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My husband also was told no raise and no 401k matches. We're not putting 20% down, only 5% is all goes as planned. But you make a great point about rent- they can and will go up whereas a mortgage will not. Taxes, yes, of course, but then so will rents to match that. It just got to a point for us where rent is so much that mortgage, taxes and insurance is the same or less.
I do wish you well, it's tough for most people right now, us included! It's all a gamble, really...
rent will not go up. in six months from now, rents will be much lower over most of the country. you forget that there are many who are desperate to sell who can't. their next option is letting their home. then there are the hundreds of thousands of singletons who've decided to move back in with their folks. you're also forgetting about the huge vacant inventory the banks have. perhaps one day we'll stop bailing these banks out and they'll have to sell these homes to the highest bidder, whatever that price is. i currently live in london and initially when the bust came along, rents shot up. now they're plummeting!
if you're renting, i would suggest you go to several realtors and tell them you're thinking of moving. tell them your landlord is upping the price and you're looking for a better deal. sit back and wait. i sincerely doubt you'll wait too long. if a better deal comes along, spin that off your landlord. trust me this is not the time that a landlord wants to run around looking for QUALITY tennants when he already knows you and is happy with you.
All they need to do is stop the bailouts and let whoever made bad decisions, fail and go bankrupt.
Obama could also take his 4 trillion junk plan w/ loads of pork and stimulate each household. Each household would then get 40,000 dollars.
I think that's a good stimulus for all.
But of course, they'd never do that because that does not benefit the elite and big finance, that actually benefits us.
to be fair, as silly as it sounds, this is one of the only fair ways for them to introduce stimulus!
rent will not go up. in six months from now, rents will be much lower over most of the country. you forget that there are many who are desperate to sell who can't. their next option is letting their home.
Yes, I see these houses listed for sale and as rentals. They are tomorrow's foreclosures. I will not go near a rental that is a distressed property.
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then there are the hundreds of thousands of singletons who've decided to move back in with their folks.
Many single people rent, and those who bought most likely have condos, and I don't want to buy one.
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you're also forgetting about the huge vacant inventory the banks have. perhaps one day we'll stop bailing these banks out and they'll have to sell these homes to the highest bidder, whatever that price is.
I've seen many homes these banks own and all I've seen are trashed or in disrepair and not worth the money and aggravation needed to make them livable. Also, best case scenario, they sat all winter locked up unheated and the pipes have burst causing thousands of dollars in damage. The MLS pictures of the outside clearly show many unshoveled walkways and driveways. I've also gone to these in person and saw water damage in the unheated interiors.
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i currently live in london and initially when the bust came along, rents shot up. now they're plummeting!
I believe you but it's very different in my area.
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if you're renting, i would suggest you go to several realtors and tell them you're thinking of moving. tell them your landlord is upping the price and you're looking for a better deal. sit back and wait. i sincerely doubt you'll wait too long. if a better deal comes along, spin that off your landlord. trust me this is not the time that a landlord wants to run around looking for QUALITY tennants when he already knows you and is happy with you
Many of the rentals here (houses) like the one I am living in have old windows and are not energy efficient. I spent a lot of money heating the place. I want to buy a small house that I can insulate myself.
Last edited by buyerbuyerpantsonfire; 03-23-2009 at 07:15 AM..
rent will not go up. in six months from now, rents will be much lower over most of the country. you forget that there are many who are desperate to sell who can't. their next option is letting their home. you.
Rental prices, unlike home prices, have not decreased. In most expensive urban areas (like NY, DC, SF, LA,) rents have increased 3-5% each year. It's called supply/demand. If so many people are on the sidelines and renting, this decreases the available number of units available, thus increases in rents.
Yeah, in places that have high foreclosures like Miami, or some parts of Arizona and Las Vegas, you can find a good deal on rents. But if the deal is too good and you know the landlord is losing too much money and that place will go into foreclosure very soon.
My friend was paying $2700 a month in rent for a 1 million home near the ocean in St. Augustine, FL. Guess what, his rental home got foreclosured on and now has about 3 months to find another home. He has 2 kids and a wife and the wife doesn't want to live in an apartment.
This housing crisis effect everyone. So those of you currenting renting, be very careful of private landlords. If the rents are too low compared to what it costs the landlord, be prepared to move. Even some big apartment complexes are going into foreclosure. There was an article on msnbc.com last week where an apartment complex with 350 units all went into foreclosures and all these tenants had to look for another home to rent ASAP.
Rental prices, unlike home prices, have not decreased. In most expensive urban areas (like NY, DC, SF, LA,) rents have increased 3-5% each year. It's called supply/demand. If so many people are on the sidelines and renting, this decreases the available number of units available, thus increases in rents.
Yeah, in places that have high foreclosures like Miami, or some parts of Arizona and Las Vegas, you can find a good deal on rents. But if the deal is too good and you know the landlord is losing too much money and that place will go into foreclosure very soon.
My friend was paying $2700 a month in rent for a 1 million home near the ocean in St. Augustine, FL. Guess what, his rental home got foreclosured on and now has about 3 months to find another home. He has 2 kids and a wife and the wife doesn't want to live in an apartment.
This housing crisis effect everyone. So those of you currenting renting, be very careful of private landlords. If the rents are too low compared to what it costs the landlord, be prepared to move. Even some big apartment complexes are going into foreclosure. There was an article on msnbc.com last week where an apartment complex with 350 units all went into foreclosures and all these tenants had to look for another home to rent ASAP.
Rental prices, unlike home prices, have not decreased. In most expensive urban areas (like NY, DC, SF, LA,) rents have increased 3-5% each year. It's called supply/demand. If so many people are on the sidelines and renting, this decreases the available number of units available, thus increases in rents.
New apartment complexes are not being built. They have to be zoned for specific communities. The builders have no incentive to build these apartment complexes because there is too little demand for new construction. That's why they aren't building. Most of the existing apartment complexes are close to capacity in major expensive urban areas. (Dallas, Houston, Miami, Las Vegas, Denver, Charlotte etc is not my definition of expensive urban areas)
New apartment complexes are not being built. They have to be zoned for specific communities. The builders have no incentive to build these apartment complexes because there is too little demand for new construction. That's why they aren't building. Most of the existing apartment complexes are close to capacity in major expensive urban areas. (Dallas, Houston, Miami, Las Vegas, Denver, Charlotte etc is not my definition of expensive urban areas)
"Rents, along with home prices, had been growing in Manhattan until the financial crisis took hold in mid-September. Since then, rents have dropped as landlords adjust to the new reality. Major layoffs at financial firms and in other sectors have forced tenants to give up expensive apartments and move in with parents or roommates. The unemployment rate climbed to 6% in November 2008 compared to 4.6% in November 2007. The apartment vacancy rate jumped to 4% in the fourth quarter last year from 3.4% in the same period in 2007. Landlords on average are giving rent concessions of 1.1 weeks."
I'll post this link again, since it seems you missed it.
rent will not go up. in six months from now, rents will be much lower over most of the country. you forget that there are many who are desperate to sell who can't. their next option is letting their home. then there are the hundreds of thousands of singletons who've decided to move back in with their folks. you're also forgetting about the huge vacant inventory the banks have. perhaps one day we'll stop bailing these banks out and they'll have to sell these homes to the highest bidder, whatever that price is. i currently live in london and initially when the bust came along, rents shot up. now they're plummeting!
if you're renting, i would suggest you go to several realtors and tell them you're thinking of moving. tell them your landlord is upping the price and you're looking for a better deal. sit back and wait. i sincerely doubt you'll wait too long. if a better deal comes along, spin that off your landlord. trust me this is not the time that a landlord wants to run around looking for QUALITY tennants when he already knows you and is happy with you.
Agreed Robbo.
Don't forget the moratorium on foreclosures that has been in place - creating a "hidden" supply of property that is going to hit the market when banks re-start their repossesion activities.
Oversupply = lower rents
When interest rates shoot up you'll see even more homeowners in difficulty.
And don't forget the "unplannedlords" - you'll know what these are Robbo!!!!! - people who are having to rent their home out and move in with parents/family to try to cover their mortgages.
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