What will it take to get you to buy a house?

[kev374]

2. the house price will not go down 30%, not mentioned the rent cost set a limit for how low the house price can be (comparing rent a house to own a similar house, it dones’t make sense to compare renting a 1 br apartment to owning a 3-4 br house with private yard)

Of course it will go down but not 30%, perhaps more like 40-50%.

Cost of ownership is not just the mortgage payment! What about property taxes, HOA, maintainence/repairs, insurance. All those are absent in rents. If you figure in the whole amount of owning it is now over double that of renting an equivalent place.

[kev374]

2. the house price will not go down 30%, not mentioned the rent cost set a limit for how low the house price can be (comparing rent a house to own a similar house, it dones’t make sense to compare renting a 1 br apartment to owning a 3-4 br house with private yard)

Of course it will go down but not 30%, perhaps more like 40-50%.

Cost of ownership is not just the mortgage payment! What about property taxes, HOA, maintainence/repairs, insurance. All those are absent in rents. If you figure in the whole amount of owning it is now over double that of renting an equivalent place.

[kev374]

2. the house price will not go down 30%, not mentioned the rent cost set a limit for how low the house price can be (comparing rent a house to own a similar house, it dones’t make sense to compare renting a 1 br apartment to owning a 3-4 br house with private yard)

Of course it will go down but not 30%, perhaps more like 40-50%.

Cost of ownership is not just the mortgage payment! What about property taxes, HOA, maintainence/repairs, insurance. All those are absent in rents. If you figure in the whole amount of owning it is now over double that of renting an equivalent place.

[kev374]

2. the house price will not go down 30%, not mentioned the rent cost set a limit for how low the house price can be (comparing rent a house to own a similar house, it dones’t make sense to compare renting a 1 br apartment to owning a 3-4 br house with private yard)

Of course it will go down but not 30%, perhaps more like 40-50%.

Cost of ownership is not just the mortgage payment! What about property taxes, HOA, maintainence/repairs, insurance. All those are absent in rents. If you figure in the whole amount of owning it is now over double that of renting an equivalent place.

[djrobsd]

For me, if I hadn’t already bought and I was sitting on the sidelines, at this point, given all the lessons I’ve learned as a buyer who bought during the peek and now can’t sell my home….

I would only buy again if the prices drop to a level where:

a) The payment doesn’t exceed 30-40% of my monthly take home pay.

b) The house I can buy for that amount is in the neighborhood I want to call home, and if the kind of home that I can live in until retirement.

c) Rent is equal to or greater then my housing payment will be. Remember the good old days when they used to say “Why throw your money away on rent when you can own for less?” LOL

When conditions are met, I’ll buy again….

[djrobsd]

For me, if I hadn’t already bought and I was sitting on the sidelines, at this point, given all the lessons I’ve learned as a buyer who bought during the peek and now can’t sell my home….

I would only buy again if the prices drop to a level where:

a) The payment doesn’t exceed 30-40% of my monthly take home pay.

b) The house I can buy for that amount is in the neighborhood I want to call home, and if the kind of home that I can live in until retirement.

c) Rent is equal to or greater then my housing payment will be. Remember the good old days when they used to say “Why throw your money away on rent when you can own for less?” LOL

When conditions are met, I’ll buy again….

[djrobsd]

For me, if I hadn’t already bought and I was sitting on the sidelines, at this point, given all the lessons I’ve learned as a buyer who bought during the peek and now can’t sell my home….

I would only buy again if the prices drop to a level where:

a) The payment doesn’t exceed 30-40% of my monthly take home pay.

b) The house I can buy for that amount is in the neighborhood I want to call home, and if the kind of home that I can live in until retirement.

c) Rent is equal to or greater then my housing payment will be. Remember the good old days when they used to say “Why throw your money away on rent when you can own for less?” LOL

When conditions are met, I’ll buy again….

[djrobsd]

For me, if I hadn’t already bought and I was sitting on the sidelines, at this point, given all the lessons I’ve learned as a buyer who bought during the peek and now can’t sell my home….

I would only buy again if the prices drop to a level where:

a) The payment doesn’t exceed 30-40% of my monthly take home pay.

b) The house I can buy for that amount is in the neighborhood I want to call home, and if the kind of home that I can live in until retirement.

c) Rent is equal to or greater then my housing payment will be. Remember the good old days when they used to say “Why throw your money away on rent when you can own for less?” LOL

When conditions are met, I’ll buy again….

[djrobsd]

For me, if I hadn’t already bought and I was sitting on the sidelines, at this point, given all the lessons I’ve learned as a buyer who bought during the peek and now can’t sell my home….

I would only buy again if the prices drop to a level where:

a) The payment doesn’t exceed 30-40% of my monthly take home pay.

b) The house I can buy for that amount is in the neighborhood I want to call home, and if the kind of home that I can live in until retirement.

c) Rent is equal to or greater then my housing payment will be. Remember the good old days when they used to say “Why throw your money away on rent when you can own for less?” LOL

When conditions are met, I’ll buy again….

[(former)FormerSanDiegan]

If you figure in the whole amount of owning it is now over double that of renting an equivalent place.

It was generally true that renting was about half of “owning” in 2005. However, with home prices down 15-25% in many areas and rents having gone up at least 5% in the past two years you need to update your pat phrase. It is no longer half in many places. For places that I follow it now costs about 2/3 to 3/4 as much to rent as to “own”.

[(former)FormerSanDiegan]

If you figure in the whole amount of owning it is now over double that of renting an equivalent place.

It was generally true that renting was about half of “owning” in 2005. However, with home prices down 15-25% in many areas and rents having gone up at least 5% in the past two years you need to update your pat phrase. It is no longer half in many places. For places that I follow it now costs about 2/3 to 3/4 as much to rent as to “own”.

[(former)FormerSanDiegan]

If you figure in the whole amount of owning it is now over double that of renting an equivalent place.

It was generally true that renting was about half of “owning” in 2005. However, with home prices down 15-25% in many areas and rents having gone up at least 5% in the past two years you need to update your pat phrase. It is no longer half in many places. For places that I follow it now costs about 2/3 to 3/4 as much to rent as to “own”.

[(former)FormerSanDiegan]

If you figure in the whole amount of owning it is now over double that of renting an equivalent place.

It was generally true that renting was about half of “owning” in 2005. However, with home prices down 15-25% in many areas and rents having gone up at least 5% in the past two years you need to update your pat phrase. It is no longer half in many places. For places that I follow it now costs about 2/3 to 3/4 as much to rent as to “own”.

[(former)FormerSanDiegan]

If you figure in the whole amount of owning it is now over double that of renting an equivalent place.

It was generally true that renting was about half of “owning” in 2005. However, with home prices down 15-25% in many areas and rents having gone up at least 5% in the past two years you need to update your pat phrase. It is no longer half in many places. For places that I follow it now costs about 2/3 to 3/4 as much to rent as to “own”.

[kev374]

For places that I follow it now costs about 2/3 to 3/4 as much to rent as to “own”.

No, it doesn’t, not here in Irvine at least. You can rent a 3 bedroom, 1700sqft house for $2400/mo. That same house will cost $650,000 to buy. PITI+HOA+Maintainance+Mello Roost will at least be $7000/mo. with current jumbo rates and zero down, and that is if you can EVEN get a loan for the full amount.

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