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February 23, 2010 at 2:10 PM in reply to: About half of U.S. mortgages seen underwater by 2011 #517591February 23, 2010 at 2:10 PM in reply to: About half of U.S. mortgages seen underwater by 2011 #517683
pemeliza
ParticipantI don’t know how many piggs are following the Mt. Helix market but wow there are some deals over there now compared to this time last year. Looks like buyers are having a harder and harder time overlooking weak schools. Sellers in the 2nd tier areas are competing for fewer and fewer buyers and it is definitely showing up in the pricing.
February 23, 2010 at 2:10 PM in reply to: About half of U.S. mortgages seen underwater by 2011 #517937ParticipantI don’t know how many piggs are following the Mt. Helix market but wow there are some deals over there now compared to this time last year. Looks like buyers are having a harder and harder time overlooking weak schools. Sellers in the 2nd tier areas are competing for fewer and fewer buyers and it is definitely showing up in the pricing.
February 23, 2010 at 4:48 AM in reply to: About half of U.S. mortgages seen underwater by 2011 #516838Participant“Anyway, just wanted to dispel the notion that rent is throwing money away. As long as the risk of large-scale depreciation lurks, most buyers would be better off renting, IMHO.”
There is a “third” option.
3.) Move to one of the many areas in the county where the buy-to-rent formula is in strong favor of owners.
It seems to me that since it already makes sense to buy in many areas of the county, the upside to waiting is that you give yourself the possibility of getting into a “better” neighborhood down the road and have the numbers still come out in favor of owning versus renting. There is a gambling component to this and success will require luck and patience.
By the way, the recession has tremendously depressed rents in the area so I’m not sure I would use today’s rent as a good judge of the long term value of a property. When you buy you are “locking” in a (approximately) fixed rental rate for 30 years. Rents could quickly snap back up when the economy recovers especially in the areas where everyone wants to live.
February 23, 2010 at 4:48 AM in reply to: About half of U.S. mortgages seen underwater by 2011 #516981Participant“Anyway, just wanted to dispel the notion that rent is throwing money away. As long as the risk of large-scale depreciation lurks, most buyers would be better off renting, IMHO.”
There is a “third” option.
3.) Move to one of the many areas in the county where the buy-to-rent formula is in strong favor of owners.
It seems to me that since it already makes sense to buy in many areas of the county, the upside to waiting is that you give yourself the possibility of getting into a “better” neighborhood down the road and have the numbers still come out in favor of owning versus renting. There is a gambling component to this and success will require luck and patience.
By the way, the recession has tremendously depressed rents in the area so I’m not sure I would use today’s rent as a good judge of the long term value of a property. When you buy you are “locking” in a (approximately) fixed rental rate for 30 years. Rents could quickly snap back up when the economy recovers especially in the areas where everyone wants to live.
February 23, 2010 at 4:48 AM in reply to: About half of U.S. mortgages seen underwater by 2011 #517415Participant“Anyway, just wanted to dispel the notion that rent is throwing money away. As long as the risk of large-scale depreciation lurks, most buyers would be better off renting, IMHO.”
There is a “third” option.
3.) Move to one of the many areas in the county where the buy-to-rent formula is in strong favor of owners.
It seems to me that since it already makes sense to buy in many areas of the county, the upside to waiting is that you give yourself the possibility of getting into a “better” neighborhood down the road and have the numbers still come out in favor of owning versus renting. There is a gambling component to this and success will require luck and patience.
By the way, the recession has tremendously depressed rents in the area so I’m not sure I would use today’s rent as a good judge of the long term value of a property. When you buy you are “locking” in a (approximately) fixed rental rate for 30 years. Rents could quickly snap back up when the economy recovers especially in the areas where everyone wants to live.
February 23, 2010 at 4:48 AM in reply to: About half of U.S. mortgages seen underwater by 2011 #517507Participant“Anyway, just wanted to dispel the notion that rent is throwing money away. As long as the risk of large-scale depreciation lurks, most buyers would be better off renting, IMHO.”
There is a “third” option.
3.) Move to one of the many areas in the county where the buy-to-rent formula is in strong favor of owners.
It seems to me that since it already makes sense to buy in many areas of the county, the upside to waiting is that you give yourself the possibility of getting into a “better” neighborhood down the road and have the numbers still come out in favor of owning versus renting. There is a gambling component to this and success will require luck and patience.
By the way, the recession has tremendously depressed rents in the area so I’m not sure I would use today’s rent as a good judge of the long term value of a property. When you buy you are “locking” in a (approximately) fixed rental rate for 30 years. Rents could quickly snap back up when the economy recovers especially in the areas where everyone wants to live.
February 23, 2010 at 4:48 AM in reply to: About half of U.S. mortgages seen underwater by 2011 #517761Participant“Anyway, just wanted to dispel the notion that rent is throwing money away. As long as the risk of large-scale depreciation lurks, most buyers would be better off renting, IMHO.”
There is a “third” option.
3.) Move to one of the many areas in the county where the buy-to-rent formula is in strong favor of owners.
It seems to me that since it already makes sense to buy in many areas of the county, the upside to waiting is that you give yourself the possibility of getting into a “better” neighborhood down the road and have the numbers still come out in favor of owning versus renting. There is a gambling component to this and success will require luck and patience.
By the way, the recession has tremendously depressed rents in the area so I’m not sure I would use today’s rent as a good judge of the long term value of a property. When you buy you are “locking” in a (approximately) fixed rental rate for 30 years. Rents could quickly snap back up when the economy recovers especially in the areas where everyone wants to live.
ParticipantLooks like a 2001 price. The downside is the busy street.
ParticipantLooks like a 2001 price. The downside is the busy street.
ParticipantLooks like a 2001 price. The downside is the busy street.
ParticipantLooks like a 2001 price. The downside is the busy street.
ParticipantLooks like a 2001 price. The downside is the busy street.
February 19, 2010 at 1:23 PM in reply to: Shall we buy or never in San Diego or wait for more depreciation? #515726Participant“It depends on what you are talking about…
For a SFR in a good school district it is not a ton.
For a 2 BR apartment in Normal Heights, well maybe it is.”The rental market has deteriorated substantially in the last year. Anyone making a decision on rent versus buy right now needs to do a serious and honest assessment of today’s rental market. There are some amazing deals out there right now.
February 19, 2010 at 1:23 PM in reply to: Shall we buy or never in San Diego or wait for more depreciation? #515818Participant“It depends on what you are talking about…
For a SFR in a good school district it is not a ton.
For a 2 BR apartment in Normal Heights, well maybe it is.”The rental market has deteriorated substantially in the last year. Anyone making a decision on rent versus buy right now needs to do a serious and honest assessment of today’s rental market. There are some amazing deals out there right now.
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