Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
He's saying it's not the right time to buy EXCEPT if you're getting a good foreclosure deal ... which is exactly what I'm doing.
He's saying a foreclosure at 50-60 percent below peak values is a good deal. I'm currently bidding at nearly 50 percent below the peak price.
But I'm also bidding in a very desirable area on the California coast. The house is only two years old, it's in good shape in a great location and I seriously doubt it's going to fall below 50 percent. For one thing, other people have tried to bid higher on this property than I have.
If I was bidding on an older, less desirable home then I'd definitely bid 60 percent or more below the peak ... but this is a brand new neighborhood.
So I guess it also depends on how you do it. Right now, foreclosures and short sales are the only properties I'm looking at. Conventional properties are still way overpriced right now so, I'm not even looking at those.
He's saying it's not the right time to buy EXCEPT if you're getting a good foreclosure deal ... which is exactly what I'm doing.
He's saying a foreclosure at 50-60 percent below peak values is a good deal. I'm currently bidding at nearly 50 percent below the peak price.
But I'm also bidding in a very desirable area on the California coast. The house is only two years old, it's in good shape in a great location and I seriously doubt it's going to fall below 50 percent. For one thing, other people have tried to bid higher on this property than I have.
If I was bidding on an older, less desirable home then I'd definitely bid 60 percent or more below the peak ... but this is a brand new neighborhood.
So I guess it also depends on how you do it. Right now, foreclosures and short sales are the only properties I'm looking at. Conventional properties are still way overpriced right now so, I'm not even looking at those.
Then by all means...
Also, coastal CA property might produce some demand from richer Chinese businessmen who might want a second house across the ocean, whether you wish to rent or sell in the future. A house in Minneapolis is going to hurt a whole lot more because the potential pool of buyers will be poorer Americans. Just like in countries like Greece or Portugal where places like Cascais or Athens are disproportionally expensive but the less desirable inland is cheap.
This isn't a rant of anti-Americanism. We'll return to our former glory someday when we return to a country of savings and production. That day is just not for the forseeable future.
As far as the rent versus buy argument ... I actually don't mind renting.
But my problem is that I have three dogs and, while you can find landlords that will take them, there's many more landlords that won't. So, it's a major hassle.
Obviously it also depends the landlord but, I've had some really bad ones over the years so ...
Renting can be a mixed bag, at least for us. Our dogs are family so ... that's one of the reasons we want to buy.
If we are going to go back to California, where we thought we could NOT return after leaving...we will do so in the next few months...I think a lot of folks who left are going to think the same as we are...I don't think it's going to flood the market or make real estate soar, but those same folks are going to want some prime property.
If we do go back, it will be for the long term, like the rest of our lives...we are too old for all this moving and speculation and stress....
just my opinion, i think a lot of ex CA's will return...after all, it is HOME.
True enough it is home! While I could afford many houses now that were way out of reach last year I don't know that I'm ready to step back into the mess that state has become, cheap house or not...
This is the link to the listing ... just click on photos and details. There's a similar but smaller property down the street listed at $260K ... another short sale.
Sheri, we have the same problem with renting or leasing..we would be more open to it, but we also have 3 dogs. Our kids are grown so they are part of the family to us...not a lot of folks will rent to someone with one dog, much less 3. That is the issue..i would not mind paying a good sized security deposit even, but from what I have seen the dog friendly rentals are just not out there..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
