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Question for real estate/financial people

 
MaxMad
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User ID: 13864401
United States
01/13/2013 04:31 PM

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Question for real estate/financial people
I had an interesting conversation with a friend of mine who works for a major bank, about whether or not to buy a house. He said some amazing things. First off, he said inflation on housing is definetly coming. He said this one of the reason banks are holding on to their real estate. Not the one they sold to Fannie or Freddie but the ones still on their balance sheets. He asked if I could get a mortgage? I said that I had been preapproved and no reason to believe I couldn't--He said than definetly buy a home. He said whether its an investment or just a place to live, buy it now. He went on to say that I will be glad to pay back the mortgage with today's cheap money... I think he was referring to inflation eating away the dollar and having a fixed cost rather than my rent continuing to go higher...

I asked him about all the people who either have foreclosed or are renting right now, because they think the real estate market will continue to go down. He said "never follow the crowd, when people are panicking out-its time to buy!" Interesting...

I am in no way going through this guy or his bank to purchase my home... I am just looking for thoughts on this...
MaxMad (OP)

User ID: 13864401
United States
01/13/2013 04:34 PM

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Re: Question for real estate/financial people
I had an interesting conversation with a friend of mine who works for a major bank, about whether or not to buy a house. He said some amazing things. First off, he said inflation on housing is definetly coming. He said this one of the reason banks are holding on to their real estate. Not the one they sold to Fannie or Freddie but the ones still on their balance sheets. He asked if I could get a mortgage? I said that I had been preapproved and no reason to believe I couldn't--He said than definetly buy a home. He said whether its an investment or just a place to live, buy it now. He went on to say that I will be glad to pay back the mortgage with today's cheap money... I think he was referring to inflation eating away the dollar and having a fixed cost rather than my rent continuing to go higher...

I asked him about all the people who either have foreclosed or are renting right now, because they think the real estate market will continue to go down. He said "never follow the crowd, when people are panicking out-its time to buy!" Interesting...

I am in no way going through this guy or his bank to purchase my home... I am just looking for thoughts on this...
 Quoting: MaxMad


Any insights would be appreciated... I wanted to wait until spring/summer to buy a house, but he is saying do it now.. My lease is up at the end of the month and they are raising my rent 7.5%
Anonymous Coward
User ID: 26447781
United States
01/13/2013 04:38 PM
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Re: Question for real estate/financial people
Why not buy as soon as possible?

Interest rates are cheap and you can get a lot of house for the money.

Besides, renting is crazy expensive!
MaxMad (OP)

User ID: 13864401
United States
01/13/2013 04:39 PM

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Re: Question for real estate/financial people
I had an interesting conversation with a friend of mine who works for a major bank, about whether or not to buy a house. He said some amazing things. First off, he said inflation on housing is definetly coming. He said this one of the reason banks are holding on to their real estate. Not the one they sold to Fannie or Freddie but the ones still on their balance sheets. He asked if I could get a mortgage? I said that I had been preapproved and no reason to believe I couldn't--He said than definetly buy a home. He said whether its an investment or just a place to live, buy it now. He went on to say that I will be glad to pay back the mortgage with today's cheap money... I think he was referring to inflation eating away the dollar and having a fixed cost rather than my rent continuing to go higher...

I asked him about all the people who either have foreclosed or are renting right now, because they think the real estate market will continue to go down. He said "never follow the crowd, when people are panicking out-its time to buy!" Interesting...

I am in no way going through this guy or his bank to purchase my home... I am just looking for thoughts on this...
 Quoting: MaxMad


Is real estate a good hedge against inflation
MaxMad (OP)

User ID: 13864401
United States
01/13/2013 04:40 PM

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Re: Question for real estate/financial people
Why not buy as soon as possible?

Interest rates are cheap and you can get a lot of house for the money.

Besides, renting is crazy expensive!
 Quoting: Anonymous Coward 26447781


My fear has been that housing values will continue to drop... Real Estate is down about 50% here from 2006 highs...
Anonymous Coward
User ID: 14286934
United States
01/13/2013 05:32 PM
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Re: Question for real estate/financial people
Why not buy as soon as possible?

Interest rates are cheap and you can get a lot of house for the money.

Besides, renting is crazy expensive!
 Quoting: Anonymous Coward 26447781


My fear has been that housing values will continue to drop... Real Estate is down about 50% here from 2006 highs...
 Quoting: MaxMad


let me tell you in my area you can buy houses for under 10k, its not gonna get cheaper than that, actually me and my brother and law want to start buying houses now cause once our dollar devalues forget about the price of them are gonna skyrocket, your friend told you right, get them now while they are cheap
Anonymous Coward
User ID: 10097155
United States
01/13/2013 05:52 PM
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Re: Question for real estate/financial people
[link to www.bloomberg.com]



Ha ha.. go ahead and jump in there sport. It's artificial as all hell and crash again.
Anonymous Coward
User ID: 25323670
United States
01/13/2013 06:04 PM
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Re: Question for real estate/financial people
There are several likely possibilities for what will happen in the future, and no one really knows what's going to happen in this artificial economy of ours. Even the best experts disagree with each other.

Having said that, it makes sense to me that your friend, who works at a BANK, is going parrot the possible future outcome that makes you most likely to "buy" his services.

Good luck!

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