Originally posted by 7-11
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I am officially a home OWE-er
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Originally posted by jayceheathman View PostFinancially no one knows. I did an internship with Fidelity and everyone thinks the stock market will always go up 8%. It doesnt. Some times it goes up more and sometimes less. With the thought of a recession coming it will hurt the stock market and the housing market. Stock market and the housing market (buying a home) is basically the same thing. Try to buy low and sell high. I say if you want the house and will enjoy living in it for years to come then get it but dont do it just try to pull a quick profit.
Sorry about saying you need a new job. I just got into the moment I guess.
And i'm not a millionaire cause i'm a 19 year old still attending university with a work production rate of 38%. In other words i have no motivation because i really don't enjoy my job in the slightest
Anyway bringing up ridiculously rare examples is not the way to win an arguement such as this. Of course there is going to be outliers in any study, but when you stand back and look at the property market in most locations around the world you will see a sharp increase in prices in the last 15 years or so (sorry if this isn't exact for the US, i'm kinda basing this off Australia because thats what i know most about). Combine this with the fact that property is argueably the safest investment option (other than maybe bluechip stocks) it really is a good idea to get into the property market as soon as you financially are able.
Anyway, i'm at work now and i really do need to do something so i think i'll stop for a while
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Originally posted by jayceheathman View PostOkay then. Can you site many examples of people making a big profit off of real estate this last year? Real Estate is at an all time low. It doesnt look to me like too many people are making a profit "chucko." Outside of the normal NYC whose real estate always goes up and Las Vegas there isnt a huge market right now.
Its not the most "surefire" way to build equity. The most surefire way to build equity is putting your money into a mutual fund. I am not saying you cant be successful at selling real estate but if you chose the wrong location you could have been forced to sell for a loss. If you picked Phoenix, Las Vegas, or Albuquerque then you would be banking probably.
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Originally posted by jayceheathman View PostOkay then. Can you site many examples of people making a big profit off of real estate this last year? Real Estate is at an all time low. It doesnt look to me like too many people are making a profit "chucko." Outside of the normal NYC whose real estate always goes up and Las Vegas there isnt a huge market right now.
Its not the most "surefire" way to build equity. The most surefire way to build equity is putting your money into a mutual fund. I am not saying you cant be successful at selling real estate but if you chose the wrong location you could have been forced to sell for a loss. If you picked Phoenix, Las Vegas, or Albuquerque then you would be banking probably.
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Originally posted by 7-11 View PostHahaha, i do need a new job, i hate this, you were more correct than you knew.
And i'm not a millionaire cause i'm a 19 year old still attending university with a work production rate of 38%. In other words i have no motivation because i really don't enjoy my job in the slightest
Anyway bringing up ridiculously rare examples is not the way to win an arguement such as this. Of course there is going to be outliers in any study, but when you stand back and look at the property market in most locations around the world you will see a sharp increase in prices in the last 15 years or so (sorry if this isn't exact for the US, i'm kinda basing this off Australia because thats what i know most about). Combine this with the fact that property is argueably the safest investment option (other than maybe bluechip stocks) it really is a good idea to get into the property market as soon as you financially are able.
Anyway, i'm at work now and i really do need to do something so i think i'll stop for a while
I'm not stating buying is bad but when you do its a risk just like buying in the stock market. Your not guaranteeing yourself a profit.
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Originally posted by jayceheathman View PostWe were citing different examples. I know nothing about how homes have been selling in Australia. In the U.S at the moment its at an all time low. The dollar is down compared to everything, inflation has been rising, and home sales have lowered rediculously.
I'm not stating buying is bad but when you do its a risk just like buying in the stock market. Your not guaranteeing yourself a profit.
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Originally posted by jayceheathman View PostWe were citing different examples. I know nothing about how homes have been selling in Australia. In the U.S at the moment its at an all time low. The dollar is down compared to everything, inflation has been rising, and home sales have lowered rediculously.
I'm not stating buying is bad but when you do its a risk just like buying in the stock market. Your not guaranteeing yourself a profit.
The Australian economy is always generally going to follow trends seen in the American economy, but then again, i don't expect you to know that
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Originally posted by 7-11 View PostDude property is a LONG term investment type of thing. Those people selling up this year are more than likely selling only because they are desperate for cashflow, that or they're mildly ********
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Originally posted by jayceheathman View PostVery true but a home is a lot more upkeep. I guess it depends if you are willing to spend a lot of time and money to keep it looking nice or if you would rather be doing something different with your time. I believe more of it is luck and buying into an area where people will want to buy in the future. If you keep your house in a nice and tidy condition then you could make a return off of it. Its tough in the U.S to find out if you would have made a lot of money because you can buy a lot less with your money right now than you could say 10 years ago.
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Originally posted by 7-11 View PostThere isn't an investment in the world that is guaranteed. But there are some that are bloody close. And in the long term, an educated purchase in the property market happens to be one of them
The Australian economy is always generally going to follow trends seen in the American economy, but then again, i don't expect you to know that
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Originally posted by 7-11 View PostWell i'm sorry but in my opinion, that arguement is just plain wrong. Upkeep of a house is not as important as you say it is. It's all location, and only location (unless you're buying and renting it out). And doesn't the bit about being able to buy less with your money right now than you could 10 years ago kind of destroy your own arguement?
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Originally posted by jayceheathman View PostYou arent going to make a huge amount though unless you get lucky. The opportunity cost would be to put the money in a mutual fund or savings account. My savings account pays out 4.3% a year. If you would keep that house for 5 years then it better pay out 22% more than what you paid or it wouldnt have been worth it.
And lets not even go into the inflationary issues associated with that 4.3% interest on your investment account.
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