81–90 of 238 posts
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As a foreigner, I don't understand this attitude. Why would you want all your wealth to be invested in a single leveraged asset that's also depreciating, requires your constant attention and ties you to a single locale?
Because it means you don't have to pay rent after you retire.
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This plays out daily in hot real estate markets. I've been casually observing the Boston/Cambridge market and I have to scratch my head when I see properties on the market for only a few days and agents demanding offers by 2 days after the open house. Typically, I see listed on Thursday, OH Sat/Sun, offers due Tuesday evening. If I were a seller I'd think that we priced the property too low, then again I can imagine…
As mountineer22 points out, this is a strategy to concentrate serious offers and play them against one another. The lower you set the price, the more initial interest you get, the greater chance two or more potential buyers get excited. With competitive bids, you can find the true 'market' price pretty quickly. In a hot market this apparently works well. Anecdotally, when my wife and I were looking for our eventual h…
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A number of reasons: 1) You don't pay rent. Once you own the place free and clear, it's yours and you always have a home. 2) While the house depreciates, property may may still appreciate, especially if you live in a nice area, and even more so if you own the land beneath you. 3) There are tax benefits to owning your own house. 4) When you start out, it's usually not that much wealth, since you're taking a loan on it…
> 1) You don't pay rent. Once you own the place free and clear, it's yours and you always have a home. Assuming you can keep up with property taxes! :P Though I understand they can vary a lot from place to place.
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I used them and it was excellent - exactly what I'd want as a tech-comfortable person. It's not the best for people who want a person to meet with in person or talk to frequently on the phone. Also note that Real Estate agents on the other end of the transition can be a bit annoyed by you using RedFin.
What is it? Some kind of real estate brokerage service? It's not merely a research site like zillow or trulia? EDIT: ok, it looks like it's a real estate agency that's salaried instead of commission -- err, scratch that, they take a less-than-industry average commission. Sounds a little disruptive.
It's always hard to believe the numbers, but I trust Redfin since I used them to purchase my home. I think the problem is comparing what's turn key and not. For example they say: > Portland, OR had the nation’s highest price growth, rising 16.1% since last year to $325,000... The problem is you're fighting 100's of people for that one house in Portland that is livable at $325,000. Most houses that cheap need a ton of…
A bit off topic, but how was your experience with Redfin? I'm thinking of using them.
I've always felt paying a Realtor 3% on the biggest item most of us will buy in our lives is crazy. I just don't know what they do for that commission. I don't know what makes one successful--just because he/she sold more than the others? Pay them more because they know how to network?
I missed getting my RE Brokers license a few years ago. I procrastinated. The Realestate lobby got to Jerry Brown, and got their bill though. A rediculious bill that just made it more difficult to get a license, essentially cutting down on supply. Enough said. To get a licence. It's about eight courses, and couple of years of doubious experience, and a simple test.
Now what does a good Realtor do earn that huge financial jackpot when they sell/buy you a house? I haven't a clue. Maybe a good omissions/errors insurance policy? I don't have a clue.
I've been told to pay full commission, and you will see what they bring. Then again, this sounds like something the King of Realestate came up with?
So, to all you young, hungry developers. I really believe the Realestate Agent is long past it's due date. I would love to see a safe way to exclude them, and their commissions form the home/commercial buying experience. A fool proof way?
I will now look into Redfin. If it's half what I believe it to be; there's much room for competition?
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You pay rent to the government, around here about 1.25% of the purchase price / year.
That's not rent. That's a tax, which is what you agree to in exchange for living in one of the most advanced societies on earth.
The article seems to imply some meltdown in housing is around the corner, but it seems more like the housing market is just leveling off as a result of market forces. You can only drive home prices so high before there aren't enough people who can afford them anymore. Hopefully that means that rent prices will also level off in the area in the near future.
From the article: >> "...historically low inventory" >> "...many sellers are sitting this year out." >> "...The median sale price ... fell by 1.8 percent..." The article's authors are confused. Their explanation for falling prices consists entirely of "Supply is down." That's exactly the opposite of how supply, demand, and prices are related. If they wanted to claim that low prices are scaring sellers out of the mark…
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As a foreigner, I don't understand this attitude. Why would you want all your wealth to be invested in a single leveraged asset that's also depreciating, requires your constant attention and ties you to a single locale?
In addition to what reverend_gonzo said, there is the simple fact that rents (mostly) go up and mortgage payments don't.
Earlier quoted context omitted.
You pay rent to the government, around here about 1.25% of the purchase price / year.
That's not rent. That's a tax, which is what you agree to in exchange for living in one of the most advanced societies on earth.
It's always hard to believe the numbers, but I trust Redfin since I used them to purchase my home. I think the problem is comparing what's turn key and not. For example they say: > Portland, OR had the nation’s highest price growth, rising 16.1% since last year to $325,000... The problem is you're fighting 100's of people for that one house in Portland that is livable at $325,000. Most houses that cheap need a ton of…
The housing boom we saw in the mid 2000s was a bit of a fluke due to asset inflation that arose from the Feds ZIRP. One could argue that the current asset appreciation we are seeing from 2011 to present is another unintended consequence of the ZIRP.