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4 years since we bought!!


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2014 Nov 10, 1:38pm   7,861 views  13 comments

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Well, well, well, I'll make this one short...I got nothing to say other than...best move ever.

And for those that are new...here are the previous threads:

3 years have passed: http://patrick.net/?p=1235880

2 years have passed: http://patrick.net/?p=1220080

1 year has passed: http://patrick.net/?p=1174499

Funny how I have not seen any of those perma bears from back in 2011.

Comments 1 - 13 of 13        Search these comments

1   Waitingtobuy   2014 Nov 10, 2:12pm  

You mean your world isn't collapsing? Let the gloom and doomers have their say, but sometimes, buying is the right choice. Sometimes, not always.

2   anonymous   2014 Nov 10, 2:12pm  

Bought to stay - yes. I gotta live somewhere...even in the great depression.

My wife and I say it all the time - we couldn't live any cheaper than we do. Other than moving into a crap neighborhood and downsizing the house. But for what we got, it doesn't get cheaper and thats locked in for 30 years.

All depends - if somebody offers me some insane amount of money then it will get very tempting not to sell and ride out the storm in a cheap zip code while sitting on a wad of cash. Time Will tell.

I am not sure about the 2017 depression. Too many variables. We'll see.

3   retire59   2014 Nov 12, 11:11pm  

The problem with a depression is job loss...if you cannot make your mortgage, you lose your home. We always based our living expenses on if one or both lost our jobs, can we afford the rent, etc. until we can work again. So we lived frugally and low rent and saved, saved, saved and made it through several layoffs, etc. now retired and then bought a home at a great price outside SFBA and are comfortable...again, it is how much you can afford including variables I.e job loss.

4   HEY YOU   2014 Nov 13, 1:24am  

Buying is always a good idea if one only pays 10% of asking price.
There are many willing to overpay.

5   Strategist   2014 Nov 13, 1:41am  

HEY YOU says

Buying is always a good idea if one only pays 10% of asking price.

There are many willing to overpay.

I'd be happy buying at 90% of fair market value for a move in ready home. It's just not easy in today's markets.

6   EBGuy   2014 Nov 13, 3:17am  

... and that's before AirBnBing the den!

7   JH   2014 Nov 13, 11:30pm  

Tim Aurora says

HEY YOU says

Buying is always a good idea if one only pays 10% of asking price.

There are many willing to overpay.

And sir how many houses have you been able to buy with 10% of asking price. I am assuming none and now you have missed out one the greatest buying opportunity in 100 years ( 2009-2011).

I assuming that this is one of your ways to let out the frustration of being priced out. Go out to the hill and scream " I missed it". It will make you feel better

I would have thought 2000ish was the greatest buying opportunity. Or better yet 1985, then refi refi refi. 1980s was hands down the best opportunity. Houses were still very high in 2011 conpared with 80s 90s and early 00s

8   anonymous   2014 Nov 14, 1:08pm  

whatever happened to thomas wong 1975 prices??

9   anonymous   2014 Nov 14, 1:09pm  

I wouldn't mind those now - I could afford to buy a second home then

10   anonymous   2014 Nov 15, 12:11am  

The late 1930s was the best time to buy because of the Depression. You all suck for missing it.

11   EastCoastBubbleBoy   2014 Nov 16, 12:54pm  

not to hijack the tread, but I too am coming up on the anniversary of my house purchase. (I still lurk around here, but I don't post as much.)

I'm certainly glad I did what I did when I did, but there's a certain give and take that goes beyond the numbers.

Here's my take, for whatever its worth.

1) I got what I felt was a "fair price" which means most of my friends / neighbors / colleagues feel that I got a screaming deal

2) Maintenance is expensive. I knew this going in, but it's still a big line item in my budget. The good thing is many of the capital projects (roof, siding, appliance upgrades) will last

3) I bought below my means, and pay extra when I can. I sure as heck am not going to have this loan for 30 years.

4) I got flat out lucky with the interest rates.

5) My taxes are actually LOWER than when I first moved in (I challenged the assessment)

6) The $/ft it was about the same as renting back when I bought. (see #1) but the extra space was (for our family) much needed.

7) I ran into an older neighbor... seems the apartment companies jacked the rent substantially higher than the nominal 3% to 5% increase they'd typical get. Looks like I got out just in time. Again, dumb luck on my part.

8) but having to pay for my own heat still sucks

9) The cost of heating has been steady over the past two winters, and I do have other options to get my cost down lower if I make the up front investment

10) I love the yard and the privacy that my location affords me.

Buying isn't for everyone, but in some cases, it does turn out OK.

12   hanera   2014 Nov 16, 2:00pm  

There is one neighborhood in the South Bay where prices shot up by 40%-50% in 2014. Sadly, didn't own any houses there.

13   anonymous   2015 Jan 1, 12:33pm  

yep

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