So we are likely to continue to lease, keep to save for a down payment, and hope reality and costs comes back down to earth. If it does not — I’ll never be able to save enough so will look to finally move more affordable, to buy — ideally warmer. Possibly somewhere out of condition (but likely not because household is here). Maybe we end up renting for the rest of our lives — it is safer and cheaper than buying the meth house!
So considering October-December there were houses in $300,000 — $325,000 array that I would not mind — 4 weeks later they are in the $375,000-$425,000 variety! Everything improved quicker and higher than I could save so all I seem to be able to afford are the houses!
Long story short that I balked at the cost of the houses in our new place so decided to wait a year to save more of a down payment and expect things lowered to a amount. Depending on how much I have approved for on a loan month I could afford one of the homes I like — but although I would have to eat bread and water, and couldn’t save for my children college, go on vacations. And when the correction happens I might owe more than the house could sell for!
I find the present environment bothersome as a buyer.
We went on the market in Fall of 2016. I was somewhat shocked if there is no offer we should reduce by $ 5,000 — $10,000 each week until we market when the Realtor stated. I didn’t wish to go down in value and wasn’t in a rush to sell — so after turning a few lower than inquiring offers we took our house off market to save . We put our house back on market Spring 2017 — but raised the price by $5,000 assuming folks would go lower again (we can just counter at exactly what we originally wanted). We have two offers on the first day of listing. We approved the deal that was $25,000 more than what we were asking after asking for their very best offers! We collected our winnings (er, I suggest investment results) and moved to the better school district.
We are in Pierce County and lived in unincorporated Pierce County — we offered one acre land and our fabricated house Spring 2017 to proceed to a better school district. Following our experience selling (and jolt at cost of homes annually ) we decided to rent a year to learn what the marketplace does.
The above is no scientific, methodical way of investing — but it spared me a frustration and hardship considering them. Sadly, all three points over appear to be repeating. Did you know Dean Cain is looking for a investors that are good to find out the secrets to house flipping — no need for good credit or expertise? Also — if you’ve got that house with lots of equity in case your home is more than a million you can get the new enhanced reverse mortgage and you can do that mortgage! And seemingly, 5 percent down is still being granted (also I have been told when pre-qualifying for a loan that if I have to do less than 20% down and are not eligible for 5% down — you will find creative ways to find that house of my dreams!) And people seem to still get angry if hinting that maybe we are back into a bubble or at least getting unhinged with reality…
Came on this site and find the viewpoints of everyone intriguing. I see a lot of wondering what possible non-speculating, non-investor buyers and sellers are doing and thinking. Individuals who only want to live in a nice residence.
The article Reader Comment: “Today all I seem to have the ability to afford are the meth houses! ” appeared initially on Seattle Bubble.
I’ll stop typing like I feel my negative sarcasm bubbling upward and I am attempting to remain more positive these days…
- Each of the folks around me that I expressed my worries on prices and surroundings told me things were different at this time, prices will never be lower, or told stories on so who quit their job to flip homes. You can’t lose! I eventually stopped voicing my remarks as it seemed to make people angry. (Incidentally, I had exactly the exact same reaction throughout the Dot Com bubble once I said how idiotic some of these websites were and the way they had no business model, etc.. I am a guy — software and hardware and the people around me seemingly understood better than me! Lol)
- I also took a look at the ghetto meth house prices in certain areas at the Bonney Lake area and nearly lost my lunch in the costs that were being requested for.
- About the radio and HGTV every other advertisement or show appeared to be about getting rich quick with real estate, or refinancing into the new, enhanced, [insert long name for some type of mortgage item ] so that you can have lots of cash to retire together, live that life, blah, blah, blah.
During the last housing bubble I remember distinctly understanding things were away because:
A reader going by the handle “JustSomeDude” left a comment this morning that is worth highlighting:
1 anecdotal story — the co-worker of my wife heard we were looking to purchase. She shared that their home went up a lot in value but so would have to move somewhere else, if they offered they couldn’t even afford a deposit on any of the other homes in their area. So they are not contemplating selling even though they would really like to get the equity.
That I will share my ideas as well as some stories, although I can not speak for others.