The market is getting tough. But buying is still better than renting! Rents will not stabilize! You would still be better off with a fixed mortgage payment and the way the dollar is going you would be better off to hold real-estate than dollars in my opinion. If we do have a down turn the credit market will seize up and it will be even harder to get a mortgage . So many people are saying let me rent for now and I will buy when the housing market goes down. I think they are leave one issue out of the equation and that is you need for a roof over your head. If things really go south banks will probably be more willing to work things out with you. However if you don't pay the rent I guarantee you will be evicted. Eviction's will move faster than foreclosures in a seriously down market. For too long we have considered our homes as an extension of the ATM machine. I think it's much wiser to consider things like quality-of-life, stability for your family even if it takes two generations to pay for it. We have become a society in which we don't consider the long-term benefits of our homes rather just the short-term gains. If you need a home in this tough market let me help you find it! It is out there. Take action before it really is too late!
I wonder if I could sell one of my duplexes in Steem?
As for the market, I feel we'll see a downturn in the next two years unless inflation pops up. The prices are too high to be supported based on the low wage increases and low job increases...in my opinion. Colorado is a hot market right now, but I'm betting that will taper off, too, in a couple years.
Great time to sell give me a call 720-203-0731 James Morgan
Thanks...my properties are in Ohio and California. I'm trying to sell (already have a realtor) in Ohio, and I'm rehabbing in California (also already have a realtor in place). If I go with Colorado, I'll let ya know ;)
Housing market is a massive bubble.
It sure is ! But if your in it for the long term buying is still better than renting!
This is seemingly a clear, concise bit of wisdom; but, it is amazing how many able-to-own singles, in their 30s, are finding renting more convenient. It is impossible to get them to see the zero value of paying for someone else to own something.
Bottom line: If you can afford to buy, for most, it's worth any risks one might associate with buying. Most people say they own their home; but, anytime you have a mortgage you are really renting-to-own until you get the paid-off papers.
Peace.
Thank you! You make some very good points! Unfortunately at least for now the system is truly rigged against the renter (IRS) and the majority of rentals are owned by corporate America . As my mother used to say they want to get you down and keep you down! It might feel secure and cozy renting now but it want Last!
They're mostly owned by corporate America now, but they weren't prior to 2008, unless you are determining who holds the loans, then of course, it's owned by corporate America. I have 3 properties that are paid off. I will be consolidating them soon to buy a house outright in Southern California...it can be done!
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