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How many long term homeowner's with the means are going to go back renting when they have to make a move?
How many areas have an endless supply of single family rental homes?
Do you think a family of say 6 plus pets are going to move into an apartment after living in single family homes for years? And, how many apartments would actually allow it?
Areas with heavy speculator activity is another beast. They severly impacted the market in very bad ways.
How many long term homeowner's with the means are going to go back renting when they have to make a move?
How many areas have an endless supply of single family rental homes?
Do you think a family of say 6 plus pets are going to move into an apartment after living in single family homes for years? And, how many apartments would actually allow it?
Areas with heavy speculator activity is another beast. They severly impacted the market in very bad ways.
How about the millions of vacant SFH's sitting around..? Why couldn't somebody rent one of them?
How many long term homeowner's with the means are going to go back renting when they have to make a move?
How many areas have an endless supply of single family rental homes?
Do you think a family of say 6 plus pets are going to move into an apartment after living in single family homes for years? And, how many apartments would actually allow it?
Areas with heavy speculator activity is another beast. They severly impacted the market in very bad ways.
True. I've been a homeowner for 15+ years. Why on earth would I sell a home that:
I've been in for 6 years
Is appreciating in value
Within 7 miles of work/business
Good schools
Has everything we need and could ever want
Only owe HALF of what it is worth in a FAIR open market
Only have 15 years till it is "paid in full" (if not sooner)
No fear of being transfered to another locale anywhere at anytime
I can do to it whatever I want and don't have to get a landlords approval (just the city and HOA for exterior improvements)
I'm not in an area that had much of any speculator activity - whew
NO, my area does NOT have an "endless supply of rental homes". Heck, the ONE "rental house" near me the rent is DOUBLE my mortgage payment. When the owner put it on the market to lease and I heard the rent he was asking we even said if he gets THAT we are putting ours up for rent and find somewhere else to move into (buy of course). Then we could let some renter pay off BOTH properties This guys house is "paid for" and he owes nothing (know the guy). He ONLY put it up for lease as it is only one of his "many homes across the globe" and only comes to this area 2x a year for a week or two. We ourselves wondered why on earth he even BOUGHT something for that short of a time period. But now if this person is paying it off for him then after that it is all free and clear income - not such a bizare idea afterall hmmmm, maybe I should rent out my house Then I could have it paid off in 7 years.
We are a family of 4 w/ two dogs. We DID have a large breed dog till 3 years ago and there is no way many rentals would allow that. At least not ones that we would prefer to live in. More than the dogs and the number of people in our family is a hobby of my husbands that having our own home gives us the pleasure of enjoying. He collects cars. They run and are very nice so we are not talking about junkers on blocks here either. Since his "collection" has expanded he has the freedom to add on and build another garage. If we rented a house or apartment we could not do that. We would have to NOT enjoy this hobby or in addition to renting a place to live (and put down pet deposits) we would have to rent a storage facility for these cars. Does anyone have any idea how much THAT would cost? It MUST be enclosed as the insurance won't cover them sitting out and not locked up. Renting is just not in the cards for many homeowners in many areas across the nation.
"How about the millions of vacant SFH's sitting around..? Why couldn't somebody rent one of them?"
Do you know how many vacant SFH's are around me? ONE! While you might be in an area that has a glut of rental homes or vacant SFH's there are some of us that are not. I'm also not in an area that has TONS of apartments either.
The median rent in my city is about $1800 a month (per CMLS 4/9/08). If somone decides to stay where they are for 2 more years, that is a tad over $43,000 out of pocket with nothing really to show from it.
It is a marketplace all the time of houses for sale and rent. A renter can do the math on the payment plan a house takes. Let us say they do the math again with some help from the NAR. You will know a bottom is in on the market when renters are sought for leads.
I really don't know if now is the time to buy or not. I was going to wait two more years to move to move back to the California coast ...
BUT ... I started seeing some price drops in the 45 percent range and I realized that prices are dropping so rapidly that the bottom could hit just as rapidly and I might miss the boat.
Some better paying job opportunities in that area also happened to pop up at the same time so, we took that as an omen that now was the time to move.
So ... we're throwing our hat in the ring, bidding on some short sales, for now. We're low balling our bids (within reason) so we can hopefully protect ourselves against any further depreciation.
But I honestly don't know if this is the right time or not ... there's so much chaos in this market right now it's really hard to predict where it's going to land.
I really don't know if now is the time to buy or not. I was going to wait two more years to move to move back to the California coast ...
BUT ... I started seeing some price drops in the 45 percent range and I realized that prices are dropping so rapidly that the bottom could hit just as rapidly and I might miss the boat.
Some better paying job opportunities in that area also happened to pop up at the same time so, we took that as an omen that now was the time to move.
So ... we're throwing our hat in the ring, bidding on some short sales, for now. We're low balling our bids (within reason) so we can hopefully protect ourselves against any further depreciation.
But I honestly don't know if this is the right time or not ... there's so much chaos in this market right now it's really hard to predict where it's going to land.
It has been the conjecture of some that the California transplants will move back to California once house prices there get back to a level they can economize on. It might be true. I know I'd love to live in many parts of California if I could afford the cost. This may be true of many areas of the country too, transplants moving back to places that priced them out earlier.
It has been the conjecture of some that the California transplants will move back to California once house prices there get back to a level they can economize on. It might be true. I know I'd love to live in many parts of California if I could afford the cost. This may be true of many areas of the country too, transplants moving back to places that priced them out earlier.
I'm not a California transplant per se ... when housing got crazy we just moved out to the California desert so we could live cheap and my husband could put me through nursing school. Now that I'm making money, we can afford to move back to the coast.
We've decided at this point that we're willing to pay for it ... we've always wanted to retire there but, if we waited until retirement then, it would probably become cost prohibitive again.
I dunno if others will move back from out of state or elsewhere in the state but, for us it's been a combination of better income and falling housing prices that convinced us now was the time to just go ahead and do it.
It has been the conjecture of some that the California transplants will move back to California once house prices there get back to a level they can economize on. It might be true. I know I'd love to live in many parts of California if I could afford the cost. This may be true of many areas of the country too, transplants moving back to places that priced them out earlier.
I think you are right on the money. I know a lot of ex-pats who'll be "going home" when the insanity lifts. The problem is, while so many parts of CA are going down, coastal L.A. is -- incredibly-- still going up. When you're looking at a 1/1 cottage in Venice Beach that sold for $850K in 2006 selling for $1.275 million this month, with no renovations, it's difficult to see how a return to affordability will ever happen.
Many parts of CA are in a decline, just not coastal L.A. But it's great that sheri257 found a deal!
Just because I found a deal doesn't mean I'll GET the deal ... LOL. There's obviously no guarantees with these short sales/foreclosures but, since there are so many hopefully one of them will work out eventually.
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This guys house is "paid for" and he owes nothing (know the guy). He ONLY put it up for lease as it is only one of his "many homes across the globe" and only comes to this area 2x a year for a week or two. We ourselves wondered why on earth he even BOUGHT something for that short of a time period. But now if this person is paying it off for him then after that it is all free and clear income - not such a bizare idea afterall 
hmmmm, maybe I should rent out my house
Equity?
