I think the bubble is popping.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Won’t pop but will make a hissing sound when higher property taxes, higher mortgage rates and higher flood and property insurance starts rising in 2022 and 2023.

I thought my flood insurance (not in a flood zone) would go up with all the talk of flood insurance and the new maps on this site but it actually went down. I live in Alexandria.

Same, my flood insurance was the same as last year.

[Anonymous]

I just checked, you literally can't rent a SFH in my neighborhood. None for rent currently. So I checked townhouses. They're selling for about 375k and renting out for $2,100 a month. Even if you put zero dollars down on that house, at 3% interest you'd be paying no more than $2,100 a month PITI. This is in Rockville. I'm sure the rent/buy calculation is different elsewhere, especially the further you go out but at least where I am, I don't see any evidence that the market is out of wack. Perhaps in national statistic when you include sun belt states?

[Anonymous]

[Anonymous]

[Anonymous]

Anonymous wrote:

Anonymous wrote:Won’t pop but will make a hissing sound when higher property taxes, higher mortgage rates and higher flood and property insurance starts rising in 2022 and 2023.

I thought my flood insurance (not in a flood zone) would go up with all the talk of flood insurance and the new maps on this site but it actually went down. I live in Alexandria.

Because it does not kick in until 4-1-2021 on policy renewals. Then a phase in.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Won’t pop but will make a hissing sound when higher property taxes, higher mortgage rates and higher flood and property insurance starts rising in 2022 and 2023.

I thought my flood insurance (not in a flood zone) would go up with all the talk of flood insurance and the new maps on this site but it actually went down. I live in Alexandria.

Because it does not kick in until 4-1-2021 on policy renewals. Then a phase in.

4-1-2022 actually

[Anonymous]

My house rents for 6k a month. My neighbors house is rented. My mortgage plus taxes and home insurance around $3,600
A month. I put a big downpayment.

I am not fire selling my house even if I downsize in retirement I will rent it out.

My neighbors house is mortgage free and 80 year old owner has it rented 15 years since he retired.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Won’t pop but will make a hissing sound when higher property taxes, higher mortgage rates and higher flood and property insurance starts rising in 2022 and 2023.

I thought my flood insurance (not in a flood zone) would go up with all the talk of flood insurance and the new maps on this site but it actually went down. I live in Alexandria.

Because it does not kick in until 4-1-2021 on policy renewals. Then a phase in.

4-1-2022 actually

Yes I know. That was the rate I looked at, it’s going to go slightly down for me.

[Anonymous]

Anonymous wrote:My house rents for 6k a month. My neighbors house is rented. My mortgage plus taxes and home insurance around $3,600
A month. I put a big downpayment.

I am not fire selling my house even if I downsize in retirement I will rent it out.

My neighbors house is mortgage free and 80 year old owner has it rented 15 years since he retired.

That's what my neighbors did and what I want to do.

Do you find the landlord responsibilities onerous? My BILs have several homes they rent out, and have always complained the landlord tasks are very burdensome.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My house rents for 6k a month. My neighbors house is rented. My mortgage plus taxes and home insurance around $3,600
A month. I put a big downpayment.

I am not fire selling my house even if I downsize in retirement I will rent it out.

My neighbors house is mortgage free and 80 year old owner has it rented 15 years since he retired.

That's what my neighbors did and what I want to do.

Do you find the landlord responsibilities onerous? My BILs have several homes they rent out, and have always complained the landlord tasks are very burdensome.

It’s mostly how the tenants are. Sometimes you get a good tenant. Sometimes you don’t.

[Anonymous]

Anonymous wrote:My house rents for 6k a month. My neighbors house is rented. My mortgage plus taxes and home insurance around $3,600
A month. I put a big downpayment.

I am not fire selling my house even if I downsize in retirement I will rent it out.

My neighbors house is mortgage free and 80 year old owner has it rented 15 years since he retired.

If that’s all you’d make a month, it could be better to sell the house and not have to worry about the property and maintenance expenses. Invest the money, you’d most likely make way more a month and not have to deal with the hassle.

[Anonymous]

The median sale price of a house in Montgomery County was $540,000 during October, up by 5.9% from September.
https://www.mymcmedia.org/house-prices-continue-to-increase-in-montgomery-county/?fbclid=IwAR1xOMkfQ4AvEgbrTXlSHlUdS08MA5CGS_Z1VlUPcNk0Mdi34KYeEq4UC6U

[Anonymous]

[Anonymous]

Anonymous wrote:

Anonymous wrote:My house rents for 6k a month. My neighbors house is rented. My mortgage plus taxes and home insurance around $3,600
A month. I put a big downpayment.

I am not fire selling my house even if I downsize in retirement I will rent it out.

My neighbors house is mortgage free and 80 year old owner has it rented 15 years since he retired.

If that’s all you’d make a month, it could be better to sell the house and not have to worry about the property and maintenance expenses. Invest the money, you’d most likely make way more a month and not have to deal with the hassle.

In my neighbors case at 6k a month I highly doubt he reports all the income and will leave the house to kids tax free. He has $1,000 a month property tax and my has been rented a long time.

My neighbor who is 50 told me three houses from me a house has been rented at least 45 years by same owner!! He grew up on block and was rented as a child. The owner is in his 90s. I did digging he bought it as an investment in 1975!!!

I think these folks are passing houses on.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My house rents for 6k a month. My neighbors house is rented. My mortgage plus taxes and home insurance around $3,600
A month. I put a big downpayment.

I am not fire selling my house even if I downsize in retirement I will rent it out.

My neighbors house is mortgage free and 80 year old owner has it rented 15 years since he retired.

That's what my neighbors did and what I want to do.

Do you find the landlord responsibilities onerous? My BILs have several homes they rent out, and have always complained the landlord tasks are very burdensome.

It’s mostly how the tenants are. Sometimes you get a good tenant. Sometimes you don’t.

This. My tenants have been in my first home since 2007. I go up on rent marginally which is perhaps why they stay.