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Old 06-22-2015, 08:39 PM
 
6 posts, read 8,817 times
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I agree with everyone in some ways; Its not a decision to be made lightly, but too much emotional investment isn't a great thing if it's not long term. Put a house under contract this morning! Can't wait to move into it
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Old 06-22-2015, 09:13 PM
 
84 posts, read 91,051 times
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Quote:
Originally Posted by raleighmovers View Post
I agree with everyone in some ways; Its not a decision to be made lightly, but too much emotional investment isn't a great thing if it's not long term. Put a house under contract this morning! Can't wait to move into it
Emotional investment should never come into play. Never fall in love with a house, and never move just because the shiny-new-romance factor wore off.

Buying a house for the short-term is a bad financial investment of catastrophic proportions.

When you buy a house you should be targeting a 10-15 year commitment with a willingness to move in 5-7 only if you have to.
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Old 06-23-2015, 05:05 AM
 
Location: under the beautiful Carolina blue
22,651 posts, read 36,657,128 times
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Originally Posted by iota20 View Post
Buying a house for the short-term is a bad financial investment of catastrophic proportions.

.
That's a bit hyperbolic. We've been here 5 years; if we sold the house tomorrow it wouldn't be anywhere near a catastrophe.

There are people who bought in big bubble areas like the NYC metro in 2004 who will suffer if they have to sell, even 10 years later, but to say that the vast majority would be like that is a bit of an overstatement.
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Old 06-23-2015, 07:13 AM
 
757 posts, read 2,078,938 times
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Quote:
Originally Posted by iota20 View Post
Emotional investment should never come into play. Never fall in love with a house, and never move just because the shiny-new-romance factor wore off.

Buying a house for the short-term is a bad financial investment of catastrophic proportions.

When you buy a house you should be targeting a 10-15 year commitment with a willingness to move in 5-7 only if you have to.
Unless you are our neighbors who bought their house for $330,000 2 years ago and just sold it for $380,000. Yes, it did appraise and it wasn't a foreclosure.
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Old 06-23-2015, 07:42 AM
 
422 posts, read 459,615 times
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Originally Posted by iota20 View Post
Buying a house for the short-term is a bad financial investment of catastrophic proportions.

When you buy a house you should be targeting a 10-15 year commitment with a willingness to move in 5-7 only if you have to.
Catastrophic seems a bit over the top :-) There are so many variables at play, market conditions, personal finances, interest rates, corporate relocation assistance, tax brackets, etc. I've relocated too many times to count, and owned a "few" houses, I think the count is 7 or 8 currently. Owned one for as long as 5 years, and several for less than two years. We made money on a few, lost money on only two, and broke even on a couple. If short term ownership, was catastrophic, I'd be in the poor house, or insane asylum :-)

I will agree that it probably doesn't make sense to own if your time-frame is very short for most people, but if people made buying decisions only a 10-15 year target, the housing market would be dismal in my opinion. Especially in a very transient area like here.
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Old 06-23-2015, 07:56 AM
 
Location: Durm
7,104 posts, read 11,570,114 times
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Originally Posted by mjohnson185 View Post
Unless you are our neighbors who bought their house for $330,000 2 years ago and just sold it for $380,000. Yes, it did appraise and it wasn't a foreclosure.
Or my neighbor who bought for 169,000 two years ago and sold it this week for 192,000 - same situation, appraised and not a foreclosure; full price offer the first sale on the mls.

Doesn't it depend on location? Things go fast where I live because of proximity to universities and RTP.
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Old 06-23-2015, 08:20 AM
 
360 posts, read 515,147 times
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I think we'll be renting forever. Sigh. At least we adore our current neighborhood and neighbors, and the rent is affordable.

We really thought once we got to summer the inventory would go way up and we'd have more to choose from. That has been somewhat true, but not as much as what we were hoping.
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Old 06-23-2015, 08:21 AM
 
17,817 posts, read 15,478,142 times
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Hey everyone,

Post your price range that you're looking to buy. You never know who may have a lead for you or a good idea.
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Old 06-23-2015, 08:22 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 21 days ago)
 
Location: Cary, NC
43,176 posts, read 76,815,786 times
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Originally Posted by YetAnotherTransplant View Post
I think we'll be renting forever. Sigh. At least we adore our current neighborhood and neighbors, and the rent is affordable.

We really thought once we got to summer the inventory would go way up and we'd have more to choose from. That has been somewhat true, but not as much as what we were hoping.
Volume of listings is up, but traffic is also up. So houses are disappearing just as fast.
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Old 06-23-2015, 08:32 AM
 
360 posts, read 515,147 times
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What's interesting to me, BTW, is the number of homes sitting there not moving in areas where homes are sold in days. If there's nothing very unique about them (not next to highway, power lines, etc) I would assume that's a signal the houses are priced too high? As a seller, if you were serious about selling your home, wouldn't you drop the price?
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