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Reason to keep renting and not to buy

 
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Jon
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PostPosted: Tue Oct 20, 2009 4:31 pm GMT    Post subject: Reason to keep renting and not to buy Reply with quote

I realize this cnnmoney article is not a Regional snapshot of he housing market but a National one. Doing my own research I can't help but think with interest rates artificialy low, forclosures rising at an alarming rate (many of which have not even let lose on the market yet), unemployment continuing to increase (or get less worse as the optimists would like to say) and many of the potential buyers lured into the buying market in the later spring to late summer for the 8K tax credit (these buyrs may have been purchasing in fall/winter 2009 or spring of 2010), I find it hard to believe homes prices have bottomed. All of the reaons abov plus this article has helped me make my decision to sign another 12 month lease. To all of you who keep buying in this very unstable market good luck.

http://money.cnn.com/2009/10/20/real_estate/home_price_forecast/index.htm?postversion=2009102011
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Boston ITer
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PostPosted: Wed Oct 21, 2009 6:09 pm GMT    Post subject: Reply with quote

It's the whole dynamics of an overbuilt metro area. Despite the fact that roads are narrow, relative to the Sun Belt sprawl, and until very recently, poorly managed, there's been a slew of condos/aparts built all over the metro area during the telecom/IT bust.

Right now, unless you have a rental (plus ownership) strategy, i.e. buy a place w/ a separate entrance/bedroom for a graduate student [circa bus stop], there's no way to manage the costs of insurance, property taxes, maintenance, etc. The key is to be able to maintain a ownership costs:rental rate ratio of less than 1.6:1, which then gives flexibility if you need to move around for work, given the current employment circumstances.
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