DivideBYZero
Lifer
- May 18, 2001
- 24,117
- 2
- 0
Dude, no offense but you keep kiddie this and kiddie that but you have yet to say anything that remotely support your insiteful knowledge of the real estate world.
If you know so much about the subject, state what you know and make people feel stupid or else you look even dumber than they are.
Budmantom
Lifer
- Aug 17, 2002
- 13,103
- 1
- 81
I can see this market slowing down but I doubt we will see prices going down.
Our house has appreciated just under $100k (60%) since we bought it in September (04) and we will always need a roof over our head so appreciation or depreciation is no big thing, our rental property is just about paid off so we are good to go.
Tom
Our house has appreciated just under $100k (60%) since we bought it in September (04) and we will always need a roof over our head so appreciation or depreciation is no big thing, our rental property is just about paid off so we are good to go.
Tom
PingSpike
Lifer
- Feb 25, 2004
- 21,765
- 614
- 126
Originally posted by: kranky
Supply does increase - they keep building homes farther away from the cities, where there used to be farms. I think a big factor is going to be gas prices. When they get to $3+/gallon, these homes that are far from the cities aren't going to be as attractive.
Originally posted by: aphex
The townhouse i bought for $140k in September is now worth approx $235k, i sure as hell hope not in the next 2 years
You are Bubble Boy! (in real estate terms)
Honestly...I don't see gas prices affecting it that much. Unless everyone drove chevy tahoes with a leaky gas tank they'll probably save way more money living further out than they would lose, even on more expensive fuel. A prime location house, just from my limited knowledge, costs signifigantly more than one further out.
Those homes probably aren't attractive because of the amount of time it takes to get to work from them, more than the cost of fuel. At least, thats why they aren't attractive to me. I can't stand driving anymore.
Just my uninformed thoughts on the matter.
House paid off. Not planning to move. Couldn't care less if bubble drops (if it even exist). Maybe I should, and get some savings from property taxes :evil:
I'll be ok. My house has gone up about 80% in 2 years. Even if the bubble chops the value in half, I'm still pretty close to right where I was when I bought it. Plus, I plan on living here a while so it makes no difference to me.
The one thing I'm concerned about is the effect on the US economy. When the bubble bursts on the RE market here, I can see the same stuff happening to us as it did to Japan in the 90s. Now that was a huge RE bubble there. The grounds of the emperial castle in Tokyo was once worth as much as the entire state of California.
The one thing I'm concerned about is the effect on the US economy. When the bubble bursts on the RE market here, I can see the same stuff happening to us as it did to Japan in the 90s. Now that was a huge RE bubble there. The grounds of the emperial castle in Tokyo was once worth as much as the entire state of California.
squirrel dog
Diamond Member
- Oct 10, 1999
- 5,564
- 48
- 91
Wont hurt too much in the New South . My house was paid for out right when I built it in 94 for $166k , worth maybe 280 now , so says my wife the agent . The second home is also paid for , its on the water worth maybe 220k . Thats where I am headed now , to put a new water pump in my boat . Work hard , play hard . Later ..........SD.........
Not planning to move. Couldn't care less if bubble drops (if it even exist here).
we plan on living in this house that we bought 1 year ago until about 2017-2020
they are building a new house across the street from us and it has been listed at about 33% more than what we paid for a 2.5 year old house
we plan on living in this house that we bought 1 year ago until about 2017-2020
they are building a new house across the street from us and it has been listed at about 33% more than what we paid for a 2.5 year old house
JulesMaximus
No Lifer
- Jul 3, 2003
- 74,590
- 986
- 126
I bought my house 6 years ago. No worries here.
I paid $220k for this house, it would sell for over $560k today.
I paid $220k for this house, it would sell for over $560k today.
Just looking for a house... We hope to spend around $100k@4.5%, so we should be fine. (property values are much lower in Manitoba)
Gas prices and increasing costs of maintaining a further stretching infastructure will cause some of these more rural properties to lose desierability. Though there will -always- be people with money who have no problem spending a little more to live away from more populated areas.Originally posted by: PingSpike
Originally posted by: kranky
Supply does increase - they keep building homes farther away from the cities, where there used to be farms. I think a big factor is going to be gas prices. When they get to $3+/gallon, these homes that are far from the cities aren't going to be as attractive.
Originally posted by: aphex
The townhouse i bought for $140k in September is now worth approx $235k, i sure as hell hope not in the next 2 years
You are Bubble Boy! (in real estate terms)
Honestly...I don't see gas prices affecting it that much. Unless everyone drove chevy tahoes with a leaky gas tank they'll probably save way more money living further out than they would lose, even on more expensive fuel. A prime location house, just from my limited knowledge, costs signifigantly more than one further out.
Those homes probably aren't attractive because of the amount of time it takes to get to work from them, more than the cost of fuel. At least, thats why they aren't attractive to me. I can't stand driving anymore.
Just my uninformed thoughts on the matter.
Generally the suburban sprawl is causing municipal maintenece costs to soar. It is because the average joe american wants his huge suburban castle with lots of land. This sprawl definatly has ramifications that many experts in many different fields have been warning about for a while. Though, that is more of a socio-economic trend than a real estate trend.
You shouldn't be worrying about interest rates, or appreciation/depreciation, you should be worrying about the trouble fannie mae is in. They are now under investigation for improper accounting practices, to the tune of 9 billion dollars. This situation could easily spiral out of control. The banks could lose their biggest creditor for the secondary market and the govt. will once again be put in the position to bail out its mortgage credit entity. Just like Freddie Mac.
That's because he has nothing to add. It's easy to justify you superiority based solely on age, but that's all he's got. Sad, you would think your head would become dislodged from your ass as you get older, this isn't the case with happybitch.
JulesMaximus
No Lifer
- Jul 3, 2003
- 74,590
- 986
- 126
So is ours. We are very comfortable with our mortgage. Our monthly income is almost 4 times our mortgage payment (not including income from my wife's real estate sales). In fact, we thought about getting a house near us last year. One with a view and on a large lot but property taxes would have been double what we pay now so we decided not to do it. The asking price was $599,000 on that house so it would have been a little more than what we could sell our house for. Property taxes would have been almost $500/month.
purbeast0
No Lifer
- Sep 13, 2001
- 53,699
- 6,573
- 126
i'm probably going to be in the house market in 2006 at some point. i might look at a condo, still not sure.
anyways, is this going to be a bad time to buy? i'm going to be a first time buyer, and i'm in the MD/DC metro area (although I work a little northern kind of close to baltimore).
anyways, is this going to be a bad time to buy? i'm going to be a first time buyer, and i'm in the MD/DC metro area (although I work a little northern kind of close to baltimore).
HomeBrewerDude
Lifer
- Jan 18, 2001
- 14,465
- 1
- 0
We paid 15k less (about 10%) than what our house was worth so any adjustment in the market won't affect.
meh, it'd be nice because I could afford and apartment maybe... ha.. or we could move. but i don't think it will bust like the dot com.
apoppin
Lifer
Well, i moved to what i thought was a "remote" place in the SoCali Hi-Desert . . . . 20 miles from downtown Palm Springs . . . . 120 miles from LA and 120 miles from San Diego (and less than 1 hour to work in major population areas - San Bernardino/Riverside; 1/2 hour to work in the Coachella Valley)
it's 2-1/2 acres of "horse property" and i bought it for $25K in '83 . . . . finished building the cabin, expanded it into a decent house with a coverd and screened patio, built a garage, 2 more concrete patios and planted fruit trees, etc.
Now this area is among the FASTEST growing in the USA . . . . my property has 10Xed in value and my mortgage payments are $135 a month (i had to REfinance; still owe less than 20K).
Whaddaya think? . . . . although i prefer the beach, my inland valley is a very desirable place to live (did i mention it is "view property"? . . . an AWEsome view of the mountains and reletively moderate Summers - compared with PS . . . we are at 3K' elevation) . . . .
it's 2-1/2 acres of "horse property" and i bought it for $25K in '83 . . . . finished building the cabin, expanded it into a decent house with a coverd and screened patio, built a garage, 2 more concrete patios and planted fruit trees, etc.
Now this area is among the FASTEST growing in the USA . . . . my property has 10Xed in value and my mortgage payments are $135 a month (i had to REfinance; still owe less than 20K).
Whaddaya think? . . . . although i prefer the beach, my inland valley is a very desirable place to live (did i mention it is "view property"? . . . an AWEsome view of the mountains and reletively moderate Summers - compared with PS . . . we are at 3K' elevation) . . . .
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