Quote:
Originally Posted by Choker
This is what I tried telling her. Depreciation here accelerated last quarter and the economy is looking worse overall, not better. I was going to buy a $500k house back in 2007. Today that house is worth maybe 300k. People here posting that they would buy a house, and I appreciate everyones feedback, but the stats don't lie. Homes are going down in value here in Florida with no signs of stopping. When I do the math it simply makes no sense to buy right now. $7000 a year depreciation on a 100k house. No matter how I run the numbers renting is better.
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Most all of your comments in this thread suggest a very short sighted view when looking at renting vs buying. Looking at a longer view of 7-10 years, eventually a property that has been depreciating will at some point most likely turn around and start appreciating. In your area I would say the most a property has left in depreciation is 10%, your definitely close to the bottom. If your daughter could buy an undervalued property via short sale/foreclosure it would provide enough cushion to eliminate what I believe may be the last bit of depreciation in your area.
Also, you suggest a possible 7k/yr depreciation for a 100k home in your area, but your daughter would piss away more than 7k for the year should she rent. When you were thinking of buying in 2007 you would have been buying at the market's peak for your area, far different scenario then buying today. Homes values are not dropping in all areas of Florida and there are actually many signs that point to mild appreciation in some areas of Florida.