Insufficient home inventories?

[Rasulis]

http://www.msn.com/en-us/money/reale...cid=spartandhp

What do you think? Do you agree with the article?

[Ave07]

Owning a home here is miserable here due to high property taxes so you are better off renting.

[Rooflesstoofless]

I refuse to own a home here in California. I'll gladly rent and live right next to the ocean for less than half of what a mortgage costs even several miles inland.

There is plenty of property for sale it is just that in the areas where the economic booms are really taking place there are fewer sellers. For what a down payment on a house would cost here I can buy a house with property and much nicer people someplace in Wisconsin.

[Rasulis]

Owning a home here is miserable here due to high property taxes so you are better off renting.

This is beside the point of the article. Florida does not have income tax, so they have to make it up somewhere. They make it up by having high property tax (9 - 23% depending on the counties) and based on market value which is adjusted each year. The option is to be like CA with 1% property tax and based on purchase value instead of market value. However, CA state income tax, depending on income, can exceed 10%. I do agree that owning a home in Florida is pretty expensive. Insanely high property tax, and not to mention highest homeowners insurance rate by far in the U.S.

[May90]

I've never really considered buying a house in the nearest future, but I did browse potentially affordable houses "for fun". I haven't really noticed the general trend in insufficient inventories: sure, some weren't detailed enough, but others were even sometimes overly comprehensive. Not sure if it is a problem on the large scale.

[WskyDK]

Own two, renting one out right now.
Fuck rentig someone else's property.
Inventory here in AZ is shot to shit right now. We should sell the rental, but we're earning on it.

[Rasulis]

I've never really considered buying a house in the nearest future, but I did browse potentially affordable houses "for fun". I haven't really noticed the general trend in insufficient inventories: sure, some weren't detailed enough, but others were even sometimes overly comprehensive. Not sure if it is a problem on the large scale.

Location is key. If you live in Las Vegas, you have a lot more options when it comes to decent affordable house when compared to CA coastal cities. Here, you basically have to compete with a lot of people for good houses in the 400k - 700k range. Depending on location and neighborhood, it is not unusual to get 6 - 10 offers on a house. Open house tends to be pretty crowded. My wife had one open house this year for a house that was being sold below market (owners getting divorced), and it was packed. In the end it was sold 20k above asking. The competition drops considerably for houses in the 1M plus range, and those also tend to stay on the market longer.

[Kujako]

Own two, renting one out right now.
Fuck rentig someone else's property.
Inventory here in AZ is shot to shit right now. We should sell the rental, but we're earning on it.

People seem to think that others will buy a house, and then rent it to them for less then it costs to own. It's odd really...

[Damajin]

Own two, renting one out right now.
Fuck rentig someone else's property.
Inventory here in AZ is shot to shit right now. We should sell the rental, but we're earning on it.

My family owns a 2nd house that is being rented at the moment and it's in the works to sell it and move on, all the secondary costs of maintenance and time involved just flat out aren't worth it, even with those chores and money being divided up between 5 adult aged children and 2 parents. Someone whose entire life is wrapped around owning and renting property could handle it better, doing it as a side gig isn't viable for people with a mountain of regular responsibilities.

[Kathandira]

NJ has 50% home ownership, 50% renters. Average cost of a home is $300,000. On average adults are living at home until they are nearly 30, and average first time home owners are around 33 years old.

So, in the case of NJ, the whole get a good job, move out, buy a house, get married, and have a child by 25 thing doesn't happen any more in NJ. Not in most cases anyhow. There are those who make it happen, but they are not the majority.

The start up cost for home ownership is rough, unless you want to put nearly nothing down on a house. And we all saw what happened with the banks and giving out mortgage loans to high risk borrowers. I don't trust banks after the bail out situation. It is obvious they are only looking out for their best interest and are actively trying to fuck you over. And selling your house in NJ, since there are so few people trying to buy houses these days, is not easy. So don't go and get a fixer upper unless you plan on leaving it that way. Because if you increase the value of your home, it will be even more difficult to sell if you want to.

In the end, it is easier to rent in NJ.

- - - Updated - - -

People seem to think that others will buy a house, and then rent it to them for less then it costs to own. It's odd really...

To an extent, it happens. I live in a 3 family house. My rent is $850 a month, utilities included. Way cheaper than a $1,500 mortgage.

[Asiwassaying]

Just crap to drive up home value and spur another real estate bubble.

There are plenty of homes for those who are able to buy one. Doesn't anyone find it weird how millennials are not buying homes for many reasons, old folks are retiring and will be gone soon, but we somehow have a shortage of houses?

[Rasulis]

My family owns a 2nd house that is being rented at the moment and it's in the works to sell it and move on, all the secondary costs of maintenance and time involved just flat out aren't worth it, even with those chores and money being divided up between 5 adult aged children and 2 parents. Someone whose entire life is wrapped around owning and renting property could handle it better, doing it as a side gig isn't viable for people with a mountain of regular responsibilities.

It depends on the property and type of tenants, and again location, location, location. We have two rental condos (both 3 bedrooms/3 baths) next to a golf course. Both are renting below market at $2,500 per month and our tenants have kept the condos in really good shape for the last 2 years. The vacancy rate in San Diego is right now 1%. So we can afford to be picky with our tenants.

For regular repair, you need to have home warranty insurance. This (https://www.ahs.com/) is the people that we have for all of our properties. Do shop around though. We used them on our old house and we are happy with them, and we are lazy.


Additional article about rental in S.D.

http://www.sandiegouniontribune.com/...914-story.html

[Damajin]

It depends on the property and type of tenants, and again location, location, location. We have two rental condos (both 3 bedrooms/3 baths) next to a golf course. Both are renting below market at $2,500 per month and our tenants have kept the condos in really good shape for the last 2 years. The vacancy rate in San Diego is right now 1%. So we can afford to be picky with our tenants.

For regular repair, you need to have home warranty insurance. This (https://www.ahs.com/) is the people that we have for all of our properties. Do shop around though. We used them on our old house and we are happy with them, and we are lazy.


Additional article about rental in S.D.

http://www.sandiegouniontribune.com/...914-story.html

Thanks for the info but this one is too much work/hassle, being 110 years old and in Detroit. My parents are getting too old/disinterested in dealing with it and neither I nor any of my siblings have the time to devote to it so we're just going to sell. If the property wasn't as much work as it is or we were able to get enough rent to justify hiring people to do some of the things it needs done it'd be one thing but this one is just a money and time pit we're looking to get out of asap.

[TrumpIsPresident]

If you live in a nice community and there are homes that haven't sold you should get together with your neighbors and consider a collective purchase.

I say this because the expansion of HUD programs like s8 is exploding.

Soon the federal government is going to be able to force ghetto folk into any suburban property that isn't already occupied regardless of who owns it.

[Annoying]

People seem to think that others will buy a house, and then rent it to them for less then it costs to own. It's odd really...

No, but the master bedroom i rent is solidly cheaper than any house I could buy, barring run-down shacks that don't pass code.

[Rasulis]

If you live in a nice community and there are homes that haven't sold you should get together with your neighbors and consider a collective purchase.

I say this because the expansion of HUD programs like s8 is exploding.

Soon the federal government is going to be able to force ghetto folk into any suburban property that isn't already occupied regardless of who owns it.

In that regard. This is an interesting read.

http://www.marketwatch.com/story/how...000-2016-07-05

The first time I saw a program like this was back in mid 90s in Aspen, Co.