Originally Posted by Buehler445:
If you’ve got enough cash to get considerable equity in the place I’d say there isn’t a huge problem. If you’ve got to leverage pretty hard I’d pass.
If it were me I’d need to be fairly confident it found a bottom before I did much.
Found a bottom? I'm new to the terminology.
I'm doing a 0% down loan. My hesitation in waiting is the way the market is moving. The house we are renting has gone up 120k in 3 years. [Reply]
Originally Posted by SupDock:
What is the opinion here on buying or building in a hot (sellers) market. Renting now and planning on staying long term. We were looking at building before all this, and new builds in our market were going up 4k every 2 weeks.
What are your thoughts on what this will do to the market. I know it's a complicated question.
If it helps, my job is quite secure.
I'd think that's a different question than overall economic stuff and is kind of independent. We may have thoughts about real estate trends overall, but buying versus building merely seems like a matter of taste and existing inventory.
I find it interesting that people have such different preferences on homes, by the way. I live in a 100+ year old house, and my wife and I love it. It's got nice features and there are no surprises since it's survived for 100+ years. But I know other people who strongly prefer new construction and wouldn't even consider a house like ours. [Reply]
Originally Posted by Rain Man:
I'd think that's a different question than overall economic stuff and is kind of independent. We may have thoughts about real estate trends overall, but buying versus building merely seems like matter of taste and existing inventory.
I find it interesting that people have such different preferences on homes, by the way. I live in a 100+ year old house, and my wife and I love it. It's got nice features and there are no surprises since it's survived for 100+ years. But I know other people who strongly prefer new construction and wouldn't even consider a house like ours.
I appreciate that feedback. I am in a really unique market where there really are no old homes, and homes are being built at a very very rapid pace. Maybe it's not that unique, but inventory doesn't last long, and hasn't for the last 18 months.
The market in my area is what it troubling me. The prices keep going up and I have some worry that I will get priced out of the market. If I found a resale I like I would not hesitate to buy
I am more curious what your thoughts were on the current economic situation and its effect on home buying and building. Certainly low rates encourage buying, but people may be feeling economically insecure. [Reply]
Originally Posted by SupDock:
I appreciate that feedback. I am in a really unique market where there really are no old homes, and homes are being built at a very very rapid pace. Maybe it's not that unique, but inventory doesn't lasted long, and hasn't for the last 18 months.
The market in my area is what it troubling me. The prices keep going up and I have some worry that I will get priced out of the market. If I found a resale I like I would not hesitate to buy
I am more curious what your thoughts were on the current economic situation and its effect on home buying and building. Certainly low rates encourage buying, but people may be feeling economically insecure.
If you're confident that your job is secure, times like these are the best times to buy. Lower rates, people's hoarding instincts up, and probably fewer people going to open houses? That seems like a recipe for a good deal. And in the long run, I think it's good from a wealth perspective to diversify your assets with home equity as well as traditional savings.
There's a house a few blocks away from mine that's intriguing, and I think it's underpriced. It's also got a guest house, which is the really intriguing part, because I could legitimately make it two rentals. It's too expensive for a cash purchase, which I'd prefer, but it's tempting nonetheless. It's been on the market for a while, so I'm curious if I could throw a lowball offer out there. [Reply]
Also, I've preached this before, but if your market has any developments or zoning that allows mother-in-law apartments in new construction, or if you can buy an existing home with a mother-in-law apartment, jump on one of those. Having an onsite apartment means you'll always have a good tenant (bad ones won't want to be next to you), and it gives you an income stream that goes up each year while the cost of the mortgage stays the same. I've got one, and it prints money for me with very little work or hassle. [Reply]
Originally Posted by SupDock:
I appreciate that feedback. I am in a really unique market where there really are no old homes, and homes are being built at a very very rapid pace. Maybe it's not that unique, but inventory doesn't last long, and hasn't for the last 18 months.
The market in my area is what it troubling me. The prices keep going up and I have some worry that I will get priced out of the market. If I found a resale I like I would not hesitate to buy
I am more curious what your thoughts were on the current economic situation and its effect on home buying and building. Certainly low rates encourage buying, but people may be feeling economically insecure.
If you could provide 20% equity I'd say do it in a heartbeat, but the risk you face if the economic conditions slow down in your area, the value of your house will decrease and you will have negative equity in your house. If you had some equity, you could handle a little uncertainty, but banks get hella jumpy at negative equity loans. [Reply]
Originally Posted by Rain Man:
If you're confident that your job is secure, times like these are the best times to buy. Lower rates, people's hoarding instincts up, and probably fewer people going to open houses? That seems like a recipe for a good deal. And in the long run, I think it's good from a wealth perspective to diversify your assets with home equity as well as traditional savings.
There's a house a few blocks away from mine that's intriguing, and I think it's underpriced. It's also got a guest house, which is the really intriguing part, because I could legitimately make it two rentals. It's too expensive for a cash purchase, which I'd prefer, but it's tempting nonetheless. It's been on the market for a while, so I'm curious if I could throw a lowball offer out there.
Exactly the feedback I was looking for. Thank you [Reply]
Originally Posted by Buehler445:
If you could provide 20% equity I'd say do it in a heartbeat, but the risk you face if the economic conditions slow down in your area, the value of your house will decrease and you will have negative equity in your house. If you had some equity, you could handle a little uncertainty, but banks get hella jumpy at negative equity loans.
I understand
What options would they have if I was making payments?
What does jumpy mean?
I'm a first-time home buyer and working on paying down educational loans, and would rather not put a significant amount down [Reply]
If I tried to explain what a fucking disaster today was at Amazon with all the cancelled orders due to inability of sites to deliver on time and a complete mess for getting things ready, you wouldn't believe a company this size could be this fucking backwards.
They could be selling 2-3 times more across most major markets. [Reply]