Open Forum on Real Estate
17
November
11/17/2008:
Still confused by state of the Real Estate market? Searched the internet, watched the news, chatted with friends and are still scratching your head?
Open forum at Century 21
Innovative Realty (74 Washington Street) is hosting an “Open Forum Discussion” about Real Estate this Wednesday, November 19th from 6pm to 8pm.
On hand will be a Mortgage Broker, Accountant and Financial Analyst to answer any questions you might have. Beverages will be served as well. Can’t hurt to check it out, I guess!
You can contact them at 201-792-7601 if you have any questions.
Economy, New Jersey, Hoboken, Real Estate, Innovative Realty
1. Cracker | November 17th, 2008 at 4:37 pm
Rememeber all the DOPES at work that would gather around and pat each other on the back about how smart they were for buying a house and that it just keeps going up and up? They would repeat ignorant statements that their hairdresser, I mean realtor, would drill into their heads like, realestate always goes up, it is different this time, it’s not a house it’s a home and on and on.
Then they would make fun of all the people that were renting and call them bitter renters.
Well, who is laughing now? Do you still feel rich?
Bunch of DOPES!
2. ant | November 17th, 2008 at 4:50 pm
I remember telling a friend to hold off and keep renting and saving for the downpayment.
Market kept going up and friend was getting antsy to buy. Waited and looked. And looked some more. Pulled the trigger and bought because market kept going up.
Aint going up no more. Too bad they did not wait - but now they’d probably not be able to get a mortgage.
Plan on being there for the long term - 5 years plus. Otherwise, rent.
3. RUHOBO | November 17th, 2008 at 4:51 pm
Cracker wrote:
Please tell us how you really feel. Most homeowners are still feeling rich. Sure the most recent buyers are hurting but that’s a small % compare to the whole pool. Home values always goes up is TRUE. Just make sure you have time to see it go up.
4. rag246 | November 17th, 2008 at 4:56 pm
Yeah RUHOBO it’s called inflation, and over the “long term” a house has no better roi than a revolving CD, if you include maintenance and taxes in the cash flow calc.
5. ericwestham | November 17th, 2008 at 5:01 pm
At least you have the chance of breaking even if you own and sell. Most rents cost the same if not more than my mortgage
6. RUHOBO | November 17th, 2008 at 5:06 pm
rag246 wrote:
I guess the only difference is that I get to live in it. Can’t do that with a revolving CD.
7. johndoe | November 17th, 2008 at 5:09 pm
I think it’s a great time to mortgage your home and use that money to pay another home. Then mortgage that home and buy a third home. After that mortgage that home and get another and another and another… I mean as long as home prices keep going up what could go wrong?
8. YipYap | November 17th, 2008 at 5:49 pm
When get our next 50 bps go get a 3.5% 100K home equity and jam it towards your principal on your mortage and watch the bank officer choke.
9. hobojoe | November 17th, 2008 at 6:09 pm
ericwestham wrote:
Really? My rent costs the same as most condos pay in property taxes alone, never mind the mortgage.
But don’t worry. From what I gather from the cover story in this weeks Hoboken Reporter, Hoboken real estate prices are about to resume their rocket ship ride to the moon starting in a couple of months.
10. rag246 | November 17th, 2008 at 6:18 pm
No way I could own my place for what I pay in rent. I’d literally have to double it, with mtg, taxes and insurance, even if I did put 20% down.
11. ericwestham | November 17th, 2008 at 6:34 pm
hobojoe wrote:
It is expensive but I don’t own a 400-500k place. And i’m not wall streeter either. Just can’t see throwing average 2K/month out the window for rent. Money lost forever.
12. Skywalker | November 17th, 2008 at 6:39 pm
I went to one of these “open forum discussions” (sales pitches) about 3-4 years ago, when they said it was a great time to buy. I’m sure they’ve had to rejigger their numbers but their conclusion will still be…it’s a great time to buy!
13. Tiger | November 17th, 2008 at 6:52 pm
One size really never fits all, I think you should have a realistic look at both options; buying has its advantages, so does renting.
To be honest, the whole nation, the whole WORLD is facing recession, thanks to the irresponsible action of a million average Joe’s and greedy bankers. So really, get out of your one mile bubble and think about the global issues. It doesn’t look good for either owners or renters.
14. ericwestham | November 17th, 2008 at 6:57 pm
agreed. As long as there is still beer
15. RUHOBO | November 17th, 2008 at 8:20 pm
sky…I hope you took their advice 3-4 yrs ago. some of you must be getting some great deals on rents. I know I can cash flow my place if I rented it out. I have to think you are renting from private guys that don’t charge market. They might have low cost basis and can cash flow on those low rents. Better indication are multi-family properties like 333 River and the Archstone place on Newark and Garden. If you need to be talked into buying a place then you should not buy.
16. RUHOBO | November 17th, 2008 at 8:23 pm
YipYap wrote:
I did just that from Sov bank. They gave me prime -101bps. I didn’t use the whole line because I would like to save some for reserves.
17. HansBrix | November 17th, 2008 at 11:13 pm
Soon we will look nostalgically back at…
There were retards who bought Amazon.com in 1999 when its stock price gave it a market cap larger than the entire US retail sector. I was almost one of them.
It’s amazing how people will put common sense aside when they want to believe something.
18. ant | November 18th, 2008 at 6:52 pm
There are times to rent.
There are times to buy.
There is no easy answer since each situation is unique to you and your needs.
Even in a bull/bubble market, renting can make sense. But also don’t be afraid to buy. We’re still right next to NYC and despite the bleeding of jobs right now, this region is strong.
So consider you specific needs and wants and act in your best interest.
Good luck