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Old December 6th, 2005, 12:25 PM   #1
Just a Spouse
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Default This could contribute to a housing bubble burst

Moving out!

Would you sell and move out of a hot market area take the profits and buy and move into, a cooler area to get more of a house?
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Old December 6th, 2005, 12:37 PM   #2
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already did it, and am very happy
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Old December 6th, 2005, 12:41 PM   #3
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Dunno... Orion isn't a hot market :)

We bought 5 acres this year in Metamora, which is a pretty nice market. We got a good price on the property.

I'm building there next year and staying put for 20+ years.
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Old December 6th, 2005, 02:14 PM   #4
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I'm gonna move to Kentucky and get a job impregnating sheep.

DAAAAD.
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Old December 6th, 2005, 02:19 PM   #5
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Quote:
I'm gonna move to Kentucky and get a job impregnating sheep.

DAAAAD.
:tonka:
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Old December 6th, 2005, 02:23 PM   #6
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Quote:
Originally Posted by Just a Spouse
Moving out!

Would you sell and move out of a hot market area take the profits and buy and move into, a cooler area to get more of a house?
I have a co-worker, with siblings in southern california. they are looking to do exactly that. their 1400 sq foot ranch is valued at roughly 1.7 million, they've owned it for 15 years, and their current mortgage balance is something like 170k... that's a lot of equity which could not only support a very nice house elsewhere, but also funds to live off of while looking for employment for quite a while.

I sure as heck would if I had that kind of equity.
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Old December 6th, 2005, 02:41 PM   #7
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Get out before the next earthquake, then.

Cali is a true bubble economy with the housing market.

Go in after a bigger earthuake and you get get houses for real cheap. Tons of foreclosures. My brother bought a bank foreclosure house in North Hollywood for around 120k, sold for 225k after 3 years with minor work.

Someone buys that house for $1.7M, then an earthquake comes, and suddenly that house is only worth $300k, so many people just let the bank foreclose..
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