This is topic Plans, oh plans in forum All about Love! at The Geek Culture Forums!.


To visit this topic, use this URL:
http://www.geekculture.com/cgi-bin/ultimatebb/ultimatebb.cgi?ubb=get_topic;f=6;t=000573

Posted by ooby (Member # 2603) on April 17, 2006, 18:32:
 
I currently live in a condo and now that I'm getting hitched, I need to find a new home.

My fiance has 3 kids: a rottweiler/dobermann mix, a dobermann and a chihuahua mix. So we need a yard.

Unfortunately, home prices have risen in the past two years to just above what I can afford. Together, we could probably afford the house, but she just quit her part time job to finish up this semester, so she doesn't really have a steady income.

We could possibly move 1/2 hour away where the houses are cheaper, but then she might have a harder time starting up her pet sitting business.

What to do?
 
Posted by drunkennewfiemidget (Member # 2814) on April 17, 2006, 19:05:
 
Do your homework. Regardless of housing choices, if you really are diligent, and look, you'll be able to find a house you can afford, that you can live with, and that's in your price range -- remember, houses are generally priced about 10% higher than the owner is willing to accept (sometimes more).

Some places owners are willing to accept less than they're worth because they require work (internal work) like flooring, wall repairs, paint, cleanup, etc. Those're awesome places to get, since you can pay for the upgrades when you have the money, and leave them be when you don't.

That, and the satisfaction in knowing, when it's all done, that you did it, and it was your work that went into it.

Alternatively, your only option that I can think of is to rent. Unfortunately, as a renter, I hate throwing money away for something that I get no investment return from.
 
Posted by Flashfire (Member # 2616) on April 18, 2006, 02:57:
 
Have you talked to a mortgage banker/broker, yet? That may be a good first step -- they often know of obscure financial programs that can help you out, or other ways to offset the costs of homebuying. At any rate, it's always good to talk to them first, just to find out what types of loans you're eligible for and what price range you should be looking in.

Good luck out there -- finding a home is really stressful, but definitely worth it. I hope your search goes well. [Smile]
 
Posted by YaYawoman (Member # 4505) on April 18, 2006, 08:26:
 
Hi.

Be very very careful when you go talk to a broker. If there is no way you can afford a traditional 20 percent down 30 year fixed rate mortgage then i would be leery of buying at this time. Many many housing markets are overvalued and are beginning to slide in value.

The creative sub-prime loans, I/O Neg. Amortization Adjustable rate mortgages are death traps as well as the "piggyback" loans. Those are the ones with 0 down. They essentially loan you more than the house is worth to get you in. In a housing environment that we are just coming out of where appreciation of 10, 20 30 or more percent happens every year they may make sense. Possibly. Now however that is not always the case. It would really suck to owe 250,000 mortgage on a property that is worth only 225,000. That is called being upside down on your loan. Not a problem if you can afford the mortgage without scrimping and you plan to live there at least 10 years, but if you have to sell due to transfer, loss of income etc. then if you owe more than it is worth you will have to bring money to the table to sell your house.

The best bet is to do your research. Find houses that you would be comfortable owning and then find out what the mortgage youwould qualify for would cost you per month. Dont forget PMI, taxes, insurance and estimated upkeep. Then look around the area you want to live in and find what a rental house would cost you per month. Rent for a year and bank the difference between rent and owning. You will be saving a down payment and discovering if you would be able to afford that monthly fee before committing to a mortgage.

Also be careful trying to sell your condo. Many condo values are tanking. Between new construction and condo conversions many areas are saturated and inventory is so sky high it is depressing re-sell values.(Not every area, but some)

I reccomend you check out WWW.thehousingbubbleblog.com and [email protected]

PS If you dont mind answering, what general area is your condo in?

Well enough nagging i guess. Good luck and have a great day.

PPS For a chuckle, check out http://www.overvalued.blogspot.com
 
Posted by ooby (Member # 2603) on April 18, 2006, 13:18:
 
There aren't any new condo constructions in the area yet, so condo prices are still moving up. I live in the Atlantic City area where condo demand is often driven by casino employment. So part of the cause of the rise in home price in this area is a result of a growing economy.

The homes I'm looking at have been on the market for longer than 90 days, and the market is leaning toward the buyer. So I may be able to use a lowball offer.
 
Posted by The Famous Druid (Member # 1769) on April 18, 2006, 13:36:
 
I'm with YaYa on this one, be cautious.

Can't comment on the US hoursing market, but when Mrs Druid and I bought our first home, (lets not mice words, it was a slum) it cost us 2 years of the average wage. Today that same house in the same condition would be worth about 7 years of the average wage. Our current home would probably sell for 12 years wages. Prices like that aren't sustainable.

When I was working in London in the mid 90's, the UK property market had recently gone through a downturn, and several of my workmates had 'negative equity' in their homes, i.e. if they sold, the house wouldn't fetch enough to pay what they owed the bank. Double-plus ungood.
 
Posted by ooby (Member # 2603) on April 18, 2006, 14:22:
 
Unfortunately, I doubt there are landlords around here who would rent out a house to a couple with two large dogs.
 
Posted by Flashfire (Member # 2616) on April 18, 2006, 15:09:
 
quote:
Originally posted by The Famous Druid:
I'm with YaYa on this one, be cautious.

Can't comment on the US hoursing market, but when Mrs Druid and I bought our first home, (lets not mice words, it was a slum) it cost us 2 years of the average wage. Today that same house in the same condition would be worth about 7 years of the average wage. Our current home would probably sell for 12 years wages. Prices like that aren't sustainable.

Sorry, I didn't mean to sound as if I was advocating recklessness -- what I meant was to look into something like the FHA or VA programs, which might help lighten the burden a little. I agree with YaYa about the 0% and adjustable rate mortgages; stay far, far away from those. Obviously, if a broker is trying to talk you into something you're not comfortable with, find someone else.

I think we're just about due for a "readjustment" in the housing market here, though there are so many factors that vary city by city that it makes it almost impossible to predict. :/ Still, it sounds like you've got a good start, ooby. And it can't hurt to check out rental properties -- the landlords may be more canine-tolerant than you expect. [Wink]
 
Posted by Rhonwyyn (Member # 2854) on April 18, 2006, 15:29:
 
A farm or a farmette sounds like it would be just the ticket for you. You could always buy a mobile home. Or move to Lancaster City. Cheapest house now is going for the mid-20s.
 
Posted by drunkennewfiemidget (Member # 2814) on April 18, 2006, 19:00:
 
quote:
Originally posted by Rhonwyyn:
A farm or a farmette sounds like it would be just the ticket for you. You could always buy a mobile home. Or move to Lancaster City. Cheapest house now is going for the mid-20s.

mid-20s? My fucking car cost more than that. Geezus.

For 20k you can't even buy a 1 acre parcel of land here.
 
Posted by Rhonwyyn (Member # 2854) on April 18, 2006, 19:25:
 
Free mobile home if you move it. [Razz]

Hmm, I couldn't find the $25k house I had seen earlier, so it's either been sold or taken off the market. Here's one for $29,900.
 
Posted by dragonman97 (Member # 780) on April 18, 2006, 19:52:
 
Oh.

It looks like it. :-/
 
Posted by supergoo (Member # 2280) on April 19, 2006, 18:06:
 
Housing here is relatively cheap.

(The above prices are for a gated community area near a lake.)
 
Posted by Rhonwyyn (Member # 2854) on April 19, 2006, 18:14:
 
A quarter to a third of a million dollars???!!! And that's relatively cheap???!!! Where do people work that they can afford places like that? There's no way I'd ever sign for a mortgage for that much money with the salary I make at my job, that's for sure.

If I want to get certified in IT stuff, which certifications should I get, where should I study, and where can I attend as cheaply as possible?
 
Posted by drunkennewfiemidget (Member # 2814) on April 19, 2006, 18:32:
 
quote:
Originally posted by Rhonwyyn:
If I want to get certified in IT stuff, which certifications should I get, where should I study, and where can I attend as cheaply as possible?

If it's your true calling or wish, then ask people in the industry.

If you just think you'll make more money at it; don't bother, this industry already has enough people who're only here for the money, and they can be spotted a mile away -- they run our NT networks for $35k/year at best.
 
Posted by dragonman97 (Member # 780) on April 19, 2006, 18:51:
 
quote:
Originally posted by drunkennewfiemidget:
quote:
Originally posted by Rhonwyyn:
If I want to get certified in IT stuff, which certifications should I get, where should I study, and where can I attend as cheaply as possible?

If it's your true calling or wish, then ask people in the industry.

If you just think you'll make more money at it; don't bother, this industry already has enough people who're only here for the money, and they can be spotted a mile away -- they run our NT networks for $35k/year at best.

You said it.

Certs aren't worth the paper they're printed on. If you have it, you have it. If you don't, you don't. Real experience is what counts - the paper is only important if it's an absolute requirement...or it's still worth something (like the *high* level Cisco stuff).
 
Posted by supergoo (Member # 2280) on April 19, 2006, 18:51:
 
Well, I was kind of meaning to say that the homes that would sell for around $1 million elsewhere are selling for much cheaper here. Then again, it's not exactly a prime location [Razz]
 
Posted by Rhonwyyn (Member # 2854) on April 19, 2006, 19:38:
 
quote:
Originally posted by drunkennewfiemidget:
If it's your true calling or wish, then ask people in the industry.

If you just think you'll make more money at it; don't bother, this industry already has enough people who're only here for the money, and they can be spotted a mile away -- they run our NT networks for $35k/year at best.

I like building computers and rigging networks and troubleshooting software. But I want to know more so I can handle everything, not juxt the basic to intermediate. And if I can make (more) money doing what I like to do, all the better. It really spites me that I didn't major in IST or CSE when I was in college, but I never considered the potentials. [ohwell]
 
Posted by Mochan (Member # 5035) on April 19, 2006, 23:25:
 
I know how you feel on that; I have a natural knack for computers but I didn't take them up in college because I gave in to my parent's wishes to take a management course.

These days I have a managerial job but I feel it's not really for me. I was never good at really dealing with people and being a boss means you have to do it all the time! It's highly stressful, probably because it's not my cup of tea. On the plus side, it helped me expand my horizons and become more complete as an individual.

I'd imagine if I were in the IT business I'd be tapping away in a basement shunning all human contact. [Smile]
 
Posted by Flashfire (Member # 2616) on April 20, 2006, 14:22:
 
quote:
Originally posted by Rhonwyyn:
A quarter to a third of a million dollars???!!! And that's relatively cheap???!!! Where do people work that they can afford places like that? There's no way I'd ever sign for a mortgage for that much money with the salary I make at my job, that's for sure.

Wow, I was about to agree with supergoo -- those weren't all that bad. Shows how inured I am to insane real estate prices. [Frown]

Anyhow, to answer your question, out here they either work at Microsoft or Amazon (the legendary salaries from both places are still in force), have more than one salary per household, or really can't afford it but buy it anyway. When all those 0% down loans start coming due, there's going to be a day of reckoning...
 
Posted by Xanthine (Member # 736) on April 20, 2006, 15:03:
 
Out here a decent condo goes for $130-200K range. The shittiest fixer-upper I've seen on the market so far was something around $350K a couple years ago. They get pricier the closer you get to the mountains - I've seen houses that really aren't that nice going for close to a million just because they were near the Flatirons a comfortable distance from The Hill (rioting students and other riff-raff, y'know).

Prices would go down if some more new building was allowed, but then we'd have to give up all that lovely open space that surrounds Boulder, and then the whole reason people want to live here would be gone to the developers.
 
Posted by YaYawoman (Member # 4505) on April 20, 2006, 17:39:
 
Hi. Just for pure entertainment I looked up Boulder on realtytrac.com.

28 listings in pre-foreclosure, 7 auction properties, 38 bank owned.

Distressed properties for all!!!

(That doesnt include the actual for sale listings)
 
Posted by Xanthine (Member # 736) on April 20, 2006, 19:34:
 
The whole damn state is seeing a 31% increase in foreclosures.

Kinda bleak, huh?

/me is not a homeowner
/me is not likely to become a homeowner anytime soon
 
Posted by zesovietrussian (Member # 1177) on April 20, 2006, 21:09:
 
$130K for a good condo in Boulder? That's pretty damn cheap, if you ask me - you can't even dream of finding anything halfway decent for under $300K around here...
 
Posted by YaYawoman (Member # 4505) on April 20, 2006, 21:24:
 
Sit tight and enjoy the ride kiddies.

Grab your beverage and the bowl of popcorn to watch the whole shebang unravel.

The market is starting to turn and the whole house of cards (sorry, couldnt resist)is starting to slide right over the cliff.

The ARMS and I/O option ARMS are starting to hit the re-set season. If you are not a homeowner but wish to be one start saving your money. the next 5 years will bring many people who are over-extended to their knees and the banks will be stuck getting rid of the REO.

I feel badly for the average person who was just trying to get into a house to make it a home, but the flippers and speculators who drove the madness deserve everything they are going to reap.Not to mention the people in HELOC hell. Why draw down equity for cars, vacations and more credit card debt?
 
Posted by drunkennewfiemidget (Member # 2814) on April 21, 2006, 07:14:
 
I've been reading pretty much everywhere, that the entire housing market is about to take a turn for the worse -- the growth over the last while is simply unsustainable, and people're going to start realising they're FUCKED.

I'm saving my downpayment, and waiting a few years before I get in on the buying a house thing.. I'm in one of the fastest growing parts of Canada right now, and housing has shot up some stupid amount (over > 150%) in the last few years, and it can't hold.

The kind of house I want is currently in the $150-250k range. A decent sized bungalow or house. I don't want a townhouse, a condo, or a cookie cutter house built in a new neighbourhood or any of that shit.. I want an old house that's been around a while, and it's perfectly OK if it needs some work, I enjoy that sorta thing.

And so I wait..
 
Posted by YaYawoman (Member # 4505) on April 21, 2006, 08:22:
 
Hey DNF here is a listing for you. A true handyman's special. It is just a tad out of your price range, but with the right mortgage broker pushing the right loan I am sure you will be able to slide right in. [Big Grin] Honestly this is the sort of listing that makes you think many people connected with real estate have been sucking on a crack pipe for way toooooo long.

http://photos1.blogger.com/blogger/619/2015/1600/notbuilt.jpg

They originally listed for 900,000.00

Real estate is this decades crack cocaine.

If anyone is interested in reading more about this wreck or seeing some other chuckle-worthy ones you can find it here

http://overvalued.blogspot.com/2006_03_01_overvalued_archive.html

This house with no walls is almost all the way down the page.

Ok, no more nagging now.
 
Posted by drunkennewfiemidget (Member # 2814) on April 21, 2006, 10:20:
 
quote:
Originally posted by YaYawoman:
http://photos1.blogger.com/blogger/619/2015/1600/notbuilt.jpg

They originally listed for 900,000.00

Did they realise they confused , with . and change the price to $900?
 
Posted by ooby (Member # 2603) on April 21, 2006, 10:43:
 
Where can I get unbiased advice about projections for the market in my area?
 
Posted by Sxeptomaniac (Member # 3698) on April 21, 2006, 11:01:
 
Thanks for the links, YaYa.

The housing market here in California has been ridiculous the last five years. Some areas in the Central Valley have been really popular with L.A. and Bay Area buyers, who have been buying and selling as an investment. Meanwhile, quite a few of the low-income people who actually live here are finding it harder and harder to buy or rent affordable housing.

If this housing bubble doesn't pop in the next 3 or 4 years, like that blog's predicting, I'm leaving the state.
 
Posted by TMBWITW,PB (Member # 1734) on April 21, 2006, 11:34:
 
Only the last five years? No, it's been crazy much longer than that. Even the condos around here go for $300,000 and they're in crap neighborhoods. I think the only way we're ever going to own a home is by moving to another state.
 
Posted by Sxeptomaniac (Member # 3698) on April 21, 2006, 13:50:
 
quote:
Originally posted by TMBWITW,PB:
Only the last five years? No, it's been crazy much longer than that. Even the condos around here go for $300,000 and they're in crap neighborhoods. I think the only way we're ever going to own a home is by moving to another state.

Yeah, the coastal areas have been ridiculously expensive for a long time (my grandparents sold their home in Seal Beach and moved inland about 25 years ago because the place was worth so much more than when they originally bought it), but it's been much more recently that properties have gotten so expensive in the Central Valley. Merced, for example, has seen a 45% increace in home prices in four years.
 
Posted by YaYawoman (Member # 4505) on April 21, 2006, 14:41:
 
quote:
Originally posted by ooby:
Where can I get unbiased advice about projections for the market in my area?

Unbiased? If you use a realtor-based site it will sugarplums,fairies and profits for all. If you read the bubble sites and blogs it will be doom and gloom with a bit of glee thrown in.

One of the best things to do when you are buying/selling is to go to the county assessor/property office and look up condos and houses in your neighborhood. That way you can see sales history(date of sale, amount of sale, property taxes) and with that information you can make an informed decision on what comparable units are selling for. This will help when you are ready to purchase also because you can see who is most likely a speculator/flipper out to skin you and squeeze you dry. Here are some links you might want to check out.

www.benengebreth.org

www.beartopia.net

www.shorebubble.blogspot.com

and one of my personal favorites:

[email protected], which has some decent forums and if you throw the question out these people will have the answer. I am just an amateur bubblewatcher, they eat and breath it.

Good luck and I hope these may have helped.

Sxeptomaniac I am glad you enjoyed the links. CA is ground zero for the pop. The most unsustainable thing about the valley and other areas around LA is that the median salary is around 44,000.00 or less. 300-400,000 for a POS on that salary? No way. Not with the interest rates going up and the regulators starting to nose about the banks getting ready to tighten lending standards. No more holding a mirror under a borrowers nose to see if it fogs.

Hahaha, a homeless man in Florida died and it turns out he had just gotten his 5th loan from Fannie mae to buy his 5th house. I guess there is a lot of tightening needed.

EDIT: I found one more link that may help with the market direction/price question.

http://bwnt.businessweek.com/housing/2006/index.asp
It doesn't look like they include NJ but they do have large metro areas around it. Maybe you can extrapolate.

If I grind on and on about this topic, just cry uncle and I will stop. I have become very intrigued watching all of this happen. How can you not hold your breath and watch as history is made? I swear I can see us 35 years or so down the road with all the little grand-geeks running around as we start in with another story about
'the great housing crash of ought six'of course boring the ungrateful little whippersnappers to tears. [evil]

This link is for rhonnie. It is the answer to the question But who can afford these things.

http://www.30kmillionaires.com/
 
Posted by Rhonwyyn (Member # 2854) on April 21, 2006, 17:02:
 
I just heard on a news blurb five minutes ago (7:55pm EST) that prices per gallon of oil broke $75 in New York today. I guess the good news for the housing bubble impending burst is that maybe buyers can afford to move closer to work/civilization so they needn't spend much on gas. [ohwell]

Thanks for the link, Yaya. Quite interesting. They could very easily make it a reality TV show. [Razz]
 
Posted by garlicguy (Member # 3166) on April 22, 2006, 10:04:
 
quote:
Originally posted by Rhonwyyn:
I just heard on a news blurb five minutes ago (7:55pm EST) that prices per gallon of oil broke $75 in New York today.

I believe that was the "per barrel price of crude", Rhon. If not, hold on to your shorts with both hands, the end is near. [Big Grin]
 
Posted by LinuxPhreak (Member # 5033) on April 22, 2006, 11:58:
 
I'm sorry I just skimed threw this section. But I don't think I heard anyone mention hud.gov this is house and urban devolopment. Also try to find government seezed houses. I've those house go for hundreds of dollars. True they will need alot of work done on them. But hey we're geeks we like to do it ourselves.

Another great option is my father is Vice President of Madaro Enterprises. He buys and sells house down in Flarida. I'm not sure where you live. But try giving him a call.

Note: if you want a hook up from him. Send me an E- Mail of your real name. That way when you contact him I can say I know you.
 
Posted by dragonman97 (Member # 780) on April 22, 2006, 13:02:
 
quote:
Originally posted by garlicguy:
quote:
Originally posted by Rhonwyyn:
I just heard on a news blurb five minutes ago (7:55pm EST) that prices per gallon of oil broke $75 in New York today.

I believe that was the "per barrel price of crude", Rhon. If not, hold on to your shorts with both hands, the end is near. [Big Grin]
Fsck...If that were the case, I'd get up @5 AM, and /walk/ to work.

Mind you, it was $3.07/gal the other day...at my favorite station (one of the cheapest in the area). I only put in $10 - with any luck that might last me close to a week.
 
Posted by Rhonwyyn (Member # 2854) on April 22, 2006, 14:46:
 
Oops. Yeah, that's per barrel. I was typing too quickly with my mind on other things. Thanks for the heads-up!
 
Posted by Maggs (Member # 4682) on April 22, 2006, 17:47:
 
quote:
Originally posted by Rhonwyyn:
[QUOTE]Originally posted by drunkennewfiemidget:
It really spites me that I didn't major in IST or CSE when I was in college, but I never considered the potentials. [ohwell]

Really,

The potentials, for mind racking schoolwork, and paranoid programming teachers... oh joy... Welcome to Computer Science.

I just have to work harder.
 
Posted by Geordie (Member # 996) on April 23, 2006, 18:56:
 
quote:
Originally posted by dragonman97:
You said it. Certs aren't worth the paper they're printed on. If you have it, you have it. If you don't, you don't. Real experience is what counts - the paper is only important if it's an absolute requirement...or it's still worth something (like the *high* level Cisco stuff).

I am in the process of interviewing people for a Systems Administrator position and I don't agree. Sure it is possible to get certifications without understanding much of the material, but I do take certs into account when I look at a resume.

Experience is important and I won't hire someone who doesn't have real world experience, but if I don't see any certifications I am less likely to put them in the to be considered pile. It does depend on what they are going to be doing though. Right now I am looking for a Windows Active Directory savvy person and an MCSE and CCNA tells me something about their ability to do that. When I am looking for Mac people, an ACSA or ACTC does not mean as much but it certainly does not hurt. I'll put weight on the SANS certifications for Mac, Windows, or *nix positions as well.

For what it is worth according to the SAGE Salary Survey:
All that being said though, a cover letter with no typos, that describes why they are interested in the specific position (winnows down the pile by 40%), accompanied by a nicely laid out resume that clearly shows how they have applied their skills effectively (30% more gone) are the biggest hurdles that most applicants seem to falter on. With the 30% of applicants that get through the I am not clueless screening I start looking at experience, length of time at prior jobs, education, certifications, location, citizenship, etc.

However, the single most important piece of advice that I can give to people who want to make more by moving into IT is to treat your resume and cover letter like the work that you put into it is worth several thousand dollars. In the end it probably was. That advice obviously is not restricted to the IT field either.

Geordie
CCNA GSEC ACTC MCP A+ Net+
 
Posted by ooby (Member # 2603) on April 26, 2006, 14:17:
 
The Atlantic City Metro area is significantly different from adjacent metros. It has seen rapid increase while the Philadelphia area saw a milder increase.

Also, New Yorkers and North Jerseyans usually don't go to the shore south of Long Beach Island.

Either way, I think the best solution right now is to rent for a year or two.
 


© 2018 Geek Culture

Powered by Infopop Corporation
UBB.classicTM 6.4.0