Housing Vacancy Rate Hits Record 2.7%

<div class='quotetop'>QUOTE(Beryl Octet @ Jan 30 2007, 09:53 AM) [snapback]382766[/snapback]</div>

Thank you -- that's an extremely interesting statistic that I had never seen published before.

 

hmm. and when we renewed our lease, they went on and on about how 'the market' dictated our rent going up by $100something a month... :angry: but at the time i didn't have the energy to quibble, or the resources to get us into a cheaper place to live.

the apartment next to us sat empty for 5 months, and there are others nearby that are still empty after just as long.

if only buying a house made any sense right now for us...

 

<div class='quotetop'>QUOTE(galaxee @ Jan 30 2007, 07:36 AM) [snapback]382784[/snapback]</div>

Galaxee without knowing anything about your lifestyle or finances, if home ownership is your goal, my advice would be to keep it your #1 priority for the next 2 years (meaning saving at the expense of eating out, vacations, and other 'luxuries). Learn how to pump up your credit rating. My reading seems to indicate the housing market is on the verge of a downtrend due to many factors including all those unqualified mortgages which will become repossessed in the next couple of years. I'm slowly selling off assets (housecleaning down to the bare walls if you will) in anticipation of bargain hunting. Part of what drives our economy has to do with faith-in-government and as we all know that's deflating daily. Naturally, that's just one sector, but the chickens are coming home to roost, and that spells opportunity for those with vision (and savings). Perhaps you can't have it all now, but soon it will be your turn, so prepare to take advantage of opportunities as they present themselves.

 

Rent prices largely depend on Location, Location & Location here in Fla.

If you move into a high crime area your rent will be cheaper, if you move to a ritzy part of town your going to pay through the nose....

This is not the best time to be FLIPPING houses...

 

<div class='quotetop'>QUOTE(priusguy04 @ Jan 30 2007, 12:02 PM) [snapback]382826[/snapback]</div>

It's always best to buy the smallest house in the nicest place than the biggest house in the worst place. At least, that's been the advice I've gotten over the years. You're better off buying than renting unless you anticipate relocating in the next couple of years but priusguy's right, the next couple of years ought to yield good deals for buyers. Real estate agents will always tell you that now is the best time to buy. They will say that today and they'll say it tomorrow so don't listen to them. They also have been saying that the market has bottomed out but that's just wishful thinking. At least here in the Detroit area, the bottom hasn't happened yet and I don't think that it will, nationally, for a while yet so you should do well if you start shopping around now, find the house you want and lowball them on the price. Prequalify on the mortgage before you even start looking seriously.

 

<div class='quotetop'>QUOTE(MarinJohn @ Jan 30 2007, 10:55 AM) [snapback]382795[/snapback]</div>

ahh, yes, it's only a wishful thought for now. it doesn't make sense for us right now from any perspective whatsoever.

so bah, we're renting, as we've intended on doing since we got down this way.

we already don't eat out, go on vacation (well, we go to visit family for sanity purposes 2x/year) and really don't do much for 'luxuries'. and my credit rating doesn't go much higher i know if we had the income to spare we could do it easily. #1 priority is paying for medical services for the time being.

but thanks for the advice MJ [and Jack]

pg04, prices may depend on crime rates and etc, but wouldn't a quadruple-murder across the street *drop* my rent then? :blink: i mean, we're down the road from a very nasty part of town...

 

Coupled with rising interest rates on adjustable rate loans and you got trouble.

 

<div class='quotetop'>QUOTE(Dragonfly @ Jan 30 2007, 01:12 PM) [snapback]382856[/snapback]</div>

Not to mention rapidly declining credit quality. Here's an article on my favorite website - Counterpunch -- that gives a truly pessimistic picture of the housing market.

http://www.counterpunch.org/whitney01302007.html

Be warned that that's definitely a lefty-looney website. If you'll find that annying don't follow the link. I read it because I pick up information there that I'd never see anywhere else, and the guy who runs it actually lives in Baghdad.

 

Huh. I still own my house in the Bay Area, and have been renting it out since I moved to New England five years ago. I haven't raised the rent in that time. My Property Manager last month suggested I could raise the rent a small amount. I like the tenants (I don't know them, but they always pay on time and never complain), so I didn't. Now I'm glad I didn't.

 

My wife and I are ready to buy our first home but we have been waiting to see how low the market's going to drop.

 

<div class='quotetop'>QUOTE(Beryl Octet @ Jan 30 2007, 03:31 PM) [snapback]382957[/snapback]</div>

Fair enough on Counterpunch. I read them every day.

I would agee with most of that Kunstler piece. Misinvestment pretty much sums it up. The sociolology parts, I'm not qualified to judge.

I think it's like any other cyclical investment -- great if you are in early, but the last people in take a beating. And the credit quality data, to me at least, are a clear indicator that the people buying now are, if not the last ones in, then somewhere near the last. Having said that, I'm not selling my house either.