The Home Ownership Thread

[PhilKenSebben]

If I buy now, am I getting the worst of both worlds? (After the full run up in price + high interest rates).
Such a pain as there’s a nice house (0.3 acres, which in LA county is solid), but I’m really not trying to buy at the top and regret it for years

You only regret things like this if you
1) run the risk of not being able to afford mortgage in the future
2) plan on moving soon
3) don't enjoy what you are buying and are buying it because 'it is available'
4) plan on needing money from your house in the fiture

Buying at any price is irrelevant if you plan on keeping it "forever" and you can afford the payment.

I am a bif believer of buy what you want, when you want. You can't live trying to time the market

 

[ValidusLA]

You only regret things like this if you
1) run the risk of not being able to afford mortgage in the future
2) plan on moving soon
3) don't enjoy what you are buying and are buying it because 'it is available'
4) plan on needing money from your house in the fiture

Buying at any price is irrelevant if you plan on keeping it "forever" and you can afford the payment.

I am a bif believer of buy what you want, when you want. You can't live trying to time the market

A very successful real estate guy in LA once said to me, "In the stock market you wait to get in. In real estate you get in and wait."

A bit reductive perhaps, but overall has a point.

 

[brokencycle]

You only regret things like this if you
1) run the risk of not being able to afford mortgage in the future
2) plan on moving soon
3) don't enjoy what you are buying and are buying it because 'it is available'
4) plan on needing money from your house in the fiture

Buying at any price is irrelevant if you plan on keeping it "forever" and you can afford the payment.

I am a bif believer of buy what you want, when you want. You can't live trying to time the market

Phil actually said something helpful and insightful, so the world has gone topsy turvy.

The reality is you're probably buying at a local peak in prices, but generally house prices don't fall in the face of rising rates. Who knows on interest rates, but I would say they will probably go up more unless we see inflation numbers really start coming down.

 

[Texasmade]

Wut wi donut sea are SF membrs tiping with proper speling apparintley.

 

[Gibonius]

Odds are good that interest rates will come back down in the future and you can refi, so that's less of a factor than the price. And if interest rates don't come back down, then you're not going to save any from waiting unless you just stay at your current place.

 

[ValidusLA]

I will also say, while some of the pandemic hot spots may price correct, I dont think LA county is going to anytime soon.

Too many people, hard to build, land already full, and all the nice neighborhoods hate development.

Was skyrocketing pre pandemic, and even with interest rates I'm seeing Pasadena values climbing over last 6 months.

 

[cross22]

Interest rates have already started to come down to the tune of around 0.5% over the last month.

 

[PhilKenSebben]

Phil actually said something helpful and insightful, so the world has gone topsy turvy.

Hey. Ligma

Spoiler: spoiler

balls

 

[Omega Male]

A house down the street just sold in a week for $1.25 million above the asking price so I guess it ain't over yet.

 

[double00]

If I buy now, am I getting the worst of both worlds? (After the full run up in price + high interest rates).
Such a pain as there’s a nice house (0.3 acres, which in LA county is solid), but I’m really not trying to buy at the top and regret it for years

*caveat emptor* but : demographics have eased a bit in cali over the past couple years , my general read is that the timing is prob not bad ...

edit : consider this cali dept of finance population projection ,



the current notch / dip represents a realtime blip in housing competition , fwiw i think buying a bigger lot is a fabulous play against the trend to density

 

[PhilKenSebben]

A house down the street just sold in a week for $1.25 million above the asking price so I guess it ain't over yet.

Um. Holy ****

 

[venividivicibj]

Um. Holy ****

To be fair, that’s like 10% over asking in Omega’s neighborhood

 

[Texasmade]

A house down the street just sold in a week for $1.25 million above the asking price so I guess it ain't over yet.

What kind of setback the house have?

 

[Fueco]

What kind of setback the house have?

Wait til you see the detached fungeon!

 

[PhilKenSebben]

Wait til you see the detached fungeon!

Why would you want your fungeon detached when you can dig a deep pit of fun and have a two story basement....