Comments on: Where Should I Live in 2009? http://moneyning.com/money-tips/where-should-i-live-in-2009/ A personal finance blog where we share insights on carefully saving money, investing, early retirement, mortgages, stocks because the little things matter in achieving financial freedom! Sat, 21 Nov 2009 08:01:45 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: MoneyNing http://moneyning.com/money-tips/where-should-i-live-in-2009/comment-page-1/#comment-15536 MoneyNing Thu, 23 Apr 2009 18:05:11 +0000 http://moneyning.com/?p=2037#comment-15536 I signed a 13 month lease and was able to negotiate the rate DOWN. Here's part two that you should check out. http://moneyning.com/housing/what-you-thought-about-housing-and-how-to-lower-rents/ I signed a 13 month lease and was able to negotiate the rate DOWN.

Here’s part two that you should check out.
http://moneyning.com/housing/what-you-thought-about-housing-and-how-to-lower-rents/

]]> By: Rachel http://moneyning.com/money-tips/where-should-i-live-in-2009/comment-page-1/#comment-15535 Rachel Thu, 23 Apr 2009 17:46:42 +0000 http://moneyning.com/?p=2037#comment-15535 Your situation is similar to mine. Our lease is up at the end of April 09 and the landlord offerred us the same rate we are paying right now if we sign 1 year lease. If we sign less than 1 year, rent will be 8% more. If we go month-to-month, we will have to pay 25% more, which sucks. Even though we like where we stay now, we looked for another apartment complex, not as nice as the current one but we will save >$200/month. We were thinking hard whether we should sign 6 months or 12 months lease at the new place (rate is the same). When lease is up, rent will increase $350 if we sign another lease (more for month-to-month) I am so glad that i found your blog. We were also planning to buy a house but did not know when would be the right time (*headache). We were a little bit on the waiting-to-buy-next-year side :) So we just signed a 12-month lease since we don't want the rent to be increased again after 6 months! Thank you so much you guys! We will wait until next year to see what the housing market will be like! Hope it'll be better :) MoneyNing: Did you sign 12-month lease at the same apartment complex? Your situation is similar to mine. Our lease is up at the end of April 09 and the landlord offerred us the same rate we are paying right now if we sign 1 year lease. If we sign less than 1 year, rent will be 8% more. If we go month-to-month, we will have to pay 25% more, which sucks. Even though we like where we stay now, we looked for another apartment complex, not as nice as the current one but we will save >$200/month. We were thinking hard whether we should sign 6 months or 12 months lease at the new place (rate is the same). When lease is up, rent will increase $350 if we sign another lease (more for month-to-month)

I am so glad that i found your blog. We were also planning to buy a house but did not know when would be the right time (*headache). We were a little bit on the waiting-to-buy-next-year side :)

So we just signed a 12-month lease since we don’t want the rent to be increased again after 6 months! Thank you so much you guys! We will wait until next year to see what the housing market will be like! Hope it’ll be better :)

MoneyNing: Did you sign 12-month lease at the same apartment complex?

]]> By: MoneyNing http://moneyning.com/money-tips/where-should-i-live-in-2009/comment-page-1/#comment-12908 MoneyNing Fri, 09 Jan 2009 02:12:34 +0000 http://moneyning.com/?p=2037#comment-12908 TStrump: I can afford a house but it seems like it's worth it to wait, so that's what I'm doing! The Financial Blogger: You sure made it sound simple! :) I like where I'm living and sure I want to get a house but maybe an 18-month lease is too long. I will take my chances with a shorter lease and see what happens with the housing market in a good couple months! TStrump: I can afford a house but it seems like it’s worth it to wait, so that’s what I’m doing!

The Financial Blogger: You sure made it sound simple! :) I like where I’m living and sure I want to get a house but maybe an 18-month lease is too long. I will take my chances with a shorter lease and see what happens with the housing market in a good couple months!

]]> By: The Financial Blogger http://moneyning.com/money-tips/where-should-i-live-in-2009/comment-page-1/#comment-12907 The Financial Blogger Fri, 09 Jan 2009 01:24:15 +0000 http://moneyning.com/?p=2037#comment-12907 The first question you should ask yourself is: do I like living there? if yes, but you wish to buy a house, take the 18month term and accumulate a decent cash down. if no, leave ;-) just my 2 cents The first question you should ask yourself is:
do I like living there?

if yes, but you wish to buy a house, take the 18month term and accumulate a decent cash down.

if no, leave ;-)

just my 2 cents

]]> By: TStrump http://moneyning.com/money-tips/where-should-i-live-in-2009/comment-page-1/#comment-12905 TStrump Fri, 09 Jan 2009 01:09:05 +0000 http://moneyning.com/?p=2037#comment-12905 If you can afford to buy a house, I'd say go for it. Otherwise, I like the 12-month option - even if you find a place somewhere else that's the same or maybe a little cheaper, moving really sucks. If you can afford to buy a house, I’d say go for it.
Otherwise, I like the 12-month option – even if you find a place somewhere else that’s the same or maybe a little cheaper, moving really sucks.

]]> By: MoneyNing http://moneyning.com/money-tips/where-should-i-live-in-2009/comment-page-1/#comment-12904 MoneyNing Thu, 08 Jan 2009 22:36:40 +0000 http://moneyning.com/?p=2037#comment-12904 CD: Wow high school (or is it Junior High) sweet hearts! You and you wife must have had tons more to deal with than Emma and I with 6 kids and all! When I start thinking about the house again, I will definitely ask for everyone's advice and do lots of homework! Susan: I will be sure to look for a good deal when I get a house. Let's just hope that the housing market is still a buyer's market in a year. (btw, that quote from Dali Lama is perfect for me right now!) Steve: Great! Let's hope that we both get better deals on our houses in a year or two! It's pretty crazy to think that rents are actually going up since people are losing jobs but hey, if everything is logical, life wouldn't be as much fun! Erica: I am happy staying where I am, although my Emma always welcomes the feel of a new place (even if it's similar). I hear that the San Diego market is like 6 months ahead of the Orange County market so I will be watching closely! Good luck on your move and purchase and let me know how it worked out for you! Late 2010... I'm not sure how my wife will like that idea but when you throw that house warming party, let me know and I might drop by! CD: Wow high school (or is it Junior High) sweet hearts! You and you wife must have had tons more to deal with than Emma and I with 6 kids and all!

When I start thinking about the house again, I will definitely ask for everyone’s advice and do lots of homework!

Susan: I will be sure to look for a good deal when I get a house. Let’s just hope that the housing market is still a buyer’s market in a year. (btw, that quote from Dali Lama is perfect for me right now!)

Steve: Great! Let’s hope that we both get better deals on our houses in a year or two!

It’s pretty crazy to think that rents are actually going up since people are losing jobs but hey, if everything is logical, life wouldn’t be as much fun!

Erica: I am happy staying where I am, although my Emma always welcomes the feel of a new place (even if it’s similar).

I hear that the San Diego market is like 6 months ahead of the Orange County market so I will be watching closely! Good luck on your move and purchase and let me know how it worked out for you!

Late 2010… I’m not sure how my wife will like that idea but when you throw that house warming party, let me know and I might drop by!

]]> By: Erica Douglass http://moneyning.com/money-tips/where-should-i-live-in-2009/comment-page-1/#comment-12903 Erica Douglass Thu, 08 Jan 2009 22:25:16 +0000 http://moneyning.com/?p=2037#comment-12903 Hi David, Also, forgot to mention...in 2006 I did a timeline of the housing bust, comparing it to the last bust: http://www.erica.biz/2006/ticktick/ So far, it's been uncannily accurate. The interesting part is this quote: "1993 (2010): It’s definitely a buyer’s market. Some people are saddened by the fact that current prices are 50% of what they were in the 1980’s. The housing bust in Southern California is clearly negatively impacting the California economy and the national economy at large." Based on that, in 2006, I predicted I would buy a house in late 2010, and I can hardly believe how accurate it's been, but I still feel that way! Also, if you do decide to buy, any house you buy should not be higher than its inflation-adjusted 1997 price. 1997 was when the housing boom started in CA. (You can find inflation calculators online.) You can find a few (RARE) deals like this now. Those deals will become more common over the next 2-3 years. Do not rush to buy a house! If you are feeling cramped and can't find anything that can be negotiated down to inflation-adjusted 1997 pricing, simply move to a rental house for a year or two! -Erica Hi David,

Also, forgot to mention…in 2006 I did a timeline of the housing bust, comparing it to the last bust:

http://www.erica.biz/2006/ticktick/

So far, it’s been uncannily accurate.

The interesting part is this quote:

“1993 (2010): It’s definitely a buyer’s market. Some people are saddened by the fact that current prices are 50% of what they were in the 1980’s. The housing bust in Southern California is clearly negatively impacting the California economy and the national economy at large.”

Based on that, in 2006, I predicted I would buy a house in late 2010, and I can hardly believe how accurate it’s been, but I still feel that way!

Also, if you do decide to buy, any house you buy should not be higher than its inflation-adjusted 1997 price. 1997 was when the housing boom started in CA. (You can find inflation calculators online.) You can find a few (RARE) deals like this now. Those deals will become more common over the next 2-3 years.

Do not rush to buy a house! If you are feeling cramped and can’t find anything that can be negotiated down to inflation-adjusted 1997 pricing, simply move to a rental house for a year or two!

-Erica

]]> By: Erica Douglass http://moneyning.com/money-tips/where-should-i-live-in-2009/comment-page-1/#comment-12902 Erica Douglass Thu, 08 Jan 2009 22:16:38 +0000 http://moneyning.com/?p=2037#comment-12902 Hi! If the apartment feels small or if you're annoyed with your neighbors, I recommend renting a house. I greatly enjoy the flexibility of renting directly from the owner. If you're happy where you are, renew for 12 months and take the discount. Do not buy a house for at least 12 months. Remember, the longer you wait, the more you have interest working in your favor instead of against you. I am watching the SoCal market closely since I am moving to San Diego this year, and real estate prices still have much farther to drop in desirable areas. -Erica Hi!

If the apartment feels small or if you’re annoyed with your neighbors, I recommend renting a house. I greatly enjoy the flexibility of renting directly from the owner.

If you’re happy where you are, renew for 12 months and take the discount.

Do not buy a house for at least 12 months. Remember, the longer you wait, the more you have interest working in your favor instead of against you. I am watching the SoCal market closely since I am moving to San Diego this year, and real estate prices still have much farther to drop in desirable areas.

-Erica

]]> By: Steve C|MyWifeQuitHerJob.com http://moneyning.com/money-tips/where-should-i-live-in-2009/comment-page-1/#comment-12901 Steve C|MyWifeQuitHerJob.com Thu, 08 Jan 2009 22:10:03 +0000 http://moneyning.com/?p=2037#comment-12901 Hey David, We are in a very similar situation. My wife and I have decided to wait to buy a house in 1-2 years. Based on what my buddies back east are telling me, there's still much more carnage to come. Since you are time constrained, buying a house should be out of the question because you don't want to be rushed into such a big investment. Moving out is pain too. From your options, I tend to agree with Susan and sign the lease. It's funny, rents are actually increasing in many areas where I live. Hey David,

We are in a very similar situation. My wife and I have decided to wait to buy a house in 1-2 years. Based on what my buddies back east are telling me, there’s still much more carnage to come. Since you are time constrained, buying a house should be out of the question because you don’t want to be rushed into such a big investment. Moving out is pain too. From your options, I tend to agree with Susan and sign the lease. It’s funny, rents are actually increasing in many areas where I live.

]]> By: Susan Muenks http://moneyning.com/money-tips/where-should-i-live-in-2009/comment-page-1/#comment-12900 Susan Muenks Thu, 08 Jan 2009 19:31:11 +0000 http://moneyning.com/?p=2037#comment-12900 Well, thanks for your comments, but even though I'm in my 50s and have so-called experience, the housing market is different than it's been in years. There have been many years of growing value with housing, so it's difficult to adjust my mindset. However, when I saw your solicitation for advice, I found myself thinking back to when I was in your situation at a younger age. Buying a house can be an overwhelming undertaking. Dealing with real estate agents can be tricky. Many advocate hiring a real estate attorney these days. Good luck to you and your new wife in your future life together. You are at a wonderful crossroads in your life, creating memories as you go. Just remember that everyone makes mistakes, though most people have a short memory about them. You have your whole life ahead of you. In fact, you should be in an excellent position to negotiate, w/o owning a home that you need to sell (very hard to do now) prior to buying. Some people say there are no coincidences. From your perspective, may be the development of this new rental lease agreement is promoting the realization that there are choices to make and waiting to make your move may be a wise thing to do. As the Dali Lama said, "Not getting what you want right away is sometimes a wonderful stroke of luck." (or something like that!) Well, thanks for your comments, but even though I’m in my 50s and have so-called experience, the housing market is different than it’s been in years. There have been many years of growing value with housing, so it’s difficult to adjust my mindset. However, when I saw your solicitation for advice, I found myself thinking back to when I was in your situation at a younger age. Buying a house can be an overwhelming undertaking. Dealing with real estate agents can be tricky. Many advocate hiring a real estate attorney these days.

Good luck to you and your new wife in your future life together. You are at a wonderful crossroads in your life, creating memories as you go. Just remember that everyone makes mistakes, though most people have a short memory about them. You have your whole life ahead of you. In fact, you should be in an excellent position to negotiate, w/o owning a home that you need to sell (very hard to do now) prior to buying.

Some people say there are no coincidences. From your perspective, may be the development of this new rental lease agreement is promoting the realization that there are choices to make and waiting to make your move may be a wise thing to do. As the Dali Lama said, “Not getting what you want right away is sometimes a wonderful stroke of luck.” (or something like that!)

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