Quote:
Originally Posted by AmericanIMG
yeap which city?
also even if you sell it for EXACTLY what you paid for it, you are saving 3yrs worth of rent.
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...minus mortgage payments of course.
Sounds a little bit like a 'bubble' getting ready to burst. But even if it is a 'bubble', if you buy in a nice part of town or an area with a lot of upside potential you will probably do fine.
My former boss in RE liked to describe RE 'bubble's as an 8 year cycle. But not simply an up and down trend: prices will stagnate and drop on the down turn of the market but not really drop too much below prevailing rates before the big upturn.
If your credit is decent and you can put a little into the downpayment your mortgage may not be a whole lot more than rent.
Sorry I don't know more specifics with residential RE. Just don't let the brokers mess you around too much.
Good Luck!