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...prices aren't high everywhere and even though interest rates are higher than they were, they are still cheap historically. If you can find a decent deal, why not? If you're a new family and need more space you may not be able to wait for years so you do what you can.
I know, right? DILs Grandpa owns many properties in PR. My DILs mother was raised in this house. Once, there was a hurricane that flooded the house and after that, her grandmother refused to continue to live there. The house has been vacant for years, and lots of relatives use it.
Now, grandpa is thinking of selling it, and everything else he owns. I guess since he’s in his 80s he’s getting his affairs in order. It’s a shame to lose the beach house, but he’s been offered $1million for it.
My son is about to sell his second house this year. One was his dwelling, and one a rental. He can’t afford not to take advantage of the market, after years of waiting to even break even from buying high in the last bubble.
He has just retired from the Army and he and his wife have a year to travel until their oldest child starts school. They are splitting time between a free house on the ocean in PR, and RVing out west this summer.
I suspect that the bubble will burst in a year or two and when they settle down, they’ll be able to buy at a better price than now.
I suspect the same. I sold my condo in Florida a few months ago. I more than tripled in price since I bought it at the bottom 11 years ago, and although it may still go up, I am comfortable in my sale. I see prices in the complex are up, BUT, none are selling at those higher prices.
Talk to me in a year if I should have waited, but I'm fine either way.
Status:
"I didn't do it, nobody saw me"
(set 19 days ago)
Location: Ocala, FL
6,499 posts, read 10,411,932 times
Reputation: 7967
Bottom line, despite the OP's reluctance there are many folks still buying those overpriced homes and no sign yet that they won't keep doing so. All a matter of preference.
We downsized our house a year ago. Our buyers just resold the house for $450,000 more than they paid for it. A lot of people buying houses are also selling houses. It's a wash.
...prices aren't high everywhere and even though interest rates are higher than they were, they are still cheap historically. If you can find a decent deal, why not? If you're a new family and need more space you may not be able to wait for years so you do what you can.
Which is a reason why I have thought about leaving California for the Midwest or south
Originally Posted by HB2HSV View Post
Whatever happened to NE like NYC and Philadelphia?
Quote:
Originally Posted by otterhere
Pricey AND crime-ridden, like CA; wouldn't be an improvement. Plus snow, if you happen not to like that.
Plus dominated by liberals like CA, everyone is fleeing those areas too. Even allowing for differences of opinion, I can't see why anyone would want to live in the NE...at least Cali has great weather....
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