patrick.net

I agree.

But - But- now is the time to buy! I just saw it on the teevee.

Some part of CA, NV, AZ, FL and MI, Yes. We've seen significant over 30% price drop.

No such thing in many other places. I just don't see that in washington DC area. To be little more specific, I am talking about Fairfax, Arlington, and Falls Church county, which is virginia county south and west to DC. What crash? LOL.

I agree somewhat, but for what I'm looking for and for my reasons to want buy at this point.
A hit on the property value will be something I am willing to take.
Sure I'm in the Market now, but I'm still in the Market on MY terms.

I've been here in the house I rent for over ten years, waiting out the bubble. I'm tired of having emotional interest, and objections to changes of a house that isn't even mine. The property has gone through 3 owners since I've been here, and isn't the same house I moved into, for the worse. Even though upgrades performed by all of the previous owners, though new, are of poorer quality new than the quality components that they replaced.

An Apartment will not work for me, as I am a musician, and can not share a wall with neighbors.
I also work from home, so I need an office, along with 3 brs for living.

50K-60K hit at this point, I'm willing to take. So I can just get on with my life and not have to follow the "Idiot Report" so I can gauge when I'll be able to buy.

I just want to buy a house and quit watching the News, that alone will be worth 60K, just to get my sanity back, and leave all of the Morons alone. I wont even have to follow the Demublican party, I'll be content to know I'm part of the 4%, part that is neither "48% Republican" or "48%Democrat".

But TOzT, why do you have to buy a house at all? It only makes sense if it's actually cheaper to buy than to rent in your particular area. You can always find a separated house (since you are a musician) to rent in most areas of the country. Even back in Iowa houses were available to rent, and some were cheaper to rent than to own.

Are you really that emotionally attached to owning? If you are, perhaps you should buy just to assuage your anxiety around watching the market.

I'm fairly convinced that I won't ever be able to buy in the Bay Area where renting is still cheaper than owning, at least by me. I've found a building with owners who are a family who have owned their buildings since they were built in the early 1900's. They have no mortgage and do quite well no matter what the market is so the building is under stable ownership. Do I put up with some inconveniences? Yes. Some. But even if I owned, I'd have minor inconveniences. The difference for me is that I don't own those inconveniences and I don't have to pay directly to cure these inconveniences. I don't have to find a contractor to fix these inconveniences either. I don't have to keep up a yard. I don't have to paint. I don't have to worry about a new roof. I don't have to worry about the pipes or anything else. It's all my landlord's problem and I pay him adequately to worry about these things.

So, I guess I'm more emotionally suited to renting, which is a good thing since where I live, it's much cheaper to rent and I don't have the kind of income required to qualify for any mortgage that would allow me to "buy" anything. Instead, I'll just keep funding my 401k and other savings accounts while paying down my student loan and when the market recovers (because it will before I retire, I'm only 40) I'll have a decent nest egg for a possible retirement when I'm 70 or so. I actually like to work.

Anyway, everyone has different priorities and feelings about owning and renting. Do whatever you feel best for you.

simchaland says

But TOzT, why do you have to buy a house at all? It only makes sense if it’s actually cheaper to buy than to rent in your particular area. You can always find a separated house (since you are a musician) to rent in most areas of the country. Even back in Iowa houses were available to rent, and some were cheaper to rent than to own.

I have a hard time dealing with stupidity. And renting "In our current time" is subjecting your self to peoples stupidity and gawd awful business decisions. My BIL and SIL, have had three houses they were renting foreclosed on them in the last 4 years.

Not having to move all of my crap alone is worth 50K.

You I look at like this. By over paying now, I'm paying off all of the stories, and stupid antics that effect everyone whether you were a part of these notes or not. I'll pay 50K now, because People are "STUPID" and I don't expect them to wise up any damn time soon.
I'll pay it, then tune out, I wont have to follow the news. And when people tell me their sob stories, I can just laugh, and slam the door in their face.

Tenouncetrout says

simchaland says

But TOzT, why do you have to buy a house at all? It only makes sense if it’s actually cheaper to buy than to rent in your particular area. You can always find a separated house (since you are a musician) to rent in most areas of the country. Even back in Iowa houses were available to rent, and some were cheaper to rent than to own.

I have a hard time dealing with stupidity. And renting “In our current time” is subjecting your self to peoples stupidity and gawd awful business decisions. My BIL and SIL, have had three houses they were renting foreclosed on them in the last 4 years.
Not having to move all of my crap alone is worth 50K.
You I look at like this. By over paying now, I’m paying off all of the stories, and stupid antics that effect everyone whether you were a part of these notes or not. I’ll pay 50K now, because People are “STUPID” and I don’t expect them to wise up any damn time soon.
I’ll pay it, then tune out, I wont have to follow the news. And when people tell me their sob stories, I can just laugh, and slam the door in their face.

TOzT, I fail to see how owning your own house will insulate you from all stupid people out there because at some point you have to leave your house, but if it works let us know.

The happiest I've ever been, was shortly after 911, I stopped watching the news, or was it I noticed "The News" died, so I tuned out. I didn't need to watch the news to know what was going on for 5 or 6 years. I only started again, because I have a vested interest in the outcome. My life has been hold, while I am waiting for the dumb asses to get educated, on real value. I think we're running out of them, but what I didn't expect is the Housing inventory to get Hijacked, in spite of free market forces, that unmistakably say there's no real value in houses other than our notion of speculation.

seaside says

Some part of CA, NV, AZ, FL and MI, Yes. We’ve seen significant over 30% price drop.
No such thing in many other places. I just don’t see that in washington DC area. To be little more specific, I am talking about Fairfax, Arlington, and Falls Church county, which is virginia county south and west to DC. What crash? LOL.

I figure that all of the above mentioned places are simply behind the curve.

Oh, I heard something absolutely brilliant on AM740 today on the way to work. One economist, I can't remember who it was, I wish I could, actually said, "Well the real estate market won't rebound until the job market rebounds. People need jobs to earn enough money to be able to afford buying a house."

I was astounded by the simplicity and clarity I was hearing. Finally, an economist who tells it like it is.

Did the economist also point out that 80%-90% (depending on which numbers you believe) of those wanting to work, DO have jobs?

simchaland says

People need jobs to earn enough money to be able to afford buying a house.

All the 'jobs' that I have seen that were being added in the news headlines were by big companies, offering X amount of jobs. But what they fail to mention is that these jobs pay $7-$10 per hour. Jobs is not the problem. It is still the discrepancy between wages and cost of living. The latest I remember reading about was Virgin America adding 500 jobs in the Bay Area for ground staff. What they didn't mention was these jobs pay $9-$11/hour. Nothing to brag about really.

You see everyone complaining how illegals are 'stealing' our jobs. I'd like to see anyone making that claim go do the same job. Good luck living in poverty.

"Putting America to work..."... what a joke.

$9-$11 per hour? I think In-N-Out starts at $10.