Today? I happen to agree -- but I also think that the cost of a Happy Meal will soar! (I also think that is only the case in select locations. Detroit houses will remain overpriced at $1.)
Buy RIGHT NOW.
Signed,
The Obama Administration.
There is going to be a sales tax on houses in the future.
2. Young people starting out are burdened with college debt more than any other generation, and are a smaller demographic than boomers.
3. What drives home ownership is stable jobs and family formation. Has anyone seen an uptick in job stability?
There is only one factor holding up real estate right now that I can see. Rich Chinese are looking for a place to park their money outside of China to avoid their own recession, and American real estate looks like a bargain compared to China right now.
If I were young, I would certainly be expecting to rent for the rest of my life. The world is too unstable to tie yourself to a $400,000 structure that could easily be a white elephant worth half what you paid for it.
Today? I happen to agree -- but I also think that the cost of a Happy Meal will soar! (I also think that is only the case in select locations. Detroit houses will remain overpriced at $1.)
Pure bs this guy is selling
YGTBSM.
Reasons to hold off or have hesitation:
* The federal government holds a lot of houses that it is selling in bulk lots to institutional buyers. This will further lower prices, and those institutional buyers can rent or sell properties lower than anyone who buys on the open market. Unless you are buying a home to live in yourself, investment deals will be undercut by crony capitalism.
* There are liberals, mostly in California, talking about using eminent domain to seize properties and their mortgages. You should not buy a house if it could be taken away by the state for its cash flow.
* If Obama wins a second term, unemployment will increase further. Fewer buyers, fewer opportunities.
* Fannie and Freddie own a lot of properties and mortgages. In a second term, Obama may just give houses to his constituents. Or turn millions of government owned homes into de facto section 8 housing, all in the name of fairness.
* Until the courts clarify the MERS title mess, it is risky to buy a property from anyone whose property has touched MERS. Unless you are building new or buying from someone who held it for a decade, the chain of title is murky and risky.
Yes, the opportunity has “never been greater”, for THE NEXT HOUSING BUBBLE IN THE U.S.
People my age comprise an enormous portion of the US population and will be croaking for the next...oh, about 20 years.
I live in a Section 8 rental house.
Why? It was through a long and twisted set of circumstances. I am white, married once to one wife, and have 4 kids, one of whom is severely autistic and developmentally delayed. We stopped at 4 because that's all we wanted. I am bringing them up in a Christian tradition, as much as possible in these dark days.
My wife and I also DESPERATELY want a house of our own.
The landlord who owns the Section 8 house we live in is female, black, AND a lawyer. She's also a liar and is probably crooked as the day is long. She promised us several things when we first moved in and she's never come through on any of them. It's my own damned fault for not getting them in writing.
We want our own house for many reasons. One, our current home isn't large enough. Two, we want something we can modify to suit us. And, quite frankly...even with the subsidized rent, we're still paying more each month for this house than a monthly mortgage payment would be on many bigger homes. Not only that...I want to GET OUT of the Section 8 program. I no longer want to be part of the problem.
I have a stable job, working the same place the last 11 years. We've been looking recently, and we're finding places we'd like.
Now...unless I'm reading it wrong, the FReepers in this thread are saying that home ownership is a BAD thing?
Please...either correct me or set me straight.
I am not joking.
I have seriously looked into investing in a rental property several times. I am still looking. But, what has stopped me thus far is PROPERTY TAXES. Property taxes (including school taxes) have gone sky high and are likely heading higher. What you save in mortgage payments are made up in property taxes and then some. When the annual taxes are $10K for a 3 bedroom condo valued at $120K, there is something wrong. Oh, and add on another $100/month for an association fee.
Taxes DO tend to be lower on older construction. Unfortunately, that is what requires the most up front work to get it up to snuff for renting.
Greek bonds are an equally exiting investment
It is certainly NOT the investment of a lifetime. It is a good solid buy and hold opportunity, that has the bonus of improving your cash flow and moving some of your money into a different asset class than paper. That's enough, too.
“In short, the government wants you to own a home...”
How’d that work out the last time we heard that?
As John Boy & Billy would say (on fm99.7 The Fox)...
“Not too goooood...”
I have been trying to buy a house for a year in the 135k to 145k range. The banks aren’t interested in selling houses at there current market value and in fact keep inventory off the market to pump prices. And I am a cash buyer. Same crap every time on a short sale. Owner takes the offer, bank nixes it.
Housing prices will not recover their value in real terms for at least 70 years, if ever. The demographic tide is now going out for housing...
When Romney is elected, home prices will go up immediately, IMHO.