Do you think it's a bad idea to buy a house at this time?

[Trader Curt]

So first off, we officially entered a recession in Feb 2020, I know that probably comes as as much of a shock to you as everything else you've learned in this thread.

It's not over yet...

Second, why in the world did you feel the need to bring up all this Obama hate when it was absolutely irrelevant, or more accurately completely wrong with respect to what happened to residential real estate prices during the Obama administration? Are you completely blind to the fact that you're so wrapped up in your political beliefs you're letting them run your life for you?

I'm not sure how I could would be "wrong", given that I simply pointed out the indisputable but apparently for you very inconvenient fact that residential real estate prices went up during both terms of the Obama administration and that Presidents don't actually have much ability to impact residential real estate prices? I would add to that another indisputable fact you're apparently unaware of that residential real estate doesn't fall in 10 year economic cycles, it's its own asset class that's very different from the stock market. I understand if you're a kid who's only experience in this was 2008 you might think this was the case, but it's trivial to look up the data a see that this at least historically hasn't been the case.

Will residential real estate rise or fall over the next 5, 10, or 15 years? I think anyone who claims to know that is, to put it nicely, unaware of their own limitations in predicting things. Certainly if you're basing your predictions off beliefs that simply aren't true, as we've clearly demonstrated you are, then the probability you get it right is no different than pure chance. If you want to pay your rent to a landlord for the next 4 years and get nothing out of it, that's clearly your choice. In fact since I rent out property I count on suckers like you to help build my wealth, so by all means, avoid buying a house as long as any Democrats control any part of the federal government! And thank you for helping those of us who live lives based on facts rather than personal political beliefs get richer at the expense of folks like you.

We have the covid, a recession that was 12 years ago, and we have a democratic president who is looking to change everything. The perfect mix for a recession.

And yes, I am going to rent until houses are cheap again.

Be prepared, because in the future when we have an even worse recession than when this first round of covid was here, I am going to dig this thread up and put you in your place like the fool you are. And I will be laughing as I am moving all my things into my new house that sold for dirt cheap. And you will be kicking yourself since your houses will be worth probably half their value. Buying a house now before a recession is the worst advice I have ever heard. I will gladly pay rent if it means saving 100k on a house.

Not nessecerily saying your real estate strategy is wrong, but it's not the best.... Nevermind, it is wrong, it's horrible. Have a good day

 

[DiceAreCast]

Look at US housing and mortgage markets and Spx500 from 2008 to 2016. Guess who was president during that time.

Depends on which chart you are going to pull to defend your argument. There are always some markets that do better with a weak economy. Even I could show you markets that did better when Obama was in office, let me go find a healthcare stock. Tell me something I don't already know...

 

[Sig]

It's not over yet...



We have the covid, a recession that was 12 years ago, and we have a democratic president who is looking to change everything. The perfect mix for a recession.

And yes, I am going to rent until houses are cheap again.

Be prepared, because in the future when we have an even worse recession than when this first round of covid was here, I am going to dig this thread up and put you in your place like the fool you are. And I will be laughing as I am moving all my things into my new house that sold for dirt cheap. And you will be kicking yourself since your houses will be worth probably half their value. Buying a house now before a recession is the worst advice I have ever heard. I will gladly pay rent if it means saving 100k on a house.

Not nessecerily saying your real estate strategy is wrong, but it's not the best.... Nevermind, it is wrong, it's horrible. Have a good day

I guess it's ultimately just the difference between a renter and owner mentality. I own my houses and own my business and don't let politics rule my life. That has worked out quite well for me, taking me from a lower middle class background to the point now that I could quit working on Monday and want for nothing for the next 50 years even if my houses went to zero and I shut down my business. I live a rich and full life that I couldn't be happier about. You rent, live in fear of politicians, and by your own admission end up living what you yourself called a "meager life". Apparently in your world that makes me a "fool". One wonders what it makes you?

My "real estate strategy" for the last 20 years has been to own the house I live in so that the money I would be paying in rent to a landlord instead goes toward the principal on my house. In most places where I've lived, principal, interest, and property taxes minus the tax write-off for interest and property tax are about equal to rent. That means that over 20 years I've paid about 60% of the cost of the house down without paying a dollar more than I would otherwise have paid in rent. That means if my house fell to 50% of the value I purchased it at, I would still be 10% ahead! Same thing when I move and rent my old houses out, their rent covers my payments. So no need to wait to see the results of that strategy, I'm enjoying those results now after putting my money on the line for the last 20 years, including through the 2008 housing crisis. And doing so in an intelligent way where I didn't succumb to some crazy Obama derangement syndrome (or Bush or Trump), realizing that it's impossible to time housing markets and that Presidents have almost zero impact on them, and instead just bought a house every time I needed a place to live instead of paying rent.

Your "strategy" on the other hand... it's very unclear what it is or what your experience is in this subject but you've clearly demonstrated in this thread you lack any kind of knowledge base or ability to logically analyze it. Plus this bizarre compulsion to pull Obama into your decision making even when it turns out your prior beliefs about what happened under his Presidency when it came to residential real estate prices were dead wrong; you really need to get a grip on that bit of crazy.