They plan to move within the next 5 years.
They hope to move within the next 5 years.
They don't want to pay the outrageous rates for buyers with poor credit.
They are concerned the home values will continue to drop, so they don't want to "catch a falling knife."
They're hoping home values will continue to drop, so they'll be able to get an even better bargain in a few months.
They are in an uncertain employment situation.
They recently lost a job.
They recently changed a job.
They recently graduated from school and don't have a job yet.
They will stop working soon. (A couple, perhaps, with a pregnant wife/partner.)
They had a recent short sale.
They had a recent foreclosure.
How about those for some reasons?
Appreciate it! sbs
Does it make sense at all that there is a trillion dollar industry (over 20 trillion to be exact when you add in mortgages plus the part of the economy that is dependent on home building) that wants you to own a home? Banks, the government, home builders, furniture makers, real estate agents, etc are all the priests and ministers of that religion. Donâ€™t you think a small part of that 20 trillion goes into hammering again and again the marketing message that you need to own a home?
Just do the basic math on home ownership. It does not work. It will NEVER work. Maybe if home prices go down another 80% but thatâ€™s it.
The banc's shadow inventory is massive and will at some point be unleashed creating huge supply, huge variety, and huge price declines within the existing home markets.
Opportunity cost of the down payment is steep. $20,000 dumped in real estate as down payment will be lost inside 12 months via home price depreciation. Conversely, $20,000 put into precious metals will gain 20 to 40% in 12 months.
Home price declines consensus is much too low. I expect another 20% decline in 12 months and 20 to 50% declines thereafter. Americans are generally economic ignoramuses is why they expect homes to rebound if not appreciate. NOT GOING TO HAPPEN IN REAL TERMS.
Renting ultimately allows me to save copious amounts of money while I wait for home prices to accelerate to the downside.