Do you think it's a bad idea to buy a house at this time?

Discussion in 'Economics' started by RGLD, Nov 12, 2020.

  1. RGLD

    RGLD

    Zillow predicts my area to go down 3.2% in 2021 - I don't know, how accurate are Zillow predictions anyway?

    Looking at interest rates going to be 0% for a while, overall what are your thoughts in general? (yes let's discuss the whole US as I'm not only interested in talking about my zip code)
     
    Last edited: Nov 12, 2020
    murray t turtle and Trader Curt like this.
  2. ZBZB

    ZBZB

    Ask for a 3.2% discount when you buy.
     
  3. Overnight

    Overnight

    Too many variables to predict, but you shouldn't look to buying real estate as a "catch-the-bottom" trade, but rather an investment

    I'd say buy it now, because as an investment with rates nowhere to go but up from here, and the recovery play? Sure as shit. Do it.

     
    Last edited: Nov 12, 2020
  4. Big AAPL

    Big AAPL

    My son just offered at 400K on an ask of 435 and is closing this week. In NJ and Props to Spooz Top for the guidance. RE in the right market is a good deal...
     
  5. RGLD

    RGLD

    Jim, how accurate are Zillow predictions anyway? You have any experience working with their data? I'm thinking about renting the place for a 1 year lease, but who knows if real estate will bounce back.
     
  6. Big AAPL

    Big AAPL

    Zillow is apparently skewed...
     
  7. Overnight

    Overnight

    The hell does Zillow know? You will get the price someone is willing to sell to you for. If someone is asking 300K for a house, and Zillow "predicts" the house should go for 325K, but you LOVE LOVE LOVE the property, and someone bids 330K, but you just LOVE the place, would you stand fast at 325K, or grab the property at the higher bid of, say, 350K?

    I assume you are not flipping the house, but are looking to buy it for a long-term investment. You know, 20+ years.
     
  8. MarkBrown

    MarkBrown

    as someone who has owned rental homes, rented homes to live in, owned homes and commercial property.

    do this > rent as long as your working live modest.

    buy you a retirement place in a rural area and get it paid for so you have a place to go to. i would recommend looking for acreage within 30 minutes of a major trauma center.
     
    yc47ib and stochastix like this.
  9. Just a FWIW, my daughter bought in CA a year or so after the 2007-8 drop. Prices just kept going down for several more years. She was under water on it for about 8 years. Sold it last year for a small profit. But she was also able to rent it out after she moved, so that helped too. If it is in good condition and in a decent area, then you will probably be okay even if values drop. Eventually...
     
  10. Overnight

    Overnight

    Indeed. What was the Fed Fund rate at that time? This time it is different.
     
    #10     Nov 12, 2020