Don't buy a home in these seven markets
 

Manhattan Best For Homebuyers Since 2006 As Rents Jump
http://www.bloomberg.com/news/2012-0...ents-jump.html

Bloomberg/Miller Samuel > Yahoo/Zillow

http://i.imgur.com/yOEaH.gif

No surprises there really.

Funny the report was based off what Zillow est the housing price is at. They have my house $200k below what a house one street up that just sold 2weeks ago and it is the exact same house to a tee.

Point being, a house is only worth what someone is willing to pay, not want a website thinks it is work.

Just my :2 cents:

Every owner thinks their house is worth more than it usually is. With zillow all you have to do is create an account for your property and go in and update your house details with any improvements, features and add ons in order for the site to reflect an increased value.

Here is the opposite list, cities where it is much better to buy than rent.



Choker should be interested to find that Orlando is on this list, since he was so adamant that renting vs buying was the way to go in his area.

I dont get it

i don't really understand the "breakeven horizon" stat - if the breakeven is 4 years, after 4 years it becomes more advantageous to be a buyer than a renter. that doesn't seem that bad to me as a home buyer. zillow nor anybody else has a crystal ball to see house prices in the future - like any investment there is a risk. for most people under 50 i'd say buy something rather than rent.


The breakeven horizon refers to the number of years after which buying a home is more "financially advantageous" than renting one. So, with a longer breakeven horizon it makes more sense to rent.

Zillow is full of shit
 

Zillow lists houses sold months ago, prices are totally wrong.

Like that one web site that tells everything about you, they have my house listed at the neighborhood average of about $300,000. Are you fucking kidding me? No house on my street is anywhere near $300K. My neighbor just bought the foreclosed house behind me for $22,500 and the tax value was $150,000.

I'm confused.... Let's take San Diego as an example with the 3.6 year Breakeven horizon. This means in 3.6 years it would be better to buy a house than to rent one. However, during those 3.6 years your renting and throwing that money away, and the house you want to buy will not be any cheaper in 3.6 years.

Dunno. My mortgage is cheaper than I could rent any sized house in my hometown here.

Detroit is a great market.

Years?
 

Why not buy a foreclosure for $10-50,000. Invest a little fix-up. Flip it in less for 6 months for 25-100% profit.

Kansas, Wyandotte County case 11CV1815 appraised at $109,900 sold at the court house steps for $112,073. However it was offered as a short sale for $39,000 almost a year earlier. Thing about short sales, Realtors get fucked on the sales, so they don't share their sales like usual multi-listings. To dealing with 50 companies. Spend my days going through all the crap and finding the opportunities. I spend every Tuesday watching houses get sold. About every 3 months a super bargain comes by. You have to be there.