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10-26-2006, 12:02 PM | #51 |
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10-26-2006, 12:03 PM | #52 |
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10-26-2006, 12:04 PM | #53 |
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10-26-2006, 12:06 PM | #54 | |
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I chose wisely. Everyone told me to get a condo, b/c the car will depreciate (big deal, so I lose a few $k/year). But, all of the obvious warning signs told me that the market is in for something really big. It's too bad that common sense = crystal ball I guess. |
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10-26-2006, 12:08 PM | #55 |
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Oh Magic 8 ball...should I sell my home before The Looter can afford my house? Housing is still going up all around me so these stats are a lil off I'd say.
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10-26-2006, 12:10 PM | #56 |
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10-26-2006, 12:11 PM | #57 | |
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In case you missed it from when I posted it in another thread: Places that saw astronomical price increases in the past 5 years (e.g. SF, LA, LV, DC, etc) are seeing prices drop now. |
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10-26-2006, 12:16 PM | #58 |
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It doesn't matter. You still paid $100k more relative to someone else who waited for the burst, then bought the same property.
$400k mortgage on a condo = $2,334.29 a Month $300k mortgage on that same condo = $1,750.72 a Month If that's not losing, I don't know what is. |
10-26-2006, 12:22 PM | #59 |
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There are still a trillion, yes TRILLION, dollars worth of toxic loans looking to reset next year. Wait till those homes come to market as people can't affort their mortgage along with all the new construction still being built out. This is just the start of "a soft landing" as many call it.
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10-26-2006, 12:24 PM | #60 | |
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10-26-2006, 12:28 PM | #61 |
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meh.. if this is what the "sky is falling" is like for real estate... I'm going to be buying more and more real estate for the rest of my life.
it really isn't that bad of a downside... and there is so much on the upside in the long term. ps. 400k condos last year being bought for 300k now- I haven't seen that. |
10-26-2006, 12:29 PM | #62 | |
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I think that you're missing the point. I'm saying that someone whom bought a piece of real estate a year ago vs. one whom bought the property 12 months from now, will be much worse off. People are arguing that they only lose money when they sell. I'm arguing that you're paying a much higher mortgage than the guy next to you, for the same property. That's because the person ignored the warning signs and bought into a market at it's peak. |
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10-26-2006, 12:30 PM | #63 | |
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10-26-2006, 12:35 PM | #64 |
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Meh, I LOVE my house. I have a view all the way across the SW corner of the valley that can never be obstructed, and that view is unheard of for a house in my price range. I could not have that view if I had not bought the house I bought and when I bought it.
Having put so many upgrades in my house, I'm confident that it would sell pretty quickly if I was in a pinch, although I wouldn't expect to recoup my upgrade investment short-term. Then again, my plan for this house is 5+ years, and if rent keeps going up like it is around here, I'd like to rent out the house instead of selling it later on. The floor plan is a perfect roommate arrangement. |
10-26-2006, 12:38 PM | #65 | |
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10-26-2006, 12:39 PM | #66 |
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10-26-2006, 12:39 PM | #67 |
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I'll post in this thread again when I want to sell my house (5 years+). Until then, I don't really care as long as we don't go into a recession.
Have fun running around like Chicken Little, ben et al while I continue to build equity in my house... |
10-26-2006, 12:40 PM | #68 | |
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10-26-2006, 12:41 PM | #69 | |
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10-26-2006, 12:45 PM | #70 |
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10-26-2006, 12:46 PM | #71 |
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Over a short term, real estate may prove to be a bad investment. But, over the long haul, it's very hard to beat. Once we run out, they aren't making any more.
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10-26-2006, 12:48 PM | #72 | ||
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10-26-2006, 12:49 PM | #73 |
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It's a perfect example of opportunity cost. Calculate your return from refraining from buying a property, continuing to pay rent and investing the rest of the escrow/downpayment/mortgage/move-in expenses in another form af investment, cashing out the investment in 18 months and then buying a similar property for 10% less. Then calculate your return from buying that property immediately. The difference is opportunity cost.
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10-26-2006, 12:51 PM | #74 | |
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10-26-2006, 12:57 PM | #75 | |
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It sounds like you're talking about it in terms of "a missed opportunity" (which is right) based on waiting too long (which is wrong)... I hate to quote Wikipedia, but they explain it pretty well: http://en.wikipedia.org/wiki/Opportunity_cost |
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