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SVreX
SVreX MegaDork
12/14/16 3:04 p.m.

That's a LOT of red!

(I do think the price comparison to pre-recession prices may vary by region. My home is still 21% under what it was appraised for pre-recession)

carguy123
carguy123 UltimaDork
12/14/16 3:56 p.m.

The national numbers show the average house price has passed the pre-recession pricing, but real estate pricing is very Local in nature.

We're up a lot! Other places not so much. A few places still are below normal. Average them together and you get a National Average that is above what the national average was before.

But hold on to your hat because the economy is liking the idea of Trump. If it likes the actuality of Trump then your prices will climb too.

Here's an excerpt from something I just put on my company Facebook page:

IT'S OFFICIAL, THE FEDS RAISED THEIR RATE TODAY

That doesn't mean mortgage rates are instantly going to rise by 1/4% - 1/2%, but it does mean the secondary effects of that raise will begin affecting mortgage rates soon. (and rates have already risen some this afternoon)

But the Feds rates won't be the biggest effect on mortgage rates. The reason for the Feds increase is that the economy is beginning to wake up. Trump's election and the promise of the removal of some restrictive legislation that has held the economy down as well as a pro-the people type of government instead of a pro-the government type of government we've been living with ensures inflation.

Inflation is good as long as we don't get too much too fast. It means things are growing and times will be easier for you. You'll have money to spend and you won't be looking over your shoulder wondering what else is going to go wrong.

So the bottom line is that any of you on the fence about buying a home need to do it sooner rather than later. Rates & prices have begin their rise.

dculberson
dculberson PowerDork
12/14/16 5:21 p.m.

In reply to carguy123:

Ok, I appreciate the info and all, but what was with the "Liberal" dig? Nice attempt at a flounder? Is it even right? The hardest hit were nevada and Florida, neither known as particularly blue states. They're purple at best.

SVreX
SVreX MegaDork
12/14/16 6:05 p.m.

In reply to carguy123:

I will stop short of calling that a political flounder, but it is dangerously close, and has pretty much nothing too do with pHeller's new house.

---speaking, of course, as a guy who has crossed that line a few too many times.

Flynlow
Flynlow HalfDork
12/14/16 6:09 p.m.
carguy123 wrote: Owning your own home is good for both you & your kids. Plus it is the #1 way for regular people to get ahead! Here are 9 reasons study after study show home ownership benefits you over & above just the satisfaction of owning your own home and not having a party wall with the neighbors. #9 is probably the most important.

I agree with a lot of what you posted, but in the interest of presenting the same argument in reverse:

Why your house is a terrible investment

It's important to remember the plural of anecdote is not data. I have owned 3 homes (now age 32), and completely understand the value both ways. It is great to have a home that I own to come home to, where I don't have a management company making the rules to how I live. If something important breaks, I fix it RIGHT THEN. If something trivial breaks, I can set my own schedule to fix things. I really, really, value being left alone to do my own thing. On the other hand, I have rented out bedrooms in my home pretty much since the beginning, and my roommates get a pretty sweet deal too. For the price of $500-700/month including utilties, they write one check per month, don't ever have to deal with utility providers, and have a bedroom (and sometimes bathroom) of their own. The lack of responsibilities is very appealing when you watch them going out to have fun while you are stuck renovating your second home top to bottom.

I could sell my 2 current homes, liquidate the fleet of cars, rent a swanky apartment with a 1 car garage, and drive a V12 Vantage as my only car, owing nothing to anybody. There are days that has enormous appeal.

adamhenry
adamhenry New Reader
7/27/19 1:24 a.m.

I'm 29 years old and unmarried, and I bought an apartment for my family, my parents and I. There I also make some excellent neighbored and friends and enjoy my time a lot. My parents are also happy to have it.

spitfirebill
spitfirebill MegaDork
7/27/19 5:04 p.m.
Duke said:

In retrospect, had I known what a non-event it was going to be, I'd have added $30k-$40k to the budget and bought a similar house but in a slightly nicer neighborhood, but I have no regrets.

Same here.  My first house payment in 1977 was $352.55 a month for a modest neighborhood.  For $400 a month, I could have moved to a much nicer neighborhood 1/4 mile down the road.  I was knocking down $15,228/year at the time and wife was making much less teaching.  

peeyushvaikar
peeyushvaikar New Spammer
11/11/19 3:22 a.m.

I understand you so much. My husband and I had a long story of buying a new [canoe].  [It was awesome, and then some mod went a deleted it!?]

ashleycollins869
ashleycollins869 New Spammer
2/24/20 11:12 p.m.

I buy my own house when I was just 30 years old. It was really a tough decision specially when you think about the insurance, repairs, association fees and property taxes. The good thing is i found a top rated [canoe builder] that offer me more choices, features and location that I am sure will make a good investment.
 

alfadriver
alfadriver MegaDork
11/7/21 5:25 p.m.

scared canoe?

SVreX (Forum Supporter)
SVreX (Forum Supporter) MegaDork
11/7/21 5:25 p.m.

Alex lives in a canoe

iansane
iansane HalfDork
11/8/21 10:30 a.m.

I bought my first house a month or so after getting fired from my first dealership job in 2010. (The only time I've ever been fired). It was a foreclosure. Abandoned for a few years. I basically squatted there until I got another job, made the place nice enough to rent out some rooms. The house was $30k-ish. I put maybe 15k into roof, deck, porch, tree removal and general maintenance. I sold it to my old boss who just moved the area. It was a great fixer upper for him. Still needed a ton of work but selling it to him for 100k off anything else in the area let me buy something much better fitting for me (read; big shop with a lift) and let him and his new wife have a ball making the place their own. I overpaid for my current house because the owner was a tool but I wanted it and a shop/lift doesn't add value to a house but I knew how much it would be to build myself. However I bought at the end of 2018 right before the market went berserk. Now it's worth more than I paid!

67LS1
67LS1 Reader
11/8/21 11:05 a.m.

I bought my first real estate when I was a senior in high school in 1975. It was an investment with others. I never lived in it. I've 1031 exchanged my share of that property probably a dozen times since even trading one for two.

I also thought the first property was expensive when I invested but over time it's been one of the best investments I've ever made. And you can't freak out over corrections. The values will come back.

 

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