I knew mortgage rates made a huge difference in payments.....but.....

[imbatman]

it's a feeding frenzy and when the market readjusts people will be upside down in equity again.

It makes me consider selling now and living in a rental for a few years until it adjusts.

 

[DLgal]

It makes me consider selling now and living in a rental for a few years until it adjusts.

If you can find a cheap rental, do it!

 

[barkley]

If you can find a cheap rental, do it!

that's an issue i was recently discussing w/a friend who lives in tv guy's neck of the woods. she's been in her home for right around 30 years and could make a huge profit selling but she's several years from retirement and there's no way she could find a rental that would make financial sense (if she could even find one-she says they are few and far between w/the influx of work from home employees that have moved in from the bay area). we were fortunate during the last housing boom there in that there were plenty of fairly reasonably priced rentals to be had so we sold at the peak and then lived in a rental house for close to a year (cheaper to do vs. an apartment and the number of storage units we would have needed).

 

[tvguy]

It makes me consider selling now and living in a rental for a few years until it adjusts.

As I believe has been mentioned up thread..........while home prices are nuts here, rental prices are far worse. Like I think I mentioned that is why my daughter bought. She bought half a duplex and her payment is almost half what going rents are for the same floor plan in her neighborhood. She couldn't afford to rent, but could afford to buy.

 

[Cynt]

I'm in TX and all the people moving here from CA the last 5 years have made our housing prices skyrocket. They were moving down here and paying cash for our $175K houses. Now those $175K houses are $400K houses. SMH!

 

[imbatman]

As I believe has been mentioned up thread..........while home prices are nuts here, rental prices are far worse. Like I think I mentioned that is why my daughter bought. She bought half a duplex and her payment is almost half what going rents are for the same floor plan in her neighborhood. She couldn't afford to rent, but could afford to buy.

Lucky for you that I read the thread before posting AND actually know the local rental market here is still reasonable and has places available. Every town is different.

 

[barkley]

Lucky for you that I read the thread before posting AND actually know the local rental market here is still reasonable and has places available. Every town is different.

rentals are going nuts here-the ones available are overpriced and no one wants to extend/renew leases b/c they've been burned/are scared b/c of the eviction moratoriums. thankfully when my oldest went to find out what was going on with her place the management said that since she's been long term and always paid on time they were more than happy to renew and as an added bonus-are not raising the rent on her unit