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pkowen
2009 Dec 26, 3:50am
Philistine,
“starter home†is real estate industry condescending doublespeak, overtly implying the expectation of “trading up†(more transaction charges!).
Real estate BS-speak, exactly. It used to be that for the most part people bought a decent house within their means, and lived there for 30 years, paying it off, and maybe retiring someplace with the equity they built by PAYING IT OFF (and some appreciation roughly at the level of inflation). 'Trading up' happened as often as not when, as they advanced their careers, they had more income and could afford more house if they chose to. I watched this growing up. My parents moved us around the same small town to somewhat better houses over time, mainly as they advanced careers. I know the numbers and as this was pre-bubble years the equity was small. Many of my school friends parents had the same house through the entirety of their school years, until they retired.
The 'trading up' phenomenon, (more specifically bay area house flipping) occured during a BUBBLE. The bubble has POPPED and will continue to deflate. Then, stagnation.
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rent in a nice area
or buy in a so so area
but the total monthly expenses are equal?
I chose to buy. I live in a so-so part of the Bay area but it's still Silicon Valley.
2 block walk to Caltrain that takes me to any city on the peninsula.
I bike to Los Altos and can easily enjoy the same amenities.
And my mortgage payment is far less than people are paying to rent in the "nice" areas.
Seems to make a lot of sense but
I dont hear much talk about this option.
#housing