Wednesday, April 22, 2009

Things that don't make sense: Buying a house

Read a great article in the NYT yesterday that reminded me of some silliness that has never made sense to me - Why do people get so hung up on owning a house?  The rent vs. buy analysis nearly always says 'rent' in most non-flyover markets, but with all of the plummeting home prices (in SF at least) a lot of really smart people get roped into it being "a great time to buy."

SF prices still (if you believe the fundamentals outlined in the NYT article - which I do) still has at least 20%+ to fall in a short order... and no reason to have returns greater than inflation for the next decade.  Makes no sense to buy as long as rents are relatively cheap.

My bet - lock in a ridiculously low lease in 12 months and then count yourself lucky that SF has tough laws for landlords as inflation kicks in as rents run up.

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