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There's still a shortage of homes in the Triangle. Especially affordable ones, under 400,000.
That won't last, it never does. Just wait for the economy to downturn and SAS, Metlife, Red hat to start laying people off... Triangle market will crash and that's the time to buy. Rent until that happens.
I did see my home value on Realtor.com drop 3% this month. I guess that's what they are going with. I know that prices are not dropping here at least for the cheaper starter homes, it's just that some sellers are asking ridiculous amounts that they are never going to get and the property would never appraise for what they are asking.
Of the 23 separate metro areas in the BH&J Index, 13 are slightly to moderately in buy territory, while 10 metro areas are slightly to moderately in rent territory.
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I anticipate slower growth in prices accompanied by longer marketing times for sellers and increasing inventories,
That won't last, it never does. Just wait for the economy to downturn and SAS, Metlife, Red hat to start laying people off... Triangle market will crash and that's the time to buy. Rent until that happens.
Time factor?
Money invested in rent?
Expected price drop and rent offset?
If the poster pays $1800/month for 4 years prior to purchasing, that is approximately an $86,400 rental investment.
Disregarding lifestyle choices and opportunities of rental vs. owning, and the probability of rent increases, the poster will need to save $86,400 on a (current pricing) $375,000 home to cash in on your economic dystopia.
That may or may not be palatable to the poster. Perhaps the poster would rather put $86,400 into a bunker, MREs, and weaponry to carry on?
And, the poster may prefer more focused guidance on the arrival of your predicted slump.
"Life is what happens when we're busy making other plans."
Just a thought for those who think sellers are asking "ridiculous" amounts for homes that they are selling. They are sort of forced to, since they need that money to pay the ridiculous amounts needed to buy a new home themselves. It is especially tough for those who are no longer working and do not command an ever increasing salary to partially offset the new purchase prices. That is why there are so few older, starter homes for sale.
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