hit to your bank account.
Many of the people I know who do/did relocate from NYC did live in their relocated homes for 5 or more years.
As we know, closing costs are determined by a bunch of factors....the cost of the home, the taxes, the insurance, the title, bank fees, etc. And as we know, New York's closings are the costliest in the nation. Go somewhere outside of New York, and you might be looking at much cheaper fees. Of course, there tradeoffs in all endeavors!
I'm not sure why it would be a bad idea to buy in a declining market...the only reason I would wait is maybe to try to gauge how low it will go before buying.
It's like the stock market--buy low, sell high (though if you're going to live there, then if the market really tanks it shouldn't matter about selling prices--would it? Unless the whole town is going to go under and you'll be living in a ghost town).
And yeah, I was talking about a "permanent" residence, not flipping.
What can I get with good credit and $10,000 (for down payment)? Maybe a 1 bedroom condo? Or a decent house?
Well, I purchased a home (3Bed/2.5Bath/2car garage/3years old) in the 150's, zero down, and excellent credt=excellent rate. However, I plan on living here for approximately 5 years.
Though the homes in the South are less expensive, buying in certain areas should still be of concern when investing from out of state.
Yes, Jrock or whoever said this sentimental tripe about wouldn't it be nice like in the old days when home sweet home was only "a place to live." Well, as my b/f's dad used to say, "people in hell want icewater. wouldn't it be nice if we all won the lottery too?
The fact is, you have to look at your home as an investment. It is far more than a home. You can profit from it, just like the stock market. You can "trade up" to a bigger one as you go. Closer and closer to your dream home.Whatever it is that the American Dream home is, that's what all Americans want. All of them. Whether it be a hut in the mountains of Venezuela or a multimillion dollar coop with the priceless view.
And THAT'S when a home is your real home. Your dream home--a place to live.
So esp now when housing is so volatile, having real estate is a very big advantage. Live there, or sublet and live elsewhere for a profit, etc etc. Use your imagination, unless you (whoever this applies to) have no imagination.
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