Quote:
Originally Posted by RalliartRsX
So what I do not get is why are they hacks?? Home buying and fixing up a home is good for the market.
And I agree. However, if someone doesn't buy a house on the outskirts, someone else will or the house just stays on the market an extra week. Both of these scenarios infinitely better than an actual foreclosure.
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I used the word hack because its realistically yhe only way for younger people to get into the housing market. I'm in San Diego right now and the closest decent house thats less than 550k is either in a shithole or a min of an hour drive away in the boonies. Its not uncommon for people to pay 500k for a 800 sq ft condo or drive 3-4 hours a day to get to work because they live very far where the houses are affordable. Make money in the city and actually have a decent house in the outskirts..a hack of sorts.
And maybe to your second point..although if prices begin falling people will be hesitant to buy.
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