What is up with the price of Real Estate down here?

[ltown81_2022]

I have been looking to move to mechanicsville for months, and now all the sudden people want $700-800 for a one bedroom apt? ..some not including utilities. When you look at a place that wants the deposit up front, that is like $1400-1600 to move in. Seems like stuff that cost $500 or so last year is now $700. What happened? Is everyone greedy or something all the sudden?

Sorry i spelled the wrong:hohum:

 

[SxyPrincess]

Branden,

We're all just wealthy republican's with mortgages in the thousands.

 

[ltown81_2022]

Originally posted by SxyPrincess
Branden,

We're all just wealthy republican's with mortgages in the thousands.

Man I am fed...and I would buy a house before I paid someone that much money for a one bedroom. I need to decide where I wanna settle and buy a place if it isn't gonna get better.

 

[Oz]

Originally posted by Branden
I have been looking to move to mechanicsville for months, and now all the sudden people want $700-800 for a one bedroom apt? ..some not including utilities. When you look at a place that wants the deposit up front, that is like $1400-1600 to move in. Seems like stuff that cost $500 or so last year is now $700. What happened? Is everyone greedy or something all the sudden?

Sorry i spelled the wrong:hohum:

Various short-term housing requirements drive the rental prices higher. (ie. La Plata tornado, refueling at Calvert Cliffs, etc.) So, you probably can buy a place cheaper than you can rent one.

 

[2ndAmendment]

Predictions by those "in the know" are that the real estate market is in for a big slide in prices. Maybe 20 to 30%. That is going to really hurt a lot of people that just bought. They will wind up with negative equity. On the other side, with falling prices, interest rates will go up. Damed if you buy now; damed if you buy later.

Good luck.

 

[bknarw]

Originally posted by 2ndAmendment
Predictions by those "in the know" are that the real estate market is in for a big slide in prices. Maybe 20 to 30%. That is going to really hurt a lot of people that just bought. They will wind up with negative equity. On the other side, with falling prices, interest rates will go up. Damed if you buy now; damed if you buy later.

Good luck.

]


You know, so many people talk about buying real estate as a good investment.
But I've always heard that if you want to invest, then invest!
There are seemingly so many ways that can get you a better return on your money without all the variables that real estate has.

 

[VinceD]

Hey, something about this sounds familiar. Back in the 70's they would use the excuse of Lexington Park being in the DC area to drive prices up. Everytime the military would get a pay raise the rents would go up. Of course, about the only apartment houses in the area were Queen Anne back then. For the last 30 years, real estate around here has been crazy. Looking at it now, I wish I would have bought 20 acres back then. Hide sight is 20/20 as they say.

 

[SmallTown]

Originally posted by bknarw
]



There are seemingly so many ways that can get you a better return on your money without all the variables that real estate has.

With investing, it is all about timing. In the mid-late 90s, you could just about pick any stock to invest it and it was going to go up.. Those same people have been pounded the past year or so with such a slump in the market.

People who bought houses around the DC area 5 years ago paid we'll say 200K.. These homes are now selling for over 500K, not a bad return. Many of the experts are now saying that the DC area may not have a real estate bubble like california and boston had, but rather a cooling off period with slight decreases in price. The good thing about real estate is there is always a need for it.. if the prices go down, they will eventually go back up as well.. With stocks or other investments, these are not a necessity and thus can go rock bottom and stay there (or burst like ENRON) where you lose everything and there is no way to recover.

 

[Oz]

Originally posted by bknarw
]


You know, so many people talk about buying real estate as a good investment.
But I've always heard that if you want to invest, then invest!
There are seemingly so many ways that can get you a better return on your money without all the variables that real estate has.

If you bought real estate 5 years ago, and passed on the AOL, you'd be a genius. Today, who knows. Unless you know what you're doing, and have the fortitude to withstand the good and bad times, and the business sense to manage your real estate investments, then stick to CD's. You'll sleep better at night.