Geeto67 Posted March 1, 2021 Report Share Posted March 1, 2021 It just seems if you buy now you will be stuck for awhile in that house. It feels like a huge risk buying when prices are out of control like they are now. What percent of the people can actually afford to buy a house right now? what do you mean "stuck for a while"? In any house you buy you are usually in for a minimum of 5 years with the average being 8 years. Were you thinking sooner than 8 years? Most people have to keep their house for a minimum of 2 years to avoid capital gains tax and to accrue enough equity to pay the realtor from the proceeds when they sell. As far as what percent? who knows. If you are moving to Columbus from a more expensive city like Chicago, New York, Seattle, etc. houses here are downright cheap by comparison and most (from what I hear in my industry) are retaining the salary from the city they are coming from. Does it make it harder on the locals? yeah it does, but it is the price of growth. I bought a house in this market (June 2020).When I bought the inventory was starting to dwindle and honestly I got priced out of my preferred neighborhood of dublin, but was still able to find what I wanted with comparable amenities in Hilliard (Columbus taxes). Now the inventory is even lower and I hear from my REA friends and Wife's appraiser colleagues that people are buying without inspections and or even walkthroughs which to me is just straight nuttiness. Absent a citywide catastrophic event (or a national financial catastrophic event), prices won't go down, they may slow their rise or level off once supply catches up with demand. Usually grows slows and wages and income catches up with home prices, but covid has affected the job market in different ways, and some industries are shrinking while others grow. Quote Link to comment Share on other sites More sharing options...
Tractor Posted March 1, 2021 Report Share Posted March 1, 2021 My very moddest home here 10 minutes from the beach has increased 100% in value in 3 years and probably more the past 6 months. Land was almost impossible to get 3 years ago and now its simply not for sale. The developers are breaking ground all around us and my fear is that since my particular neighborhood is very low income we'll eventually get forced out to make room for something. I really don't ever plan to sell this place, I really like it and at the most I might buy a second home somewhere or something ocean front even if its a condo and rent this house out. Quote Link to comment Share on other sites More sharing options...
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