patrick.net
An Antidote to Corporate Media
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ELC
2012 Oct 9, 4:07am
As for the rest of the nation (90%) there has NEVER been a better time to buy.
Buy when interest rates are low and then try to sell when interest rates are high because when interest rates go up so do property values. When interest rates are low prices are a bargain. Welcome to Bizzaro World...
Strategic Renter
2012 Oct 9, 4:12am
when interest rates go up so do property values
What are you smoking. How is that remotely possible?.
Hope you are still getting holiday cards in 5 years when that $500k property you talked them out of is listing for $700k.
While you could be right and the price stagnates (or goes down), the SC market is almost entirely built upon rampant speculation and stupid amounts of startup cash. Apply logic and reason to herd mentality problems, and I suppose you'll still be right about half the time :)
Hope you are still getting holiday cards in 5 years when that $500k property you talked them out of is listing for $700k.
I am not dealing with idiotic mentality any longer.
I am out of here.
Hope you are still getting holiday cards in 5 years when that $500k property you talked them out of is listing for $700k.
And if the rents increase by 30% on top of that, he might get "decommissioned" lol.
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After a visit to SoCal a few months back, my cousin and her husband (plus toddler and twins on the way) were talking about buying a house because they needed the space. I pulled up the "Eight reasons why it's a terrible time to buy a house," page on this site, and started reading a few of 'em off.
Unlike every other foolish peer of mine (ages 25-30), they weren't so emotionally dead set on buying, that they listened!
Recently, she posted on her blog. Here are a few excerpts:
"So I always planned on renting an apartment, scrimping and saving, until I could afford to buy a home. I admit it, I thought renting a home when you could buy was a dumb idea. Why pay thousands when you could put that money into a home of your own? Here's the thing, you may be in a situation where you need more space, but that doesn't mean it's a better deal to buy the space, than to rent it."
"Now I'm not saying that I'm completely convinced and will totally throw all other plans to the wind in favor of some ideas I just learned. But I am taking comfort because I have been really sick of the waiting game lately. I want a house! More specifically I want: Backyard, Garage, Laundry Room, Privacy, Central A/C, Dishwasher in just about that order! So I guess the point of all this is that it's nice to know that those things aren't as far away as I might think. I don't have to buy a home in order to live in one (though it would be nice!), in fact, it's probably better for me not to buy a home right now. So in the meantime, my strategy is: save, save, save!"
The site is working! I am a Mormon, and served as a missionary about seven years ago. I felt a commitment to something I believe in (Jesus Christ) and shared it with those interested in listening, and felt so happy to see a change in their life.
I share that only because this experience ... feels almost like the EXACT same thing, albeit in a different way. Patrick calls this site a "mission," and it effectively is. It's great to learn about the true decay behind mortgage financing and price fixing, and being able to have access to the articles and data to 'evangelize' smart finances. And it's even better to see my friends and relatives who are my age have a positive financial change in their lives.
Hopefully the first of many relatives and friends I can talk into postponing home debtorship.
#housing