Houses

[Capt Jay]

I've got to go house shopping again this weekend. I hate looking at houses. The worst part is that I've got to sell my house and my girlfriend has to sell her house also before we buy. This is not the time to be selling houses. The good thing is that the houses we're looking at have taken a bigger hit than ours have. The one draw back is she doesn't understand why I want an outbuilding. She complains that my garage is such a mess that a 3 stall garage doesn't have enough room for any working vehicles. I try to explain that if I get my outbuilding she won't have to see my stuff. I've got my Titan, 300zx, off road Explorer and my '70 Bronco and she can't understand my need for space. I want some place with a few acres but she doesn't because I'm gone so much for work ( which I am ). This is tough blending lives.

 

[Jim Oaks]

This is a bad time to sell and not as much is on the market as there is in the spring and summer. However, some people will be more willing to come down on price because the market this time of the year is so bad. Hopefully they'll be taking a bigger hit selling than you will selling yours

I bought a house in December of 1992 for $71,000. It was a rental and I had to close on it before December 31st because of something to do with the owner and taxes. I sold that house in the summer of 1999 for $130,000. It was an excellent deal at the time and while it wasn't what I was initially looking for, it was a great first home and a money making investment.

My last house was forclosed on because we couldn't sell it. My ex-wife wouldn't adjust the listing or come down in price. She was greedy and lost everything. It was a nice house, but the market in that area always sucked.

I've been renting for over a year now because of my divorce. The owner is going to sell this house so I'll be house hunting in the spring. I feel your pain. Moving sucks. You never realize how much crap you have till you move. He wants me to buy this house but it isn't worth it. Houses in this area doesn't sell. One thing I learned is to make sure you invest wisely and make sure your in an area that will have a good market in the future if you ever need to sell. When some first time buyers buy, I don't think they ever consider reselling later. What's the market like in that area. How long do houses list for on average, etc.

That ramble was more for other future buyers. You've owned before so you're better prepared to buy again.

Anyways......even though it's a bad time to sell, you may find a good deal.

 

[Capt Jay]

What really sucks is when I bought the house 7 years ago it was $150,000 a year and a half ago it was worth about $265,000 now I'll be lucky to get $250,000. I sound like a lot but if you take my equity and her equity ( her house is about the same as mine ) it won't even be half down. Then, like you said Jim, it's amazing how much crap you accumulate over the years. I can't even begin to fathom moving the garage crap. Welders, compressors, drills, hand tools, jacks etc. What a nightmare.

The part I'm also not looking forward to is I'm comfortable where I am. I like my neighbors. It's fairly close to work and I like the area. I'll probably like any other community once I get accustomed to it. I just hate the unknown. STRESS.....

 

[ozzy85]

I hate moving too. Done it too many times in my life. Sounds like you have enough equity to get into another house, though. I had to sell mine a few years back due to divorce. I had been paying on it for only 4 years but the market went nuts up here, so I got a few bucks out of the deal. Enough to buy a place in an ok mobile home park. I'm never going back to renting a damn apartment again. However, I'm priced entirely out of the market, wages here are at least 20 years behind the times. I just wished I had a garage.

 

[Jspafford]

Heather and I are in the process of looking for our first house. It is VERY overwhelming.

 

[Capt Jay]

The part that really sucks is that house are increasing in value around eight to ten percent and wages are increasing four to six percent. If I currently didn't own my house, I wouldn't be able to afford my house. I feel bad for the younger people getting hired at work. They talk about trying to buy a house and I just don't see how anyone can afford to buy when a starter house is around a quarter of a million dollars. I believe the last I read, in this area they concider "affordable housing" at $170,00. That's insane. Someone starting out making twenty or thirty thousand a year can't afford that.

 

[85_Ranger4x4]

I have an apartment, I hate it but it is better than a box. I would love to have a house with a real garage of my own. Someday maybe...

 

[Shotokan1509]

Is it a possibility to build onto one of the 2 current houses and sell the other, instead of selling 2 and buying?

 

[Bill]

Hey, you guys in the rest of the country have no clue what house depreciation is. Here in the Sacramento Valley, you are doing very well if you only lose about 8%. Most are losing about 15%. Builders are selling houses for 30% less than what they sold them for several years ago. There are plenty of people here crying about builders selling neighbouring houses for $300K after they bought one for $500K. There also has been no shortage of idiots that took out $350K loans for houses in the ghetto that they thought were going to make them a ton of money. The banks own a bunch of them now and the banks aren't able to sell them, even at prices below $199K.

The bottom line here is the real estate market was all about speculation for the last seven years. The cost has exceeded what people can afford, so no new buyers. Adjustable rates have caused payments to jump above and beyond what people can pay. The problem isn't going to correct itself until incomes increase and meet where prices are decreasing.

 

[86ford]

many of our housing markets are over heated and need time for the income rates to ajust to make housing closer to being affordable. it will be a long process but the housing market will turn around soon enough and within a few years be back to were it was 2-4 years ago and continue to rise. if you own now keep it if you can (even if you rent it) because the market will improve and give you more options when it comes to selling and drawing equity out of your homes. in down times people who can need to sit on there investments and wait for a better time to move. i am not feeding BS guys i work in the housing/rental market and am soon to be a realtor.

86

 

[Simple_serf]

Around here the foreclosure thing just means more houses with ever increasing prices being asked. We are a touristy area (we get the Clevelanders) They can afford crazy prices.

I am currently looking at land. Even crap land is overpriced here. $25k for 3 acres of crappy marshy land that butts up next to the interstate? WTF??

 

[snake]

I feel your pain. Moving sucks, so I haven't done it in 15 years! Plus, the house has been paid for for 12 years. The thought of selling and looking for another runs chills up my spine, especially if you are looking in another part of the country way far away. I've moved twice (at my expense) both times 1100 miles one way and I'd rather not do it again. Back then these moves cost 3K and 4K and I didn't have near as much crap as I do now.

Of course looking at houses can be fun, especially if you find something really cool and you score it. I was watching HGTV the other night and watched this young couple buy an old house built in 1903 (6000 sq ft) for 955K!!! Where the hell are these people getting this kind of money?!!

 

[Will]

My plan is to move out of this house and onto a shanty boat.

 

[odie1969]

Ya I'm so glad I got my house where I did. last yaer I bought a older house in a older sub. for 261k 1200sqft. well my buddy was hassling me b/c I spent so much on a "OLD" home that is "small" so he went out and spent 500k on a 4000sqft new build bout 40 miles away so this year we were both talking about refianacing scince the interest rate is coming back down my home apraised for 255K 6k drop due to the market his home appraised for 245k now he's all pissed off now that my old house i worth more than his. is it sad that I kinda glad this is the guy that when we were all in high school together, he would wait till one person bought a car or truck then he would go and by the same kind but newer so need less to say but now the only debt I have is my home everything I drive is "old" but paid for and he is makes $20hr and cant afford McDonalds. I'll keep my old stuff.
sorry for the rant/brag I just found out.
but good luck finding a new house, I never want to do that again.

 

[2manyfords]

It's quite the opposite up here at the moment.

Where I'm living in Manitoba the market has doubled in the past ten years and thats low compared to other parts of Canada.

I'm glad I bought my house almost 10 years ago. I couldn't afford to buy it now.