House buying help

[sunnam]

2 hours ago, phatposts said:

It is a very personal decision. I will try my perspective.

Why are you buying a house now? Growing family, want to call Raleigh home for at least next 5 years, FOMO, got full time job, stabilized immigration situation etc. 

There is no horrible reason to buy a house as long as you are comfortable with that decision. 

Lets say you decide to buy the house and win a bidding war by making 100K over asking in the form of lot premium or some other gimmick marketing the seller does. Now what? 

Worst case scenario - after you occupy the house market corrects and the house loses 15% in value over the next 2 years (we are 3 years from today considering you occupy 1 year from now). Assuming you had 20% down - that is 100K down (500K house anuko). Over 2 years, 100K lo 15K vanish aipoyyindi correction valla. 2 years lo rent enta kattevaadivi - 2bedroom ki at least 1500/month chappuna - 2 years lo $36K. Kaani own house ki HOA, additional expensses (more utility bills), furniture, lawn/garden, furniture etc. untayi. So aa losses and gains neutralize anukundam (this is a huge assumption,  but a very generalist assumption).

Own house valla kaasini advantages kooda untayi naa opinion lo - you get more space, wfh options are more manageable, small tax deduction factor (very small), etc.

If you do not sell or do not have to sell when the market slumps you will be OK. 

Kaani 1 year tarvata supply chain issues taggite, illu rates emi taggavu ani naa opinion. Few years ago (3+) Raleigh area lo builders were behind buyers to buy giving incentives in the form of upgrade credits etc. Now they dont do that as they know there is demand. Next 5y lo Raleigh lo demand ala ne untundi anukuntunna either due to desis, companies setting up etc. 

If you are OK - buy a used house and make an offer generously (unfortunately you have to). I am from Boston area - ikkada used houses are the norm. New houses are very few and very expensive. So naaku used home ane factor pedda foreign kaadu. 

All in - buy if you plan on NOT selling for the next 5/7 years. I am not a huge fan of buying a condo, then moving to SFH. It is very dependent on future state of things.

 

bhayya meeru cheppedi general markets ki apply avuthadi. but Raliegh lanti ever growing and full demand market lo kashtam. 25% min year over year peruguthunnayi. in fact 2008 recession lo kuda Raleigh market demand lone undi anta. 

so buying house sooner is better in raleigh either town home or single family home based on budget and affordability. our own tleugu people are buying 2nd and 3rd house in raleigh. that's why inventory lekunda poyindi.

[sharenshare]

4 hours ago, All_is_well said:

Started looking to buy a house in Raleigh area (Apex and Holly Springs), no inventory, every place is doing bidding process, 200-300 people are in waiting list for each community. 
1. should I wait for few months to stabilize or is this going to be the same for future?

2. Will the prices go down?

3. 2500 Sq ft single family home base price with all included is $500k, they are releasing 4-5 houses each month, who ever bids high will get it. Suggest if this is worth?

4. Can we change the realtor before signing the contract?

Use your wisdom bro. area chala boom lo undi even during housing slowdown no impact here. Apple coming to the area has just added to the boom and more and more people are moving to the triangle area from NE and west coast are only making the prices go up like crazy. Like someone said whatever goes up will come down and vice versa but I personally think buying property in this area would be a good investment in the long run, good luck.

[phatposts]

3 hours ago, sunnam said:

bhayya meeru cheppedi general markets ki apply avuthadi. but Raliegh lanti ever growing and full demand market lo kashtam. 25% min year over year peruguthunnayi. in fact 2008 recession lo kuda Raleigh market demand lone undi anta. 

so buying house sooner is better in raleigh either town home or single family home based on budget and affordability. our own tleugu people are buying 2nd and 3rd house in raleigh. that's why inventory lekunda poyindi.

2008 recession lo Raleigh demand lo ledu. That is fact. That area was coming up slow and steady at that time. 25% YoY how long nunchi growing ? may be 2 years thats all. That cannot be attributed to every year before and after. Aaa lekkana Last 10 years lo Nevada market red hot crazy. It is not in the last 2 years, now picked up with craze everywhere. 

[All_is_well]

Used homes kudha chala high lo ammuthunaru..

 

[Allarinaresh10]

8 hours ago, Satakarni_bali said:

Same boat, last ki Fuquay-Varina, Holly Springs lo kuda penchesaru... so backed off and renting now...

Rates ekkuva poni future lo growth anukunte, lot premiums , adi idi ani extra 50k+ cheptunnaru, so koncham market settle ayye varaku calm ga undadam better ani lite teesukunna

Nenu kuda same thought lo unde... but for suppose house prices taggali ante there can be two solutions. 

intrest rates penchali or inventory ravali...

based on 2008 mistakes there are lot of inventory and lender regulations.

 

for suppose two year lo house price taggayi anuko appudu interest rate below 3 leka pote you will end up paying the same as higher price + lower interest rate. 
 

am I missing something ? 

[Satakarni_bali]

27 minutes ago, Allarinaresh10 said:

Nenu kuda same thought lo unde... but for suppose house prices taggali ante there can be two solutions. 

intrest rates penchali or inventory ravali...

based on 2008 mistakes there are lot of inventory and lender regulations.

 

for suppose two year lo house price taggayi anuko appudu interest rate below 3 leka pote you will end up paying the same as higher price + lower interest rate. 
 

am I missing something ? 

House price taggadam kastam emo but stable avtayi konni months and premiums are high due to more buyers, 2 bid vesa pick avvale... 

[SwamyRaRa]

Ltt