Wow… some more awesome discussion:

RealEstater Says:
Here’s how it goes:

Renter: Geez, you live in Palo Alto? Did you win the lottery?
Home Owner: No. I…
Renter: You must not have any life. When was the last time you look a vacation?
Home Owner: Just got back from Europe last week.
Renter: Come on…do you eat out or watch a movie?
Home Owner: Every week. Why?
Renter: Impossible. No way. I know the pay scale at your company, and I know the prices in Palo Alto.
Home Owner: I bought the home in 1997 for $500K.
Renter:

Hmm…

Malcolm Says:

7. Foreclosures are SKYROCKETTING. EVEN HERE IN THE BAY AREA! Once knowledge of the low prices being offered in auctions becomes more common (they do ads on this on TV now), people are not going to shell out copious amounts of money on a property when it is very obvious that other homes in the same area that were foreclosed upon are at drastically lower prices.

Hmm…

Jim D Says:
Really? ‘Cause the conversations I’ve had in the last year tend to go as follows:

Renter: Actually, I rent.
Owner: Oh, you’re so lucky you don’t have a mortgage. Mine is killing me!

So, um, yeah, buying from 2005 on to today would have been dumb, dumb, dumb.

When it costs less to own than rent (like it did in 1997, REMEMBER?) then I’ll buy.

Hmm…

Lots of interesting thoughts… what do you think? Comments are closed for this post - click here to comment.