Reply to The seven paths to DC-area home ownership

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[quote=Anonymous][quote=Anonymous]You [the wait it out poster] also don't seem like you know what you're talking about, mentioning a so-called "Law of Economics." (I'm not the previous poster(s) excoriating you, by the way. I'm the 11:33 poster.)

The bottom line is that prices fluctuate. They will do so in the future. But do not mistake this and think that it implies an absence of a trend line. It doesn't.

I don't know what the trend in DC will be. I believe that home prices will continue to increase, but not at the speed of the last decade. I don't think the last decade was a bubble in DC but, rather, the result of relatively cheap housing (for the incomes). DC housing was underpriced for a long, long time in my opinion. Last decade was simply getting prices to where they should have been for a while.

As for the fluctuations, they shouldn't concern you much. You will have 20% equity to absorb downturns and negative shocks. Unless you're planning to flip, that buffer should be more than enough to enable you to ride out the bumps.

So, a belief that the trend is downward (or, perhaps, flat) may be cause for staying out of the housing market. May be because of the tax advantages. But if you believe the trend is downward, you should have reason for these beliefs. What are they? If we can evaluate your assumptions/beliefs, we can assess your claims. Otherwise you're just playing Chicken Little. [/quote]

Read the news. Read the housing economists and what they're saying. Check the trends. Watch the market. Read the people who have no vested interest in the news either way - they're the ones telling the truth. And the truth from where I sit? Houses are sitting longer despite the fact that most on this board are still citing bidding wars. I have contact with some 20 odd builders in the area. Every single one said sales are down. I'm in residential resale. Sales are slowing there as well and inventory is expected to rise (according to multiple sources) because rates will rise.

Doesn't matter to me. I'm not here to educate idiots and know-it-alls. Go on and buy at inflated prices. I'll pick your properties up at a steal when you have to fire-sell them in a few years like I have my others because I know what I'm doing. :)  I can't wait to laugh so hard when you guys are wrong.

And to other PP, no rent increases here because I don't rent. [/quote]

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