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Rents are fucking high.


Sammy

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Since it is likely I will be moving within 6 months, dunno yet where to or if the job makes me an offer I couldnt refuse, I was curious how much it would cost to rent in a particular area. Leaving the money in a savings account or very safe investments for the short term instead of simply buying the same type/size place outright in the same location. The difference between paying rent or paying property taxes / insurance / HOA. Rents are outrageous and never truly knew how much. Even with high property taxes and high HOA's.

Of course as a renter you can pack up and go whenever you want while owning means a long term commitment. But being able to just pack up comes at a pretty high price.

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Particular area eh?  Have you thought about Canada or the US?

Depending on the area I may have minute pieces of advice.

If I were you though, which I'm clearly not, I mean look at you, you ROCK!

I'd go where I want to go.  It'll make your work harder, your love stronger, and apply a healthy sense of worth to you, which I'm sure you don't need, but deserve.

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3 hours ago, NuTzOpaNts said:

It'll make your work harder, your love stronger

I'd prefer it vice versa buddy if you're ever counselling Rob xx

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Yep, the old should I rent or should I buy (borrow) question...  :crazy:     Well, we have bought and sold and rented out places over the years and always, ALWAYS made out well by buying (borrowing to the hilt sometimes).  :horse:   Trick #1.  Buy wisely, do NOT pay retail, if it is overpriced, you will not do well come selling time.  If possible, go ahead and get your real estate license in your state (or marry one or have one in family) so that the commission stays in family.  Take the time, plan ahead, search, research, check out EVERYTHING about an area, the land, under the land, over the land, you see what I am saying, BUYER BEWARE.  Trick #2.  Do any repairs, upgrades, painting, rebuilding, landscaping YOURSELF!!! DO NOT PAY others to do what you damn well can do by yourself!!!  Shesh  AND learn to do a thing before you do it, FIX IT/UPGRADE IT RIGHT!  :robo:  Trick #3, IF you have to sell/move to another area and must sell, well, consider renting it out, but for heavens sake choose your renters wisely!  GET lots of money upfront (first month rent, last month rent, damage deposit) and have in writing what they will and will not do (example, make them take care of the landscaping mowing, weeding)  if in town YOU be the manager of your rental house, if you have to leave it under the care of someone else, MAKE SURE THEY ARE REPUTABLE and not going to just take your money and not inspect and manage the property.    COME ON PEOPLE, we are human beings, we can do this!  (Is it some work? Yes, complicated like brain surgery? No.)  

OK THEN.  As always, 2 cents  ;)   :coffee:      https://www.nerdwallet.com/article/mortgages/home-buying-checklist-steps-to-buying-house

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Also a question of what the housing market will be like in a year. Both for selling and buying.

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Article today stated that in the Netherlands we have officially doubled the prices of houses in 9 years. It's near right impossible to buy now if you don't already own a house. But, rents have gone the same way, so now we're just throwing tons of money down the drain.

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I keep hearing the word ‘correction’ when it comes to housing prices, probably worse for condos, if the idea is to sell. Unfortunately shit like that sometimes becomes a self fulfilling prophesy. Or make it worse than it otherwise would be.

If that kind of thing happens I suppose the other option is to sit tight and wait it out. Even though it would be long term.

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You didn't mention where you want to move ???   

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Seems the same kind of unit in the complex as mine sold for 18k 'under' their asking price when it was listed two months ago. Their asking price seemed a fair one at least at the time before the rate hikes. Got one of those 'just sold' flyers in the mail. That sucks for the rest of us here.  😔

To answer the question, some of the options are a few ideas just west of Orlando. Just seems like an interesting option for myself. Could be a family move near Charleston. But that option is dependent on what commitment others will make, or which area to chose, which I dont think they actually have. Only possibilities. I dont think they know themselves. Could also do further north in Cali away from the high prices of the bay area. Or, if my condo value just drops too much, as much as I would like to eventually leave the bay area perhaps stick it out where I am for the duration. While I dont really enjoy it here, I'm working and its a lot better than not having a job if all the 'recession is coming' people are correct. I'm almost 55 now. Maybe keep things on the current track for 5 years. Try to do more enjoyable things and take my vacations. And then retire, so to speak, to some location when Im 60.

One thought realtors seem to have is that selling during a recession isnt necessarily bad if you are trading up to another area for long term residence where housing prices there took a bigger drop than yours did. Though that kinda sounds like an attempt to keep sales and commissions going.

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My wife is a real estate agent and in passing very recently I've heard her say that interest rates are not the best right now for purchasing houses in US and likely to get worse before better.  This may be in comparison to some pretty good rates that were available 6 months ago or more.   That said if you definitely want to buy now, it may be better than now than "worse" soon later.  Don't shoot the messenger?  ...but as history repeats you could weather it and wait until things calm down again.  Keeping the current track for up to 5 years as you mention gives you plenty of time to keep your eyes open and possibly happen upon what you're looking for without stress and maybe you decide to pounce on something, due to something good that comes along.

Not sure how many folks you need to house or how much space you need, but looking for a decent plot of land and placing a modular home can be a good way to get a less expensive foothold....something to sell to upgrade later if not just building a larger house on the same lot.

Construction loans can be nice in that you make minimal payments until everything is in place.  

Can't think of anywhere in the universe right now that won't earn you money while you pass the time, selling for more than you purchased.  Real estate is the only "retirement plan" that I trust without some sort of anxiety.  We can't always know when 401K or stocks will take an annoying downward turn, but real estate seems to always be a safe bet.   Just living somewhere can allow progress and some gains.

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As long as the interest rates are high, homes will be selling for less than asking, less demand now. Depending on inflation numbers the market sentiments will change and as soon as people have a little bit more money housing market will pick up in the bay area. 

You're in Walnut Creek, right? Have you considered moving to a low COL area within CA? Gilroy, Tracy, Livermore? You could move up toward Marin County but idk much about renting there. 

What kind of jobs are you looking for? Tech? 

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Been looking more at just riding it out and over time putting some money into making various upgrades that I could enjoy in the meantime and when the time comes help the value. Replacing all the appliances and washer/dryer etc to start. All of which are on the older side as it is and have their issues. There are other things around that should be doable without any major trouble.

My family in the area might pack up and go, wherever that is. But that's life.

Location is Benicia, so over the bridge closer to Vallejo. WC was trendy, and at the time there were some possibilities to buy, but overpriced imo for what you get. So Benicia was a pretty good middle ground and kind of out of the way. One issue coming up next year is that this area, along others on the other side of the delta(?), will have higher risk classifications due to high winds and such for fire danger. So property insurance cost is going up for everybody around here. Dunno how much. I'm told my current insurance company may not cover me next year. Then again, property insurance costs in Orlando look pretty high probably due to hurricanes and potential flooding.

So, six months ago relocating looked like a pretty good deal. Not so much now.

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The market here in Ohio is still overvalued.   People who bought in the last 2 years will never get back what they paid for their property.  And this is a trend throughout the US.   Sammy, realistically now is the time to sale and hold off on purchasing another property until the market drops.  Then the profit on your condo will go farther.   And the market is going to drop.  I think within the next year.   But....  I see your point on rent being so high.  That alone would eat away at your profits till the market drops and your money goes farther.   My wife and I own two properties, so I could sale one taking advantage of todays prices and move into the other.  But there is sentimental value in our properties.   Moving to a "lower cost of living" state is a viable option.  Your proceeds from the sale of your California property will go a hell of a long way in other states.  Let alone the savings on everyday items.  Not sure what the value of your property is, but in our small country area for example.  $389,000 will get you a 4 or 5 bedroom newer home with several acres.  And thats in todays market prices.   Good luck on deciding.  Its a big deal.

Edited by MikeB
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My rent was going up with new lease and it was cheaper to buy a house.  Monthly payments are way lower even with taxes and insurance.  I am lucky to work from home and picked a place I hope I'm happy at!  We will see.

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Anyone familiar with the area near Myrtle Beach?  A nice place? Quite a lot of affordable places compared to prices here for a 2 bedroom condo. Just looked like an interesting option if outside the Charleston area was looking to be a likely decision. I do miss being near the ocean. I don’t really think of the east bay fitting that description.

 

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For the likely selling price for my condo, minus fees and all the various expenses, I could by a good size house there and pay 1/2 as much for taxes and such.

edit: But from what I read, sometimes it sounds like it would better moving down south to Compton or South Central. 😛

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The Carolina's get good marks for retirees, and all around descent places to move too.  As far as waterfront, Bayfront property would be fine with me.  As long as there is boating !!!  But I would stay away from "tourist" destinations.  Thats just me.  Quieter the better.  

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@SammyReal estate, like most things, is subject to the laws of supply and demand. The pandemic kicked off a major supply shock in housing, which combined with ultra low interest rates, resulted in a step function move up in prices. In the US, we currently have about 39% of homes owned by people with no mortgage, and the rest have rates of 2.5%-3.5% on average…given the current rates of 6.5% and likely heading higher, most people that have a mortgage are pretty much “stuck” unless some external force makes them move. Why would anyone want to make a “move up” house purchase if they have to give up a 2.5% loan and replace it with a 7% one? Well, if they don’t have to, they won’t. Downsizing has the same problems. On the other side of the supply coin, we are likely now heading into a global recession. If this happens, we will see many job losses which will in turn increase forced selling and along with it supply. It will be interesting to see how this all plays out. Home builders have started to cut prices and are adding rate buy downs to lure people in…this will put pressure on the resale market. Given that overall America has actually been short on constructing new housing units to meet our needs ever since the GFC of ‘08…there still could be an overall supply shortage and help put a floor under prices at some point…where that floor is is anyone’s guess. I know if something happens in my life that forces me to move, I’m never giving up my 2.5% mortgage as we head into a hyper-inflationary world. I’d convert my current home to a rental. Good luck whatever you decide to do. If it were me, I’d get the hell out of CA as soon as possible, before they try and pass some sort of exit tax 😂

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Exit tax. They better not or heads will be unceremoniously cut off and roll around like bowling pins.

I agree the way things stand now, I don’t know what kind of supply would be available come next spring. I wouldn’t want to just ‘settle’ on some place because it’s all that’s available.

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Its bad but when  interests rate are getting higher,  prices of house will go lower.

so all who paid overpriced house in the pandemic crazy market like @MikeB said the never gonna make money with this.

And soon these maybe fully mortgaed house will found on the market at lower price then. sad for them

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There are always going to be 'the world is doomed' when it comes to housing prices crashing etc. But nobody truly knows about the future just educated guesses. So it depends on who is doing the guessing and their track records. Like the stock market. Lost a fair amount in the market, like most everybody else, but various advisors always tell me that if its there for the long term its better to not panic and ride it out based on past history and performance.

That said, it seems that in the Bay Area for the most part over the next year or two we wont see much of an actual decline, relatively speaking, but growth rates will certainly slow down considerably. Its still a tight market here due to supply. Though in such times condos tend to be the hardest sells. Possibly a good time for small and well planned upgrades over time until things turn around. It has been said that deals can be had for such things with fewer pre-listing renovation projects around. But I dont know how true that is.

 

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Prices are dropping in our area.  But only by an average of 5%.  We may find that these high prices will be the norm.  But I doubt it.

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Sammy stay in California. Move to SoCal it's lower COL there. Don't sell your condo, rent it out. Buying sucks at this time due to interest rates unless you have cash. Selling is also "bad" as the gravy train has left the station. 
 

have you considered San Luis Obispo or other places around it?

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At one time, a few places east of that area seemed a good option. Or maybe it was east of Santa Barbara. Newer housing developments I imagine. I remember there were the expected concerns about wildfires.

Long term issue for socal of course will be water. Seems their biggest supply sources are drying up.

Edited by Sammy
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