Opinions on home buying today
09-26-2008, 11:48 AM
#21
Originally Posted by hpark,Sep 25 2008, 10:57 AM
I think this is generally good advice but it also depends on the area. In some areas the cost of buying is so out of wack vs renting (we're talking monthly $5000 PMI vs $2000 rent) that it is not worth buying unless you factor in like a 5% annual appreciation rate.........in these areas i think prices will continue to drop.
09-26-2008, 12:12 PM
#22
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Originally Posted by hpark,Sep 25 2008, 11:57 AM
I think this is generally good advice but it also depends on the area. In some areas the cost of buying is so out of wack vs renting (we're talking monthly $5000 PMI vs $2000 rent) that it is not worth buying unless you factor in like a 5% annual appreciation rate.........in these areas i think prices will continue to drop.
09-26-2008, 02:49 PM
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Originally Posted by topdown04,Sep 26 2008, 01:35 PM
I was renting a house in Palo Alto for $2100 / month in 2005. The house was easily worth over $800k. The normal rules definitely don't apply there.
if you think about....you can probably rent some of these places cheaper than the taxes alone.
09-28-2008, 01:05 PM
#25
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California is still out of whack and probably will be for a long time. I rent a roughly $1M townhouse for 2900 and the owner is paying about $400-500 monthly association fee in addition to mortgage, insurance, etc.
I have friends who rent $700-800k places for $1500-2000.
I have friends who rent $700-800k places for $1500-2000.
09-29-2008, 06:45 PM
#26
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I dont plan on using the home as income or renting it out, I need a place to live (Im 25, will be my 1st home), and plan on living there more than 5 years. Im looking for a house in the 80-100k range, which is well within my financial ability. Ive been working as much as I can (~70Hr weeks) lately trying to save and pay down my debt as much as I can. Im going to talk to my bank about a mortgage shortly and see what they have to say. Thanks
09-29-2008, 07:08 PM
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Lots of information in several threads here. Nothing new has really developed to alter what has been suggested there.
If you are saving money vs rent etc. etc. and accept the risk [almost a given at this point] of your house losing significant value, then go for it.
Personally I'm waiting.
If you are saving money vs rent etc. etc. and accept the risk [almost a given at this point] of your house losing significant value, then go for it.
Personally I'm waiting.
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