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Posted on 1/3/19 at 9:07 pm to AubieALUMdvm
CE is so rich he can't decide what to do.
Posted on 1/4/19 at 8:47 am to allin2010
Right. The stuff near downtown has gone absolutely gangbusters bonkers in the last 2 years.
If you can hang tight for a month or two, inventory will probably be better, and you should definitely be able to find something in Asheton Lakes/Park for under 500. There's a house in East Lake (which is the new 'it' neighborhood) for 489K.
East Lake
But...it has no yard really.
With prices being frustratingly high, and interest rates on the rise (we re-fi'ed to 3.5 30 year fixed in 2016) there is no way we could logically consider selling right now unless we had to move for work....
If you can hang tight for a month or two, inventory will probably be better, and you should definitely be able to find something in Asheton Lakes/Park for under 500. There's a house in East Lake (which is the new 'it' neighborhood) for 489K.
East Lake
But...it has no yard really.
With prices being frustratingly high, and interest rates on the rise (we re-fi'ed to 3.5 30 year fixed in 2016) there is no way we could logically consider selling right now unless we had to move for work....
This post was edited on 1/4/19 at 8:50 am
Posted on 1/4/19 at 8:58 am to AUjim
quote:
With prices being frustratingly high, and interest rates on the rise (we re-fi'ed to 3.5 30 year fixed in 2016) there is no way we could logically consider selling right now unless we had to move for work....
When I moved in my home in 2013, I planned on moving about this time. Not anymore.
Posted on 1/4/19 at 10:16 am to AUCE05
quote:
Yeah, no shite. I was thinking 500k would do it, but boy am I wrong.
Damn... just checked out the area on Zillow. Wow, the prices are a lot higher than I would've guessed.
Posted on 1/4/19 at 10:24 am to AUjim
quote:
Right. The stuff near downtown has gone absolutely gangbusters bonkers in the last 2 years.
I know someone who bought three homes over near Amsterdam when the market was in the dumps. They renovated one and use as a vacation house, rent another and sold the third, which paid off the mortgage of the remaining two.
Everyone is doing major remodels or tearing down the old and building new.
Posted on 1/4/19 at 10:51 am to i am dan
To clarify/correct/modify my earlier comment...We are actually considering selling ours, pocketing some equity, and renting for a couple years....not sure if all that is worth it though...
Posted on 1/4/19 at 10:51 am to AUjim
Unless you want mobility, renting is never a good option.
Posted on 1/4/19 at 11:12 am to AUCE05
quote:
renting is never a good option
An opinion that I typically agree with and until recently have preached as the gospel, but with current conditions, it is very attractive.
1. Conservatively, after closing costs/fees, I could use my current equity to make 20% down payments on 3 rental properties.
2. The standard deduction being raised to 24K mitigates my need for the mortgage interest deduction.
3. We're either at, or very near the top of a seller's market in Auburn.
So...again...i'm not totally poo-pooing your sentiment, but I've definitely had a change in heart from believing that renting is never a good option.
Posted on 1/4/19 at 11:44 am to AUjim
Primed for some type of a recession (real estate in particular). Choose your investments wisely.
Posted on 1/4/19 at 12:04 pm to Bow to Auburn
Agreed.
Posted on 1/4/19 at 12:26 pm to AUCE05
That used to be a belief etched in stone, but there are changes that are making that statement not so absolute anymore.
Posted on 1/5/19 at 3:51 am to AUCE05
Wifey and I had always thought of retiring to Auburn. But after this thread, had a look at real estate prices in Auburn and WOW. Probably wont happen now. Might pick some strategic locaton half way between 30A and Auburn.
Posted on 1/5/19 at 8:26 am to AA7
quote:
Market in Birmingham and the Greater Birmingham area is nuts as well.
I bought a house not that long ago in the Crestwood area and it’s already gone up at least 30-40k and that’s likely a conservative estimate.
When we moved to PA, we kept our condo in Birmingham and sold our house in Pell City.
We got murdered on the house, FEMA remapped and part of the deck was now in the floodplain.
The condo has been a pleasant surprised. The value is now near double what we paid seven years ago.
We did have some friends recently move to Auburn from here and they thought they got pretty good value for the purchase --- of course that is all a matter of scale. While I don't think State College is high compared to PA metro areas, a decent house will cost close to 400k.
However, house prices are painful in general. My wife is interviewing in San Diego, and I really hope it is just a negotiating tactic. 500k gets you a shite one-two bedroom condo there.
Posted on 1/5/19 at 8:29 am to Pavoloco83
Southern end of Lake Martin is 45 mins away
Posted on 1/5/19 at 8:38 am to AUCE05
Really your best bet is Opelika. There maybe some stuff around Saugahatchee on the Opelika side that isn’t quite as bad. You’re not too far from campus either.
Posted on 1/5/19 at 8:40 am to AUjim
Aside from the economic incentives, I am beginning to think renting is not a bad way to go.
When I total up the hours and money I spend annually on this house, I realize how many nice vacations I could have spent the money on instead.
And now of course, the furnace starts to act up.
When I total up the hours and money I spend annually on this house, I realize how many nice vacations I could have spent the money on instead.
And now of course, the furnace starts to act up.
Posted on 1/5/19 at 9:18 am to higgs_boson
In general, I’m ok with buying IF you will live in it 5 years or more.
I rented as adult for a 2 year job and a three year job.
I would have taken a beating on both had I purchased a like property.
Now I’ve been in same house 12 years and I don’t think I would make much IF I moved.
Some people have really good timing with real estate. Some markets hold up better than others.
I don’t think renting is intrinsically bad.
I rented as adult for a 2 year job and a three year job.
I would have taken a beating on both had I purchased a like property.
Now I’ve been in same house 12 years and I don’t think I would make much IF I moved.
Some people have really good timing with real estate. Some markets hold up better than others.
I don’t think renting is intrinsically bad.
Posted on 1/5/19 at 10:13 am to makersmark1
There’s always arguments for both. For me bought first house in 2012 then sold in 2018 for a large profit to put towards a better brand new constructed home with 20% down and money leftover. It was incredible. First house I could never dream of coming up with that kind of money. My payment is ab same as rent or less. You get some interest back on taxes. I mean I really think it’s better to own vs rent.
Posted on 1/5/19 at 12:08 pm to makersmark1
You need to learn how to buy in hot areas. Of course you can't make money on a house in Selma.
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