Anybody been keeping up with the real estate market?

splat · Mar 17, 2005

Real estate alwyas goes up!!!

It may have some short periods of time where it goes down , but over all it always goes up!!!

dh girlie · Mar 17, 2005

stosh said:
I can NOT believe the prices lately. There is a 850sq ft house down the road from my apt. going for $179,000.00 with no garage, no parking, and right up against a busy road.

I'm asking because are there any predictions of what is going to happen in the market?
All the financial institutes seem to indicate not only in housing but other markets are sitting at the edge of a precipice.

Precipice? Isn't that the skin left over when a guy gets circu...nevermind...

Repack · Mar 17, 2005

The bubble has been "about to burst" for like 10 years now. Given that realestate is the safest invesment out there, I doubt prices will go down much.
The sooner you buy, the faster you start earning equity. When you add in the fact that you may be able to rent a room to a friend, owning is a good idea. Many of my friends have followed this route- buying a house with the intention of renting rooms to friends, rather than raising a family. It has worked out well for all of them. At least so far.

dh girlie · Mar 17, 2005

I've gained over 500K in equity in my home in about 10.5 years...

I Are Baboon · Mar 17, 2005

Yeah, some bursting bubble. :rolleyes:

MBC and I were waiting for that bubble to burst for two years (yeah, two whole years :rolleyes:

) and we saw prices rise like 10% in that time. I'm glad we bought last year because our house would probably cost us 10 grand more now (although we could probably sell it now and make a $15k profit with all we've put into it already).

Ridemonkey · Mar 17, 2005

Depends on where you are. My house is smaller than that, worth more, and will continue to rise in value.

If my house was on the other side of town it would be a different story.

Many parts of California have had the bubble burst while many other places in the West are on the rise.

Lots of variables here to consider.

Westy · Mar 17, 2005

The problem now is housing is rising so fast that it is silly to try and save money for a down payment. Try and save $10K in a year and the house you want to buy increases by $15K. I am glad I got in when I did, my mortgage+insurance+property tax is less per month than a decent 1 bedroom apartment in the area. Throw in the tax break from interest and I am practically paying myself to live in my house. :think:

Soon I will be able to pay off my original mortgage with a home equity loan. :think:

dh girlie · Mar 17, 2005

Westy said:
Soon I will be able to pay off my original mortgage with a home equity loan.

HAHAHAHAHAHA! Ain't THAT the troof!

dh girlie · Mar 17, 2005

I've actually heard of ways people take out a second at the same time as taking out their first...not quite sure how that works, but I know you can get no money down loans...not sure how THEY work, but there are lots of options for first time home buyers with little or no down.

MTB_Rob_NC · Mar 17, 2005

Ridemonkey said:
Many parts of California have had the bubble burst while many other places in the West are on the rise.

The Californian bubble was a some what isolated phenomina, the rise was due to an overwhelming demand associated with the pilgrimage to hi-tech jobs. Most of those homes were mortgaged to the hilt while interest rates were still pretty high (8.5% rates were not uncommon). So when the demand dropped out as did the income of the people living in the over mortgaged market...... Well that was the bubble popping.

There is always room for some price adjustments, but in general its hard to lose your shirt in Real Estate.

Just my $0.02, I am up almost 100% in my home investment in about 4 years.

Westy · Mar 17, 2005

I think the bubble will burst soon in many places. My company has been having problems hiring people in certain areas, if they can't find someone that already lives there they can't afford to pay them enough to buy a home. Of course I also expect to see rampant inflation in a few years so that will probably even out.

Westy · Mar 17, 2005

stosh said:
I have no idea what to do... Housing costs around here have far out paced the increase in wages....

I have a relatively good job and my GF is a first year teacher with a pretty good salary, we would be STRETCHING to afford a 850sq ft house around here and I already commute 45 and her 10min.

Get in as soon as you can, the longer you wait the harder it gets. Just remember that the majority of your mortgage is interest, that interest is tax deductible so you will save about 25% on the interest. So figure that into your actual costs.

dh girlie · Mar 17, 2005

Westy said:
Get in as soon as you can, the longer you wait the harder it gets. Just remember that the majority of your mortgage is interest, that interest is tax deductible so you will save about 25% on the interest. So figure that into your actual costs.

He's right, Stosh...it'll seem like there is no way you can make it work, and somehow you do...trust me...and Westy.

Yossarian · Mar 17, 2005

buy the cheapest house in the best neighborhood you can afford.

Westy · Mar 17, 2005

stosh said:
gottcha!

thats a good thing to consider.

Property tax is also tax deductible. What are the property taxed like up there? After living in NYS I almost have to laugh at how small mine are.

dh girlie · Mar 17, 2005

The sooner the better...housing prices around here, although they have flattened out occasionally, have always been on the rise. My friends moved up north to some bum f*ck town beyond Suckra...I mean, Sacramento...now that place is all built up with all new roads, stores, etc. And they've got close to 100K in equity in about the last 4 years.

Westy · Mar 17, 2005

dh girlie said:
The sooner the better...housing prices around here, although they have flattened out occasionally, have always been on the rise. My friends moved up north to some bum f*ck town beyond Suckra...I mean, Sacramento...now that place is all built up with all new roads, stores, etc. And they've got close to 100K in equity in about the last 4 years.

I honestly don't know how people can afford to move to most parts of CA. My boss wanted to move me out there and I figure I would need a 60K/year raise.

I Are Baboon · Mar 17, 2005

stosh said:
Thing is we won't have all the money saved up for about a year.

We didn't have all the money saved that we wanted, but said screw it and dove in anyway. Cripes, it'll probably take you a year to find a house anyway.

Echo · Mar 17, 2005

stosh said:
They're about $3k in the range we're looking.

Thing is we won't have all the money saved up for about a year.

Dude just get your ass pre-approved for a mortgage and start looking at places. You are throwing money away by waiting...

N8 v2.0 · Mar 17, 2005

Stosh (and others) you might find this link I came across a couple weeks ago interesting:

Linky: http://moneycentral.msn.com/content/Banking/Homebuyingguide/P85323.asp

About half way down there is a set of links where you can check House appreciation by metro area

Housing in my area has gone up 30% in the last 5 years... how abut where you other Monkeys live?

Yossarian · Mar 17, 2005

Echo said:
Dude just get your ass pre-approved for a mortgage and start looking at places. You are throwing money away by waiting...

Amen to that. Get Pre-approved, not pre-qualified, for a 95-100% loan and buy a house. It will be the best thing you ever did.

dh girlie · Mar 17, 2005

Westy said:
I honestly don't know how people can afford to move to most parts of CA. My boss wanted to move me out there and I figure I would need a 60K/year raise.

I don't either...all my new neighbors are RICH!

Snacks · Mar 17, 2005

Like everyone said, get in now. Your first house doesn't need to be your dream house.

There is no way I could afford to buy my house now. I bought it in 1999 for 130k, now it's up to 270k and I still haven't 'fixed' it up :rolleyes:

dh girlie · Mar 17, 2005

Snacks said:
Like everyone said, get in now. Your first house doesn't need to be your dream house.

There is no way I could afford to buy my house now. I bought it in 1999 for 130k, now it's up to 270k and I still haven't 'fixed' it up

I know...there is no way in hell I could afford my house now...the very friggin house I live in...unbelievable...but I like it...It's a cute hizzay!

F.O.G · Mar 17, 2005

You guys outside of California kill me... I am a Real Estate Appraiser in Monterey CA. and the cheapest house LISTED in the least desireable town across the bay in Seaside is over 500k and is less than 700sf. My advice to anyone is BUY NOW!!!!!!!! it will only go up. The bubble will only be in effect for those people who bought on some type of teaser loan and have to refi IF and WHEN the Mortage rates go up. Good luck!

N8 v2.0 · Mar 17, 2005

N8 said:
Stosh (and others) you might find this link I came across a couple weeks ago interesting:

Linky: http://moneycentral.msn.com/content/Banking/Homebuyingguide/P85323.asp

About half way down there is a set of links where you can check House appreciation by metro area

Housing in my area has gone up 30% in the last 5 years... how abut where you other Monkeys live?

Chit!! I see that housing in Las Vegas NV has gone up 30%+ in only last year!

dh girlie · Mar 17, 2005

N8 said:
Sheet! I see that housing in Las Vegas NV has gone up 30%+ in only last year!

I know...some friends and I were thinking about buying some property there and BAM! up it went! But the area is still a good area to invest in...theres tons of land in Henderson thats supposed to be the next big up and coming area...

dh girlie · Mar 17, 2005

stosh said:
I know... I"ve been down this road on RM before... I've got a few thousand saved but I need more.

No you don't...just do it...do it...DO IT...it WILL work...I swear.

N8 v2.0 · Mar 17, 2005

Jeez... the median price of a home in Orange County is $630,000....

:dead:

Ciaran · Mar 17, 2005

I am freaking scared sh*tless about buying a house. According to "The Plan" we are supposed to buy one next year. Living in SoCal makes it even scarier. When we buy we should have somewhere in the area of 40 - 50K for a down payment. Is that even close to enough? We really don't want to be those poeple who have 2 mortgages right off the bat with a 3000.00 a month house payment. And of course we (The GF and I) are snobs and don't want to live in a crappy area so any houses we are looking at are starting at 400,000. Sheesh, this sucks. me---> :nuts: <---The Bank

I think I am just going to build a shack in the woods and start writing letters. :blah:

dh girlie · Mar 17, 2005

stosh said:
Ok Satan.

We're just all lookin out for your best interest...it really is scary...I remember signing the loan papers and seeing that it would be almost half a million dollars in the 30 year term...for some reason that scared the daylights outta me...now I kinda laugh at that. It may not seem like you can make it work, but somehow you will.

Anybody been keeping up with the real estate market?

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