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I bought a house in this insane market AMA
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tigerwife




 
 
 
 

Post Wed, Jul 21 2021, 9:09 pm
Any reason you bought now versus waiting it out?
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amother




Junglegreen
 

Post Wed, Jul 21 2021, 9:22 pm
We couldn't stick it out in our basement apartment anyway so we moved to a bigger rental and waiting for the market to get better.
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amother




OP
 

Post Wed, Jul 21 2021, 9:56 pm
tigerwife wrote:
Any reason you bought now versus waiting it out?


We had already started looking shortly before covid hit and then everything shut down so that postponed things and we renewed our lease for another year. Then, the landlord indicated that he did not want to renew again as he had other plans for the property, so we were going to have to move at the end of the renewed lease. The housing market was really getting out of control and rentals were also so expensive, and since we'd been planning to buy for a year already, we decided to bite the bullet and not have to deal with moving again any time soon.

But yeah, if we could have renewed the lease, I think we would have done that and waited another year. Dealing with this market was really not fun.
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rikkik




 
 
 
 

Post Wed, Jul 21 2021, 10:29 pm
So, I am on the other end of the situation. I bought a house in Lakewood 4 years ago to rent for a few years, and then to sell for a higher price. I am getting calls from real estate agents that the market is crazy right now and I should sell it.
I prefer to hold onto it. For my fellow yiddens sake, I hope the market does get better. But, I bought it in an area that is near new chassidish developments, and my neighborhood is being bought by chassidim, so I think the value will stay high.
Am I making a mistake? Should I take advantage when the market is high and sell now? It's an okay house, doesn't have a basement, old construction, small kitchen. I could prob only get a high amount now bec ppl are desperate.
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GLUE




 
 
 
 

Post Thu, Jul 22 2021, 12:54 am
rikkik wrote:
So, I am on the other end of the situation. I bought a house in Lakewood 4 years ago to rent for a few years, and then to sell for a higher price. I am getting calls from real estate agents that the market is crazy right now and I should sell it.
I prefer to hold onto it. For my fellow yiddens sake, I hope the market does get better. But, I bought it in an area that is near new chassidish developments, and my neighborhood is being bought by chassidim, so I think the value will stay high.
Am I making a mistake? Should I take advantage when the market is high and sell now? It's an okay house, doesn't have a basement, old construction, small kitchen. I could prob only get a high amount now bec ppl are desperate.


If you sell now what are you going to do with the money? How much taxes are there going to be on the sale?
Those questions are also part of the equation.
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