Quote:
Originally Posted by photon
Right now buying is probably cheaper than renting because of low interest rates, but historically isn't owning typically more expensive than renting?
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I'm still finding it academically interesting how the last two years has shown the worst in terms of actual sales numbers/demand for housing in more than a decade - even with interest rates at essentially rock bottom (lowest ever?) levels. Heck, the population growth/number of homes versus 10+ years ago is pretty neat to think of in that comparison as well.
Quote:
Originally Posted by mykalberta
I do consider it a kind of debt, but its an asset backed debt that I could at anytime now after 5 years of having a mortgage get out of it and then magically not be in debt.
Yes, if you purchased a house in July 2008 then you probably consider it a debt  |
If you manage to sell in a reasonable timeframe that is, and for prices at least several points above what you paid for it (of course to account for the inevitable lawyer/moving/realtor fees when you sell.) Real estate is not very liquid, at least in my view.
I think I mentioned it earlier this thread (I can't remember) but roughly 40% of all current SFH sales come in under less than what the owner originally purchased it for; after they eat standard realtor fees.