The Rent is Not Too Damn High!

I hate the NYpost but their got that right on this one. Mentalities have changed and people realize that owning Real estate in a down market is a liability.

Also interesting to note that in the article, the guy selling his property is someone who bought 15 years ago so he decides to unload nonetheless still making a good profit on his house while it appears that many owners who bought during the bubble ( and probably have lost equity on their purchase) are still in denial, think the market has bottomed and hold down to their house/apt. Quiet paradoxal, ain't it?

Renting instead of buying is clearly the popular choice, and for short term horizons I have no doubt. But I get queasy when everyone decides on the same thing. There's evidence that NYC prices are firming.

Everyone's thinking the same thing -- except sellers. ;)

when the mainstream media reports that buying is out and renting is in, that is when you know it is time to buy.

Take sage advice from the Oracle of Omaha in his annual letter released yesterday - "I would have made far more money had I instead rented and used the purchase money to buy stocks" Short term or long term, renting is better than buying.

"when the mainstream media reports that buying is out and renting is in, that is when you know it is time to buy. "

when NOBODY wants to talk about real estate ever again, whether renting or buying, is the time to buy......

>>when the mainstream media reports that buying is out and renting is in, that is when you know it is time to buy.<<

Well said, Socialist.

By the way, to quote (paraphrase) the Oracle further, "Be bold when others are fearful and fearful when others are bold".

Because everyone listens to the mainstream media. And in the past decade, more and more people are watching the evening news at 6:30 and reading the daily newspaper.

how's your audience?

I'm leading them in song right now.

columbiacounty
about 10 months ago
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http://streeteasy.com/nyc/talk/discussion/20078-smartest-guys-or-human-excrement
so...here's how we get started.

a politician stands up and says: there are no easy answers anymore. for a viable future, we need to have shared sacrifice. rather than try to figure out how and which programs to cut, lets start with a lengthy dialogue aimed at creating a process that is fair.

i naively thought that obama was that guy; i think he may have thought he was as well.

why do you love this so much?

jealous?

try harder.

I'm with Riversider: prices are firming. When everyone is "done" renting, prices will be up and they will wish they bought. They already missed the 2009 bottom.

I'm also agreeing with Socialist.

Bramstar, you took the words right out of my mouth.

@Sledge; owning anything is a liability if the market is down for that product.

I think, long term, that you can't change people's habits. Owning real estate is a hedge against inflation and rising rents. Inflation is coming, and I think I would rather own at this point.

Not sure I would sell, because prices are rising, but I would buy or continue to own.

Why?, I only have to get to your level.

brilliant.

very helpful

Did you think I was here to help you?

done.

and done.

next

Needsadvice: "owning anything is a liability if the market is down for that product."

Housing is not stock. You can unload your stocks overnight. Try to do that with housing.

RS and NeedsAdvice - I agree that prices are firming if not up from just flat. I have already seen this in my "market" (downtown) and posted about it a few weeks ago. Flame away, but, its true.