Reply to The seven paths to DC-area home ownership

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm confused why you would rent for 8 years when we had a nice market bottom in 2008/2009. Why not buy then?

Now you're trying to buy something at the top of the market again. I'd wait.[/quote]

Market bottom?  Prices inside the beltway basically tripled over the 2000s, and in 2008/2009 they dropped like at most 10%...

Incomes didn't triple, so that 10% really didn't provide any help in affordability (and banks weren't lending, so good luck as first time home buyer).

Geez, OP, you should have expected the Fed would pump up housing and assets with QE, everyone knew that...[/quote]

We're speaking about the last 8 years while OP has been renting. 2008 would be the bottom of the market for that 8 year stretch.

Note what you say: "Incomes didn't triple." Exactly. Except if you believe everyone on this board, prices are just going to keep going up and up and up.

They won't.

Again: Op, wait this out.[/quote]

Horrible advice. I'm not a DC real estate hyper but over the long term, DC will continue to gentrify. Why would this trend stop now? It's like rolling boulder gaining more steam. DC prices suck, but it's kinda like double Dutch: at some point you gotta just jump in or accept it is not going to happen for you. And move back to your preferred place where homes are reasonably priced. No doubt there will be a little bubble bursting elsewhere when cheap money is less cheap but not in DC. You think it's going to become less safe and schools will become less good?[/quote]

Ah, now that is a red flag. The whole 'this time is different' and. 'Prices may drop somewhere else but not here'. Everyone everywhere said that during the bubble.

And to answer your question , yes DC and it's metro could get a lot less safe and the schools worse. Look at Meng on capital hill and the cuts to fairfax school budget. If that continues, this area is not a place people will put down roots. [/quote]

But this time doesn't need to be different. I am suggesting it will be more of the same.  DC didn't experience any significant bubble bursting in 2008. You're the one suggesting things will be different. One anecdote about Meng doesn't prove anything. Are you actually suggesting Cap Hill has become less safe compared to say ten years ago? Can't speak to Fairfax budget cuts; I am talking about DC proper.

Look, I am certainly not saying that prices will continue to increase at this rate but increases over time will continue. When is the last time a major city's real estate got cheaper as the city's population got wealthier and whiter?[/quote]

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