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Charlotte picked in 25 home markets poised to fall

Discussion in 'Money & Finance Forum' started by slydevl, Nov 7, 2007.

  1. slydevl

    slydevl Asshole for the People!

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  2. meatpile

    meatpile 7-9

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    Man they use that rent cost vs. own costs thing.

    Scary stuff. I have analyzed this for my own home / neighborhood, JUST THIS WEEK, and to my surprise keeping my house is a better deal, way better.

    That's not the case if the home depreciates, which I doubt it will. I used a 5% lost appreciaition on my current home value. If I cashed my equity, invested it and could get 8%, stopped having to pay Taxes, insurance, and maintenance, it would cost me about $5k per year to rent.

    Get less than 5% return and renting is better. I would imagine that for people buying today, at a much higher price than I bought at, at higher interest rates, renting is better.

    Of course - you can't rent many luxury homes in Myers Park - so i anticipate that model is not valid for my locality.
     
  3. meatpile

    meatpile 7-9

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    Oh yeah -

    In June I rented an oceanfront beach house for $1400 per week.

    The best summers at this condo get about $25k in rent. The taxes on the condo are $30k. The codo I was in was for sale for $1.6 million.

    So - $25k to rent for the entire year, or like 6 times that to own. Granted, you don't get the appreciation, but fuckin' A. I knew then that Wrightsvilee was gonna get HAMMERED.
     
  4. meatpile

    meatpile 7-9

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  5. plutosgirl

    plutosgirl It's a Liopleurodon!!!

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    So recap for me.... What are the overall thoughts on renting vs. owning now?

    My brother, who's hobby is money matters says not to buy now. Rent, wait it out a couple years. The economy, the baby boomers, a 1.5 hour lecture on it :)

    My sister, owns a real estate company says, who the hell knows whats going to happen, people are scared, but you still have to have a place to live, be smart, but it's ok to do it.
     
  6. slydevl

    slydevl Asshole for the People!

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    Non-jumbo arms are about 1 pt above where they were at the bottom. Still pretty cheap IMHO. Couple that with the fact that it is a buyers market and I say if you can afford to put 20% down then go for it.

    If you are stretching and putting nothing down...don't even consider it.
     
  7. plutosgirl

    plutosgirl It's a Liopleurodon!!!

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    It's the 20% I'm worried about losing in depreciation. Especially considering I might move within 3 years.
     
  8. slydevl

    slydevl Asshole for the People!

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    I wouldn't consider buying anything for 3 years except to remodel and flip it...just doesn't make sense. You would need crazy appreciation just to pay for the realtor fees.
     
  9. meatpile

    meatpile 7-9

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    rent.
     
  10. plutosgirl

    plutosgirl It's a Liopleurodon!!!

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    My brain understands you and you sly, thanks.
    House ownership is more emotional for women I think. The whole paint, fluff, decorate thing... Knowing we can use whacked out colors, get pissed and rip the carpet up etc...
     

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