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Author Topic: Plans, oh plans
ooby
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Icon 1 posted April 17, 2006 18:32      Profile for ooby     Send New Private Message       Edit/Delete Post   Reply With Quote 
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?

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drunkennewfiemidget
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Icon 1 posted April 17, 2006 19:05      Profile for drunkennewfiemidget     Send New Private Message       Edit/Delete Post   Reply With Quote 
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.

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Flashfire
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Icon 1 posted April 18, 2006 02:57      Profile for Flashfire   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
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]

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Where would all the calculators go?"
--Kryten, Red Dwarf
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YaYawoman

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Icon 1 posted April 18, 2006 08:26      Profile for YaYawoman     Send New Private Message       Edit/Delete Post   Reply With Quote 
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

Posts: 765 | From: virginia | Registered: Oct 2005  |  IP: Logged
ooby
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Icon 1 posted April 18, 2006 13:18      Profile for ooby     Send New Private Message       Edit/Delete Post   Reply With Quote 
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.

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The Famous Druid

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Icon 1 posted April 18, 2006 13:36      Profile for The Famous Druid     Send New Private Message       Edit/Delete Post   Reply With Quote 
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.

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ooby
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Icon 1 posted April 18, 2006 14:22      Profile for ooby     Send New Private Message       Edit/Delete Post   Reply With Quote 
Unfortunately, I doubt there are landlords around here who would rent out a house to a couple with two large dogs.

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Flashfire
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Icon 1 posted April 18, 2006 15:09      Profile for Flashfire   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
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]

--------------------
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Where would all the calculators go?"
--Kryten, Red Dwarf
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Rhonwyyn

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Icon 1 posted April 18, 2006 15:29      Profile for Rhonwyyn   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
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.

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drunkennewfiemidget
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Icon 1 posted April 18, 2006 19:00      Profile for drunkennewfiemidget     Send New Private Message       Edit/Delete Post   Reply With Quote 
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.

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Rhonwyyn

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Icon 1 posted April 18, 2006 19:25      Profile for Rhonwyyn   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
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.

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dragonman97

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Icon 1 posted April 18, 2006 19:52      Profile for dragonman97   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
Oh.

It looks like it. :-/

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supergoo

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Icon 1 posted April 19, 2006 18:06      Profile for supergoo     Send New Private Message       Edit/Delete Post   Reply With Quote 
Housing here is relatively cheap.

(The above prices are for a gated community area near a lake.)

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Rhonwyyn

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Icon 11 posted April 19, 2006 18:14      Profile for Rhonwyyn   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
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?

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drunkennewfiemidget
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Icon 1 posted April 19, 2006 18:32      Profile for drunkennewfiemidget     Send New Private Message       Edit/Delete Post   Reply With Quote 
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.

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dragonman97

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Icon 1 posted April 19, 2006 18:51      Profile for dragonman97   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
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).

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supergoo

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Icon 1 posted April 19, 2006 18:51      Profile for supergoo     Send New Private Message       Edit/Delete Post   Reply With Quote 
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]

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Y los sueños, sueños son.

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Rhonwyyn

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Icon 1 posted April 19, 2006 19:38      Profile for Rhonwyyn   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
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]

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Mochan
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Icon 1 posted April 19, 2006 23:25      Profile for Mochan     Send New Private Message       Edit/Delete Post   Reply With Quote 
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]

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Flashfire
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Icon 1 posted April 20, 2006 14:22      Profile for Flashfire   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
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...

--------------------
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Where would all the calculators go?"
--Kryten, Red Dwarf
-------------------------------
My Web Comic: NSTA: Semper Vigilantis

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Xanthine

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Icon 1 posted April 20, 2006 15:03      Profile for Xanthine     Send New Private Message       Edit/Delete Post   Reply With Quote 
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.

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And it's one, two, three / On the wrong side of the lee / What were you meant for? / What were you meant for?
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YaYawoman

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Icon 1 posted April 20, 2006 17:39      Profile for YaYawoman     Send New Private Message       Edit/Delete Post   Reply With Quote 
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)

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Xanthine

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Icon 1 posted April 20, 2006 19:34      Profile for Xanthine     Send New Private Message       Edit/Delete Post   Reply With Quote 
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

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And it's one, two, three / On the wrong side of the lee / What were you meant for? / What were you meant for?
- The Decemberists

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zesovietrussian
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Icon 1 posted April 20, 2006 21:09      Profile for zesovietrussian     Send New Private Message       Edit/Delete Post   Reply With Quote 
$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...
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YaYawoman

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Icon 1 posted April 20, 2006 21:24      Profile for YaYawoman     Send New Private Message       Edit/Delete Post   Reply With Quote 
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?

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