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Old 08-16-2005, 01:47 PM   #1
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Default "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now?

i keep kicking myself in the *** for not buying a house in 1999/2000 area. the market just about doubled since then in my area...

will i be saying the same thing in 2010 about 2005?

what do you guys think about the housing market? is it going up? down? flatening/plateauing off?
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Old 08-16-2005, 01:50 PM   #2
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

Buying a house isn't as good a deal as buying land where people will want to put houses. Ask my uncle with his land north of Dallas. Almost $10m in the bank.
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Old 08-16-2005, 01:50 PM   #3
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

I am still kickin myself in the ***, I backed out of a brand new house in 2001. Financial suicide owns me.
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Old 08-16-2005, 01:55 PM   #4
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

Quote:
Originally Posted by Chairman Kaga
Buying a house isn't as good a deal as buying land where people will want to put houses. Ask my uncle with his land north of Dallas. Almost $10m in the bank.
I agree.....Liberty Hill is starting to look appealing to me for that purpose.
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Old 08-16-2005, 02:03 PM   #5
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

Quote:
Originally Posted by Chairman Kaga
Buying a house isn't as good a deal as buying land where people will want to put houses. Ask my uncle with his land north of Dallas. Almost $10m in the bank.
Very true. With all the real estate that has had dramatic increases in value, its not the house/condo etc. that causes increase alone but the value of the land that the house sits on. Many people fail to realize this and instinctively buy houses just to get in on the real estate ASAP. You can buy a shitty *** house in a very nice neighborhood, fix it up, and sell it for much more than an expensive house in a relatively worse neighborhood.
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Old 08-16-2005, 02:06 PM   #6
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

did you ever get your computer?
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Old 08-16-2005, 02:27 PM   #7
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

Yeah, land is where it's at. A friend bought some land 3 years ago for right under $200K, lakefront in NC. He just recently sold it for a little over $600K. In the past 3 years, he has done nothing to the land, just waited, no development, nothing.

Quote:
Originally Posted by Chairman Kaga
Buying a house isn't as good a deal as buying land where people will want to put houses. Ask my uncle with his land north of Dallas. Almost $10m in the bank.
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Old 08-16-2005, 02:42 PM   #8
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

Really depends on where you're purchasing the home. The mhousing bubble will start to "level off" though b/c of rising interest rates and housing starts (new homes built) starting to taper off. Still won't be a "bad investment" but you have "missed the boat" as far as the surge of house prices in the past 5 years. I'm glad I got in when I did, I have over $40K in equity in about 2-years.
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Old 08-16-2005, 02:48 PM   #9
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

market analysis say its about to go right back down. my parents bought a 3 bed one bath house, 2000 sq ft on an acre for 105,900 in 1998. they sold it in 2002 for 165,000..it was just appraised for 305,000 last week.
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Old 08-16-2005, 02:53 PM   #10
 
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i wish i bought 20 forclosed houses instead of buying the 5 you speak of.

I feel for people that bought hosues on the west coast since 97. We sold our house for 300% more then we bought it, then GTFO of california, just to be dragged back in when we came to vegas.

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Old 08-16-2005, 02:54 PM   #11
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

Quote:
Originally Posted by pissedoffsol
i keep kicking myself in the *** for not buying a house in 1999/2000 area. the market just about doubled since then in my area...

will i be saying the same thing in 2010 about 2005?

what do you guys think about the housing market? is it going up? down? flatening/plateauing off?
i have a feeling we'll be saying the opposite. "i'm glad i didnt buy a house 5 years ago". well, for california residents anyway. i just dont see em getting higher and i have heard some fairly professional input on the matter that seems to suggest real estate is a bubble that's about to burst
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Old 08-16-2005, 02:57 PM   #12
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

Quote:
Originally Posted by Chairman Kaga
Buying a house isn't as good a deal as buying land where people will want to put houses. Ask my uncle with his land north of Dallas. Almost $10m in the bank.
I've been accquiring land all over the metroplex.

We've got about 150 acres between the two of us so far. My wife and I that is.
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Old 08-16-2005, 04:15 PM   #13
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

DagY0!, never got the computer. $1200 gone to that <insert explicts here> derek.noll guy.


anyway, Buying land here in CT isn't that easy.

there are laws on most counties where if you purchase land, it must be developed and completed within 2 years. that, and land is going for way too much, because there's not much of it left.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote &raquo;</TD></TR><TR><TD CLASS="quote">
i have a feeling we'll be saying the opposite. "i'm glad i didnt buy a house 5 years ago". well, for california residents anyway. i just dont see em getting higher and i have heard some fairly professional input on the matter that seems to suggest real estate is a bubble that's about to burst
</TD></TR></TABLE>

I'm hoping for this day... and have been for the past 2 years now. And here I am, 25, and still living with mom.
It's not that I can't afford to move out... it's just that I don't want to loose my shirt on the biggest purchase of my life.

I think things have setteled down a little bit.... but still, houses are being sold THE SAME DAY listed to the market for MORE than asking price.

I just don't want to blow 300k on a house that will be worth 200k in 5 years. i don't care if it doesn't GAIN value-- i just don't want to loose it.
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Old 08-16-2005, 04:26 PM   #14
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

Take possession of my first house in 6 weeks!!! can't wait.. whether it was then or now it's still an investment. The market is hot right now!!!! I got my place the same day it was listed...
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Old 08-16-2005, 05:29 PM   #15
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

Quote:
Originally Posted by fluxion
i have a feeling we'll be saying the opposite. "i'm glad i didnt buy a house 5 years ago". well, for california residents anyway. i just dont see em getting higher and i have heard some fairly professional input on the matter that seems to suggest real estate is a bubble that's about to burst
That could very well be....especially in CA. We are seeing extremely inflated market values up here in the Seattle area as well. I just don't see them getting too much higher...especially after interest rates make their way up.

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Old 08-17-2005, 03:45 AM   #16
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

Another consideration is the percentage of investor-owned houses in your area. In hot markets such as Sacramento, CA, a VERY high percentage of homes are investor owned. Many are purchased by people who just sit on them for a year, never rent them, and hope to sell them at a profit! However, these same people are going to be the FIRST to dump their investments at the first sign of problems in the real estate market! This will create a glut of homes on the market, possibly causing a free-fall of housing prices. And it would appear that it is possibly starting to happen. It is amazing how many homes for sale you suddenly see here in Sacramento.
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Old 08-17-2005, 03:56 AM   #17
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

Quote:
Originally Posted by StorminMatt
Another consideration is the percentage of investor-owned houses in your area. In hot markets such as Sacramento, CA, a VERY high percentage of homes are investor owned. Many are purchased by people who just sit on them for a year, never rent them, and hope to sell them at a profit! However, these same people are going to be the FIRST to dump their investments at the first sign of problems in the real estate market! This will create a glut of homes on the market, possibly causing a free-fall of housing prices. And it would appear that it is possibly starting to happen. It is amazing how many homes for sale you suddenly see here in Sacramento.
well you just pretty much described what's going to happen when the bubble bursts... everyone who is just sitting on the houses (not even renting out) is going to GTFO asap and there won't be nearly as many buyers.
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Old 08-17-2005, 04:07 AM   #18
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

One of my friends parents bought a house in the 80's and just sold it for only $10,000 more than they paid for it!!!! THAT my friends, is what happens when you buy at the top...

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Old 08-17-2005, 04:15 AM   #19
 
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

The real estate thing won't last forever.

People will not buy a new expensive house or land when energy prices jump as much as they have this year. There is a domino effect to rising energy prices. Why would john smith is going to buy land and build a restaraunt when people stop going out. He stands to lose more then he can gain.
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Old 08-17-2005, 06:55 AM   #20
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

I wanted to buy this house back when i was 19-20, but everyone told me it was a bad idea. Somehow i listened, and around that sametime my friends bought a house in the same area. Needless to say im kicking myself for missing out on a nice 6 figure return
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Old 08-17-2005, 06:55 AM   #21
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Default Re: "I wish i bought a house 5 years ago..." will we be saying the same thing 5 years from now? (pi

The factors of housing prices coming down are starting to show themselves. Houses are staying on the market longer, i/o loan rates are going down, the price/rent ratio is growing too wide, and people are revising their prices downward in order to sell.

I'm not talking about a bubble popping, but except prices to fall back to where they should be as interest rates and inflation climb. My advice on investment property owners that don't hold beach real estate is to sell by year end.
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Old 08-17-2005, 07:24 AM   #22
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I think housing prices are starting to level off in a lot of areas, but in some areas they haven't even started.

I just made an offer on an acre in a fairly remote area. There has yet to be any development in the area, but it is located between two small (ie: &lt;100k residents) cities that are starting to grow.

My bet is that these two areas will eventually come pretty close and my land in between will appreciate a good deal.

But, I'm mostly hoping to build a house on it and live there myself, more than use it as an investment.
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Old 08-17-2005, 07:38 AM   #23
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How does one go about buying land?
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Old 08-17-2005, 07:44 AM   #24
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The same way one would buy a house; you find a piece of land you want, make an offer, hope the seller accepts, then sign the papers.
Financing would work essentially the same.
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Old 08-17-2005, 07:45 AM   #25
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i will have about 100k to spend on land investments in about 6 months but i dont really know where to begin.. any suggestions?
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