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Silver Contributor
Ed_in_SoCal
Posts: 417
Registered: ‎03-24-2010

Re: The renting vs buying discussion

This is a message board where people from all walks of life can let their opinions roam free.  I'd imagine most on here who are actually related to the RE biz don't put the same rants in their professional newsletters.  JW gives great advice on here that is much valued.  People will buy homes at all times because at all times there are those that just want to have a home right now.  And JW will take care of their loans with great aplomb.   I see no hypocrisy in that.

Gold Contributor
BobPhillips-RE
Posts: 1,701
Registered: ‎12-13-2010
0

Re: The renting vs buying discussion

T.D. commented:  "If you can't make your point that OC is special, them make your point that Coto is special and different ...now if that point doesn't work, then you must say that the place needs to be on a golf course in Coto to be a valid special place that validates your point....this is getting really good...what happens if it is in OC on a golf course and still doesn't make your point? Does it need to nbe a 1/2 acre or more on a golf course in Coto?"

 

MY point seems to have eluded you, which is probably my fault.  I tried to point out that JW was cherry-picking one infinitesimal data point - 2 houses, one for rent, and one for sale - into a conclusion that this entire discussion is inherently flawed, somehow, and because he and I have gone down that path before, where he HAD tried to use ONE property as some sort of meaningful measure, I was calling him on that ONE issue.

 

I LOVE Coto, having lived here, and worked here for more than two decades, and having done that, I readily know the area where JW found his examples.  I just don't consider it to be in the middle of the pack, which I had a little difficulty expressing, clearly.

 

It may very well be that there could be a slight consensus that Coto - being the high dollar enclave it is - doesn't fit normal rent vs buy scenarios, but I rather doubt that, because unlike JW who NEVER deals in renting properties, in Coto or anywhere near by, I DO deal with rentals on a regular basis, both in Coto, and nearby, and I sell houses to former Coto tenants, because they WANT to be homeowners, not tenants - especially, in today's market.

All this, of course, is merely MY opinion. Thanks for reading.

Bob Phillips - Realty ONE Group - South Orange County, CA
Silver Contributor
Groundhog
Posts: 536
Registered: ‎12-26-2010

Re: The renting vs buying discussion

[ Edited ]

 

I would do business with JW, I would recommend him to anyone. If for no other reason than simply because he always presents a  realistic opinion and makes a candid and to the point statement as he sees it.

 

And on top of that, one can learn something from his contributions to this Forum.

 

Groundhog opinion

 

OGR

 

 

 

Redfin Open Book Certified
LoansbyJW
Posts: 3,207
Registered: ‎04-30-2009

Re: The renting vs buying discussion

Thanks all for the kind words. Wish I could respond with greater depth, but i'm on my phone using the chicklet sized keypad to write this. A Manager of mine wisely suggested that when you head down the river of life, try to paddle your canoe bit from the right side, a bit on the left, and the journey will go well. I believe that my message, no matter the audience, has been consistent : buy if it makes sense to you. I disapprove of the Kool-aid dispensed from both sides of the discussion and when blanket statements about how buying is better than renting, without any local, verified examples, excuse me if I chafe a bit at that.

It's not a great time time to buy. It's not a terrible time to buy. It's time to deeply examine if making a huge financial commitment is appropriate at this time without being influenced by people with a vested interest in your decision.


Thanks for reading
John Wheaton NMLS 653018 | Redfin Open Book Recommended Lender
See all my reviews
Gold Contributor
BobPhillips-RE
Posts: 1,701
Registered: ‎12-13-2010
0

Re: The renting vs buying discussion

"A Manager of mine wisely suggested that when you head down the river of life, try to paddle your canoe bit from the right side, a bit on the left, and the journey will go well. I believe that my message, no matter the audience, has been consistent : buy if it makes sense to you. 

It's not a great time time to buy. It's not a terrible time to buy. It's time to deeply examine if making a huge financial commitment is appropriate at this time without being influenced by people with a vested interest in your decision."

 

I agree completely, with the above remarks, and have been consistent in my public embrace of the "middle ground", though some with a more negative agenda might disagree. ( They're simply too close to one extreme end, to recognize where the middle really is.)

All this, of course, is merely MY opinion. Thanks for reading.

Bob Phillips - Realty ONE Group - South Orange County, CA
Silver Regular Contributor
cdcrezz
Posts: 591
Registered: ‎12-22-2010
0

Re: The renting vs buying discussion


LoansbyJW wrote:


It's not a great time time to buy. It's not a terrible time to buy. It's time to deeply examine if making a huge financial commitment is appropriate at this time without being influenced by people with a vested interest in your decision.




Quote by JW

Moderator
SheilaM
Posts: 628
Registered: ‎09-21-2011

Re: The renting vs buying discussion

Let's please stick to the topic of the discussion which is "renting vs buying" and refrain from bashing each other, baiting and personal attacks as they are not appropriate on these forums.

 

Thanks!

Silver Contributor
Groundhog
Posts: 536
Registered: ‎12-26-2010
0

Re: The renting vs buying discussion

http://www.thefiscaltimes.com/Articles/2012/01/04/The-New-American-Dream-Rent-Dont-Buy.aspx#page1

 

Hiya Crezz,

 

You may have already seen this article. It may even be somewhere back in this thread, I did not check for it there.

I happened across it today and decided to post it here. It is very relevant to the topic and has a lot to say about what is going on in housing these days.

 

We do live in interesting times.,The times they are definitely a' changing, as once was proclaimed in verse and popular song by "The Bard of Minnesota".

 

It is a thought provoking read, I am certain the Bullish crowd will enjoy it.

 

Groundhog opinion,

 

OGR

Silver Regular Contributor
digo
Posts: 674
Registered: ‎09-17-2010
0

Re: The renting vs buying discussion

More people renting implies more landlords making money. Everyone is happy.

 

What I find interesting is that there are many nice areas in OC where buying is clearly better than renting by a good margin.

 

Huntington Beach:

Median home price is $460,000. Based on a rental parity value of $582,805, this market is under valued.

http://ochousingnews.com/oc-beach/huntington-beach/huntington-beach-triplex-5-cap-rate

 

 

Irvine:

Irvine: Orangetree Overview Median home price is $205,000. Based on a rental parity value of $331,902, this market is under valued.

http://ochousingnews.com/irvine/2003-rollback-in-orangetree

 

Irvine: Westpark prices down 10.9% largely due to Columbus Grove which is lumped into Westpark by the MLS. Rents are rising. Median home price is $377,500. Based on a rental parity value of $584,780, this market is under valued.

(and many more neighborhoods)

 

 

Anaheim

Anaheim Overview Median home price is $306,699. Based on a rental parity value of $410,927, this market is under valued.

http://ochousingnews.com/category/north-oc/anaheim

 

 

Obviously if you think there is more serious depreciation in house values coming you may wish to wait or rent forever. If you have good income prospects, a need for a place to live for 7+ years you may find that with current rent to buy ratios, that it really is "better" to buy.

 

Only time will tell, but I think in the future people will look back at the low prices and low interest loans and say 2012, 2013 are good years for housing affordability.

Super Contributor
LeonardVice
Posts: 274
Registered: ‎02-18-2012
0

Re: The renting vs buying discussion

In my own view, it mostly depends on the state and their housing market condition. There are actually a lot of factors that affect both the preferences of people on whether buying or renting is more convenient and more acceptable in the current market condition.