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Home prices jumped nearly 20% in February, but slowdown may be coming, S&P Case-Shiller says (1 Viewer)

Chomsky

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Home prices increased 19.8% in February year over year, according to the S&P CoreLogic Case-Shiller national home price index.
The 10-city composite annual increase came in at 18.6%, up from 17.3% in the previous month. The 20-city composite was up 20.2%, rising from 18.9%.
Phoenix, Tampa, Florida, and Miami saw annual home price gains of 32.9% 32.6% and 29.7% respectively.
For a median-priced home financed with a 30-year loan, the monthly payment is $550 higher than a year ago,

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But hey, "a slowdown may be coming"! Right?

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20%! Hard to believe. And 30% in Phoenix, Tampa, Florida, Miami, etc.

Who would have the guts to buy in this market?
 
I'm trying to buy In this market..its rough

Well, hopefully my "who would have the guts" comment won't scare you off.

I'm of the opinion that real estate, if a good property, in a good location, bought for a fair price, is nearly always a good investment as a primary residence.

Make sure you get a 'fixed' mortgage!
 
Well, hopefully my "who would have the guts" comment won't scare you off.

I'm of the opinion that real estate, if a good property, in a good location, bought for a fair price, is nearly always a good investment as a primary residence.

Make sure you get a 'fixed' mortgage!
Oh yeah. The location is fairly solid so I'm not too worried and I'm not in it for a 5 year flip. I'm in it for decades with this house I hope.
 
Around here China is buying everything up. I'll expect a lot more noodle houses, massage parlors, and nail salons to be coming next.
 
It's toned down a smidgen here. Like some houses here are lasting more than 2 days.

It's been a learning process for sure tho.

Next time someone says government likes to get their hands in everything I'm gonna point them to buying a house. Omg with the fees.
 
Around here China is buying everything up. I'll expect a lot more noodle houses, massage parlors, and nail salons to be coming next.
Sounds like the future predicted in Blade Runner and Total Recall is coming true.
 
Oh yeah. The location is fairly solid so I'm not too worried and I'm not in it for a 5 year flip. I'm in it for decades with this house I hope.

Fixed mortgage, 15 year if possible, otherwise do your darndest to pay it at the 15 year rate. Get rid of PMI ASAP!

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BTW - I place location at pretty above all else, given the property is livable for you and has no glaring deal-breaking faults. You can always add a room or remodel your place down-the-road, but you can't add or remodel the neighborhood!

You're not just buying wood & bricks, you're buying a piece of the neighborhood! I bought concurrent with the old adage, "Buy the cheapest house in the best neighborhood". My lot was worth more than my structure when I bought. And now, even with some improvements later, it's still a close call as to what's worth more - the lot or the structure?

But you know what? Now, many years later when I drive down my street coming home, I still fall in love all over again with the place I live. I've got some great neighbors that live quietly, civilly, respectfully, and take beautiful care of their properties. Even though my place is perfectly fine, when my spouse and I conjecture, "What if we won the lotto?, we both agree we'd knock the place down & rebuild rather than move! How many can say that?

Good luck!

(My advice is free, you get what you pay for!)
 
Well, hopefully my "who would have the guts" comment won't scare you off.

I'm of the opinion that real estate, if a good property, in a good location, bought for a fair price, is nearly always a good investment as a primary residence.

Make sure you get a 'fixed' mortgage!
When I bought my house, I got a variable. Of course it was 9% at that time, and dropped to about 5 within 5 years. With another mortgage I have, I just refinanced, and got it 3.25 percent. The house went from 450 to 650 wthin 2 years. My fear is that this uptick is just a bubble that will burst.... but I shouldn't be underwater in any case.
 
Fixed mortgage, 15 year if possible, otherwise do your darndest to pay it at the 15 year rate. Get rid of PMI ASAP!

--

BTW - I place location at pretty above all else, given the property is livable for you and has no glaring deal-breaking faults. You can always add a room or remodel your place down-the-road, but you can't add or remodel the neighborhood!

You're not just buying wood & bricks, you're buying a piece of the neighborhood! I bought concurrent with the old adage, "Buy the cheapest house in the best neighborhood". My lot was worth more than my structure when I bought. And now, even with some improvements later, it's still a close call as to what's worth more - the lot or the structure?

But you know what? Now, many years later when I drive down my street coming home, I still fall in love all over again with the place I live. I've got some great neighbors that live quietly, civilly, respectfully, and take beautiful care of their properties. Even though my place is perfectly fine, when my spouse and I conjecture, "What if we won the lotto?, we both agree we'd knock the place down & rebuild rather than move! How many can say that?

Good luck!

(My advice is free, you get what you pay for!)
I won't be able to get rid of pmi the way I'm doing it, but it's something I have to live with because I need to leave the house I'm currently in asap as far as I'm concerned. I'm not gonna get hosed but I'm flexible.
 
That is cheap,

1850 above here is 430 k
I've been watching prices back home in Boston. This house back home would be like 500k easy.
Over here in Ohio 300k can buy you ALOT. Like huge houses with decent land. Other places would cost you a million. The 20% spike pushed me out of some really really nice houses. 2 years ago I would have been living like a king had I paid attention lol.
 
When I bought my house, I got a variable. Of course it was 9% at that time, and dropped to about 5 within 5 years. With another mortgage I have, I just refinanced, and got it 3.25 percent. The house went from 450 to 650 wthin 2 years. My fear is that this uptick is just a bubble that will burst.... but I shouldn't be underwater in any case.

As long as you're fixed, have a non-defective property in a decent neighborhood, and are willing to live there for a bit, it's pretty hard to lose.

But remember, if you buy it firstly to live in it, and you feel the fixed payment is reasonable, the rest don't really matter until you sell. You've solved your residential housing needs, and that's what counts!
 
I've been watching prices back home in Boston. This house back home would be like 500k easy.
Over here in Ohio 300k can buy you ALOT. Like huge houses with decent land. Other places would cost you a million. The 20% spike pushed me out of some really really nice houses. 2 years ago I would have been living like a king had I paid attention lol.

You get used to a little land & space, and you may find it hard to give up!
 
As long as you're fixed, have a non-defective property in a decent neighborhood, and are willing to live there for a bit, it's pretty hard to lose.

But remember, if you buy it firstly to live in it, and you feel the fixed payment is reasonable, the rest don't really matter until you sell. You've solved your residential housing needs, and that's what counts!
Plus, rent is too damn high.
 
I've been watching prices back home in Boston. This house back home would be like 500k easy.
Over here in Ohio 300k can buy you ALOT. Like huge houses with decent land. Other places would cost you a million. The 20% spike pushed me out of some really really nice houses. 2 years ago I would have been living like a king had I paid attention lol.

This is what Ohio is running in other states, as we discuss this!

(I think they're well done)





 
I'm noticing a very slight slowdown so far. But it could certainly turn into a much more noticeable slowdown.
 

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