# Buying a house



## LT72884 (Jan 29, 2008)

Ok guys. Im not buying one yet because i dont even own my own car yet and im not married BUT hopefully in the next 1.5 years i will be in the market for a house. I have decided that where i live (draper utah), there is no possible way to afford it and i seriously dont know how people can afford living in my town.  

Right now 85% are over 1.2 million dollars. the average is 2 million. If i go farther west the homes are an average of 1 million and some are 6-7 hundred thousand. Park City is totally not an option. I can go South but then there is nothing there and i mean nothing.  I just find it so discouraging when i see a normal house go for like 700,000$ 

Is any one else's area like this. it just seems way over priced. ill post some pics of what i mean. 

these are pics of my cousins neighbors house. the sad thing is, all the houses are like this. they think they live on a gold mine here in utah. 

http://www.devahomes.com/pics/IMG_1089.jpg
http://www.devahomes.com/pics/IMG_1107.jpg
http://www.devahomes.com/pics/IMG_1104.jpg

ok those above pics are the kitchen and what not. those are the like way uber homes that are way out of my league. the area is called sun crest because its on top of a mountain. they have snow in the summer sometimes because they are so high. form my house to there takes me about 20 minutes, same zip code to. its an ant hill. 

the bellow pics are the normal everyday house out here but they still want 700,000 to over 1 mill for. and they are  west of me.

http://www.monarch-interiors.com/images/IMGP3384-A.jpg
http://oldsite.helpusell.com/images/properties/117797119.jpg

here is the thing that bugs me. my house right now is only 3 bedrooms and 1 bath. the house was built in 1940 and is only 1100 sq feet and they want over 310,000$ for it. thats ridiculous. I live in the old school part of Draper. the once so called "farm" land. we used to raise chickens and all that good stuff out here. now its all homes. i dont mind that its all houses but the price they are charging is ridiculous Im just wondering how people my age or anyone for that matter can afford living. I think its way to overrated, out here that is. I probably would think defernetly if i was older and had a carer. but since im a noob at all this, its crazy what people my age trying to start a life are going to go through to get it.  Not just here in Utah but all over. Oh and on top of housing, rising gas prices and food prices. 

I just hope that by the time i need to buy a house (which i hope is in a couple of years or so) that the market is a lil better.


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## Jeekinz (Jan 29, 2008)

That's pretty expensive for a "fly over state"


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## David Cottrell (Jan 29, 2008)

Ok LT, what would be your price range, considering affordable monthly payment, realestate taxes if any and home owners insurance?


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## LT72884 (Jan 29, 2008)

Jeekinz said:


> That's pretty expensive for a "fly over state"



BINGO. i mean i love this place because of snow and summer but not for the price.


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## LT72884 (Jan 29, 2008)

David Cottrell said:


> Ok LT, what would be your price range, considering affordable monthly payment, realestate taxes if any and home owners insurance?



ok to ME and this is just me because i have no exp in the home market, but to me a affordable home would be something like 

300,000$ for at least 5 bedrooms and 2 baths. Modest and well taken care of. Nice living room and kitchen. Monthly payment i have no idea.. lol. i would go possibly with nation wide for insurance but i dont know how much that is.


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## Jeekinz (Jan 29, 2008)

LT72884 said:


> BINGO. i mean i love this place because of snow and summer but not for the price.


 
An item is only worth what someone will pay for it.

Never look at the asking price. Call a realtor and have them fax/email/mail you *"Comps" - comparable houses that sold*. These will show you what the seller listed the home at and what price the two parties agreed on. That will be the true market value.

Good luck! Owning a home is awesome. I can do whatever the ________ I want.  Plus, real estate values always go up.


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## NAchef (Jan 29, 2008)

Why do you want to stay in Draper? Do you work out there?

I know out where I am the prices are a little different but I can get a 5 acre lot 3k - 4k sq. ft. for 300k - 400k depending on builder.


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## NAchef (Jan 29, 2008)

LT72884 said:


> ok to ME and this is just me because i have no exp in the home market, but to me a affordable home would be something like
> 
> 300,000$ for at least 5 bedrooms and 2 baths. Modest and well taken care of. Nice living room and kitchen. Monthly payment i have no idea.. lol. i would go possibly with nation wide for insurance but i dont know how much that is.


 
Here is one in your price range, I used to live down the street from this house. If you are familiar with Dan the Maytag man, this was his house, he had the addition done. Utah Real Estate - Your One Stop Source for Searching Real Estate in Utah


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## LT72884 (Jan 29, 2008)

Jeekinz said:


> An item is only worth what someone will pay for it.
> 
> Never look at the asking price.  Call a realtor and have them fax/email/mail you *"Comps"  - comparable houses that sold*.  These will show you what the seller listed the home at and what price the two parties agreed on.
> 
> Good luck!  Owning a home is awesome.  I can do whatever the ________ I want.



hmm thats a good idea. i know with my friends house that was 2100 sq feet they asked 500,000$ and got 479,000$. so they did pretty well but thats alot of money for a 2100 sq foot home with 4 bedrooms and 2 baths


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## LT72884 (Jan 29, 2008)

NAchef said:


> Here is one in your price range, I used to live down the street from this house. If you are familiar with Dan the Maytag man, this was his house, he had the addition done. Utah Real Estate - Your One Stop Source for Searching Real Estate in Utah



sweet NAChef i was hoping i would catch you on this subject. maybe im lookin in the wrong places but Draper sucks. ok sucks as in price. Heriman is getting just as bad. Have you been out there lately. its amazing how many live out there now. That house in salt lake aint to bad. I would paint it a different color though. What about Murry OR i could move outside of Utah but then i cant snowboard. lol.


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## NAchef (Jan 29, 2008)

I live in Stansbury Park now but have a house in Taylorsville that I bought about 9 years ago. 5 bed, 2.5 bath, 2100 sq ft and paid $100k for it   I rent it out now, but I would head elsewhere.

Where do you work? This may help with a shorter commute. Also check out that utah realestate site, you can narrow your search down quit a bit.


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## jabbur (Jan 29, 2008)

You also need to look at the lot size.  Do the houses come on a large plot of land?  I know here in VA home values have skyrocketed.  My home is 2400 sq ft on a 1/4 acre lot.  My sister's home is 1800 sq ft on a 2 acre lot and her home is priced about $100,000 more because of the land she has with it.  If you want to know how much of a house you can afford, DO NOT TALK WITH A RELATOR!  Go to a financial advisor who has real estate experience.  Most relators will steer you to the most expensive house that you feel you can afford.  Finacial people will look at all your assests and give you a better plan for affording a home and still be able to live in it and plan for retirement, kids college etc.  They can also help you plan now for the eventual home purchase in several years so that when the time is right you will be ready with the money.


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## LT72884 (Jan 29, 2008)

jabbur said:


> You also need to look at the lot size.  Do the houses come on a large plot of land?  I know here in VA home values have skyrocketed.  My home is 2400 sq ft on a 1/4 acre lot.  My sister's home is 1800 sq ft on a 2 acre lot and her home is priced about $100,000 more because of the land she has with it.  If you want to know how much of a house you can afford, DO NOT TALK WITH A RELATOR!  Go to a financial advisor who has real estate experience.  Most relators will steer you to the most expensive house that you feel you can afford.  Finacial people will look at all your assests and give you a better plan for affording a home and still be able to live in it and plan for retirement, kids college etc.  They can also help you plan now for the eventual home purchase in several years so that when the time is right you will be ready with the money.



my house right now is on 1/10th of an acre. Most houses here in my area are on 1/4 lot. yeah bigger lots means more money.


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## jkath (Jan 29, 2008)

jabbur said:


> *If you want to know how much of a house you can afford, DO NOT TALK WITH A RELATOR!  Go to a financial advisor* who has real estate experience.  Most relators will steer you to the most expensive house that you feel you can afford.  Finacial people will look at all your assests and give you a better plan for affording a home and still be able to live in it and plan for retirement, kids college etc.  They can also help you plan now for the eventual home purchase in several years so that when the time is right you will be ready with the money.



That's probably the BEST advice you could get!!!


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## LT72884 (Jan 29, 2008)

NAchef said:


> I live in Stansbury Park now but have a house in Taylorsville that I bought about 9 years ago. 5 bed, 2.5 bath, 2100 sq ft and paid $100k for it   I rent it out now, but I would head elsewhere.
> 
> Where do you work? This may help with a shorter commute. Also check out that utah realestate site, you can narrow your search down quit a bit.



Stansbury park is cool. thats the one with the little lake and by the great slat lake.
 right now i work at Rasmussen Equipment but after school i will be working somewhere else. 

my goal is in 1.5 -2 years to start buying a house. is it possible yes but practicle at that age, im not sure.


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## jennyema (Jan 29, 2008)

LT72884 said:


> I just hope that by the time i need to buy a house (which i hope is in a couple of years or so) that the market is a lil better.


 

Don't you mean a little worse?

I'd suggest moving, if you can.

Also, being single (or newly married) there is no way you need "at least a 5 br, 2 bath" home.  Space is nice, but it's expensive to buy and maintain.

A better strategy is to buy something smaller, build up the equity in your investment, and then use the equity to buy something larger when/if you need it.


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## NAchef (Jan 29, 2008)

What do you do at Rasmussen?


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## LT72884 (Jan 29, 2008)

jkath said:


> That's probably the BEST advice you could get!!!



where do i go to find these so called financial adviser's. i have never heard of them before. Do you find them at credit unions and banks? would a credit union and or bank be able to direct me to a financial adviser?


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## GotGarlic (Jan 29, 2008)

Jeekinz said:


> Plus, real estate values always go up.



Well, not always. With the economy we're in now, lots of people can't get loans so people who want or need to sell their homes can't find sellers, so they have to lower the price in order to sell. I know over the last year, I've seen many houses on the market for many months just in my neighborhood alone, whereas two years ago they would have sold fast, for $300k or more. An important principle of economics is that when supply goes up, the price goes down. It works for houses, too.

I would expect home values to decline significantly in Utah in the next couple of years. A lot of those expensive homes were bought by California real estate investors, aka speculators, who will eventually sell at a loss so they won't have to pay property taxes and insurance anymore. The housing bubble has burst.


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## LT72884 (Jan 29, 2008)

jennyema said:


> Don't you mean a little worse?
> 
> I'd suggest moving, if you can.



LOL i was afraid someone was going to say that. If i HAD to move i would go to VA because they have awesome summers i have heard.


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## LT72884 (Jan 29, 2008)

NAchef said:


> What do you do at Rasmussen?



I am a computer and IT assistant here. My supervisor is head of the IT part of the business. but i will not be here any more than another year. I do not know where i will go after Rasmussen. Maybe IBM or the State for a while.


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## GotGarlic (Jan 29, 2008)

LT72884 said:


> LOL i was afraid someone was going to say that. If i HAD to move i would go to VA because they have awesome summers i have heard.



Well, that's true if you like 95 degrees of heat with 95% humidity. Personally, I can't stand it.


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## LT72884 (Jan 29, 2008)

jennyema said:


> Don't you mean a little worse?
> 
> I'd suggest moving, if you can.
> 
> ...



thats a dang good point. maybe i should be thinking of a 2 bedroom condo or house somewhere then sale when we need to. Im always jumping in the deep end before i see how safe the water is. LOL


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## Jeekinz (Jan 29, 2008)

GotGarlic said:


> Well, not always. With the economy we're in now, lots of people can't get loans so people who want or need to sell their homes can't find sellers, so they have to lower the price in order to sell. I know over the last year, I've seen many houses on the market for many months just in my neighborhood alone, whereas two years ago they would have sold fast, for $300k or more. An important principle of economics is that when supply goes up, the price goes down. It works for houses, too.
> 
> I would expect home values to decline significantly in Utah in the next couple of years. A lot of those expensive homes were bought by California real estate investors, aka speculators, who will eventually sell at a loss so they won't have to pay property taxes and insurance anymore. The housing bubble has burst.


 
GG, no matter what real estate goes UP in value. You can't look at it as a short term investment. If a house is worth 100k in 2008, then lets say 80k in 2010, in 2015 it will probobly go up to 140k.

It always goes up. For an investment,  the trick is to have a good idea when the market goes up.  That's the real estate "gamble".

Also, a realtor does not force a buyer into spending more money. The buyers are the ones who stretch themselves to the max. Either way, the lending institution knows how much extra money you need to pay bills and such, so if you make 4k a month, you're not going to get a 3k mortgage. A realtor has absolutely nothing to do with the money end of things.


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## LT72884 (Jan 29, 2008)

GotGarlic said:


> Well, that's true if you like 95 degrees of heat with 95% humidity. Personally, I can't stand it.


  our summers here are usually 95 to 102 on average. last year our record was 112 BUT our humidity is like 45% at the most unless its a rainy day. i LOVE to bike ride in the heat especialy in our mountains


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## LT72884 (Jan 29, 2008)

man i appreciate all your feed back. so far i have learned 

get a financial advisor 
start out small then increase when needed
housing is expensive but worth it
having a house of your own allows jeenkins to do what ever the __________ he wants
VA is hot and really humid
California realators bought houses in Draper and other parts of Utah


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## jpmcgrew (Jan 29, 2008)

Its expensive not counting insurance, utilities, property taxes, maintenance etc. What might be a good bet is to invest in a little bit of land let it appreciate a few years then you can sell it and take the profits for a nice down payment.Its really expensive here in New Mexico as well.


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## jabbur (Jan 29, 2008)

VA is a nice place.  You can literally go from the mountains to the beach in about 3 hours!  You can start at a bank or credit union for financial advise.  Also ask around to friends, coworkers, bosses.  Who advises them?  You need to find someone you trust.  You are young so if you start your investing now you will be able to retire comfortably.  We found ours through our church.  We started the invest game a bit late but she came up with a plan that has helped us increase our retirement accounts as well as helping to pay for our kids college.  When we bought this house, she helped us figure out the amount we could spend on a house figuring the equity we had in our previous house and still meet our retirement and college tuition goals. I don't think we would have bought this house if she hadn't gone over the finacials with us to show is that we really could afford this home and still do everything we wanted.  It was about $50,000 more than the top of the limit we thought we spend.  We still ended up with about $30,000 in profit from the sale of our old home that was then put into investment accounts and is paying for son #2 college tuition now!  We would have not had that if we had done things without her input.  Watch out for advisors that want you to pay for each visit though.  Ours gets paid a yearly fee for managing our accounts and is paid from the profits of our accounts.  We don't have to write a check each time we see her.  We get one statement at the end of the year saying $X was paid and it is a set yearly fee.  I think it ends up less than $200 a year for our 5 accounts she handles.  Check into companies like Charles Scwab, UBS.  Both of those companies have good reputations. Ours used to work for UBS but then took a job with a local company to allow her more time with her young children.  We moved with her since she had done such a good job helping us out.


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## Jeekinz (Jan 29, 2008)

Actually, vacant land is the worst investment. Say you bought an acre of buildable land and decided to sit on it. The township can change their zoning laws to only allow 3+ acre lots buildable. (happened in a town near me) Now, all those people with those lots cant to a thing with them if they want to sell, other than offer it to a neighboring homeowner. There are tons of other scenarios.

Find a duplex handyman's special. Live in the best side and fix up the other side to rent out. Or find a single family that needs some TLC. Those are the bargains, but you have to get your hands dirty and read some books on home repairs and rebuilding. I laid my own hardwood floor in my kitchen which cost $1000, if I had a company install it the cost would probobly triple and I would have no return on the improvement.

Oh, and a tip on mortgages:  See if your lender offers different payment schedules.  I electronicly pay my 30 year mortgage every week instead of every month.  The house will be paid off in 23 years and I will have saved $121,000.


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## LT72884 (Jan 29, 2008)

Jabbur. ok i will look into some financial advisory places. Ill start by asking my mom to see who she trusts. 

jeekins

your payment plan to me would seem a little tough because more money is taken out at once thus leaving less for food and other things.


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## GotGarlic (Jan 29, 2008)

Jeekinz said:


> GG, no matter what real estate goes UP in value. You can't look at it as a short term investment. If a house is worth 100k in 2008, then lets say 80k in 2010, in 2015 it will probobly go up to 140k.
> 
> It always goes up. For an investment,  the trick is to have a good idea when the market goes up.  That's the real estate "gamble".



Sorry, Jeekinz. While I agree that in the long term, real estate value increases, that isn't always relevant. When people need to move, they need to move, and someone who needs to move right now is going to have a hard time finding a buyer in many places. I have friends who own a home in Ft. Collins, Colo., while they live here. They can't rent it for enough to cover the mortgage and can't sell it for enough to pay off the mortgage, much less make a profit. My dad lives in CA and TWICE had to sell a house for less than he paid for it because the market went down. 

I have other friends who bought a house a few miles from me at the top of the market two years ago; it's now worth less than they paid for it, based on neighborhood comps. It happens. I have another friend who works for the military (she's not a member herself); she tells me the number of guys in the military who are "geographic bachelors" has increased significantly in the last year or so. That means they've been transferred to their new duty station, but they can't sell their house here, so their families have to stay behind. That or let the bank take it, and the military frowns on that.



Jeekinz said:


> Also, a realtor does not force a buyer into spending more money. The buyers are the ones who stretch themselves to the max. Either way, the lending institution knows how much extra money you need to pay bills and such, so if you make 4k a month, you're not going to get a 3k mortgage. A realtor has absolutely nothing to do with the money end of things.



I'm not sure where this is coming from. I didn't say anything at all about realtors.


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## *amy* (Jan 29, 2008)

LT72884 said:


> Ok guys.* Im not buying one yet because i dont even own my own car yet and im not married BUT hopefully in the next 1.5 years i will be in the market for a house. I have decided that where i live (draper utah), there is no possible way to afford it and i seriously dont know how people can afford living in my town. *
> 
> Right now 85% are over 1.2 million dollars. the average is 2 million. If i go farther west the homes are an average of 1 million and some are 6-7 hundred thousand. Park City is totally not an option. I can go South but then there is nothing there and i mean nothing. I just find it so discouraging when i see a normal house go for like 700,000$
> 
> ...


 
You don't need to own your car or be married to buy a home. The market has drastically changed. NOW is the time to buy because prices have gone WAY down. It's a buyers market now. In 1 1/2 years everything can change. Since you don't need to sell your home to buy another, call your lender/bank when you are ready to go, & ask for a prequalifying letter for a loan. They will tell you what/how much of a loan you qualify for, your credit rating & market value of your home if you owned one now. Realtors will give you a market value. You can also negotiate their fee.

Since you are a prospective buyer, imo, NOW is the time to buy. As mentioned, prices have dropped drastically, & banks are foreclosing on unpaid or overextended loans.

If you are set on living in a certain area, you will pay the market value $ price. If that is above what you qualify for, or can afford - try looking at condos/townhouses. You will also be paying property taxes - some or in whole may be deductible.  Prices here are outrageous - but you are paying for location (& square footage).

My home more than tripled over the last few, now it took a nose dive. When you are ready to look/buy/move - take a look at realtor.com. The listings aren't always up to date, but you can do a search based on what you want/where/how much you can afford.

Again, now would be the time to buy, if you're not selling. But, the market can change. The Fanny May (sp?) foundation use to be helpful for first-time buyers. They may have a site you can check out. If you can swing the down payment & monthly & property taxes, a home is a great investment. Far better than renting. Best of luck.


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## jpmcgrew (Jan 29, 2008)

Jeekinz said:


> Actually, vacant land is the worst investment. Say you bought an acre of buildable land and decided to sit on it. The township can change their zoning laws to only allow 3+ acre lots buildable. (happened in a town near me) Now, all those people with those lots cant to a thing with them if they want to sell, other than offer it to a neighboring homeowner. There are tons of other scenarios.
> 
> Find a duplex handyman's special. Live in the best side and fix up the other side to rent out. Or find a single family that needs some TLC. Those are the bargains, but you have to get your hands dirty and read some books on home repairs and rebuilding. I laid my own hardwood floor in my kitchen which cost $1000, if I had a company install it the cost would probobly triple and I would have no return on the improvement.
> 
> Oh, and a tip on mortgages: See if your lender offers different payment schedules. I electronicly pay my 30 year mortgage every week instead of every month. The house will be paid off in 23 years and I will have saved $121,000.


 
Dont see that happening here we have two 10 acre lots right next to each other in Eagle Nest,NM. Its really nice land.Its like a subdivision but we are surounded by people who also have no less than 10 acres each.Its paid for so I have no worries.


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## Jeekinz (Jan 29, 2008)

GG, I'm not saying _everyone_ makes a profit when they sell a home.  What I was saying was, in the long term a homes value will go up.....no matter what.  15 years from now your house and everyone elses will be worth more.  Now, if you were smart and didn't keep borrowing againt your equity, you'll still be paying the same amount of money.

Every time there's a spike in home values it will drop for a while.  Your friend made a big mistake buying in a sellers market, but if they stay there tables will turn and they will be in good shape.

The realtor comment was to another poster.


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## LT72884 (Jan 29, 2008)

if i had the money right now i would buy this one. 

Utah Real Estate - Your One Stop Source for Searching Real Estate in Utah


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## jpmcgrew (Jan 29, 2008)

LT72884 said:


> if i had the money right now i would buy this one.
> 
> Utah Real Estate - Your One Stop Source for Searching Real Estate in Utah


 You are too funny!


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## LT72884 (Jan 29, 2008)

Amy. well im only 23 and still live at home so i can go to school and finish up with out having to pay for a lot of stuff. it could even be more than 2 years before im in a house. it could be like 4. I have designed my own house on paper and it will probably stay on paper for a while. maybe in like 3 years a repo house will come about


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## LT72884 (Jan 29, 2008)

jpmcgrew said:


> You are too funny!




LOL i know. the funny thing is every house in that area of south mountain is just like that. they are all competing against each other. the whole mountain is. its literaly like a 5 mile stretch on the mountian with these homes on it.


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## GotGarlic (Jan 29, 2008)

Jeekinz said:


> GG, I'm not saying _everyone_ makes a profit when they sell a home.  What I was saying was, in the long term a homes value will go up.....no matter what.  15 years from now your house and everyone elses will be worth more.  Now, if you were smart and didn't keep borrowing againt your equity, you'll still be paying the same amount of money.



I hear ya  I don't know what your area is like, but in this part of VA, there is a high concentration of military installations, so we have a highly transient population. People can't always choose when to buy or sell.



Jeekinz said:


> Every time there's a spike in home values it will drop for a while.  Your friend made a big mistake buying in a sellers market, but if they stay there tables will turn and they will be in good shape.



They bought when they moved here to take better jobs; there was no way of knowing that six months later, housing prices would implode.


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## AllenOK (Jan 29, 2008)

Wow, this is a good thread!

One thing to remember, is LOCATION, LOCATION, LOCATION!  Also, the Law of Supply and Demand.

I live out in the sticks, within a stone's-throw of Tulsa, OK.  I literally mean "the sticks", too.  I wake to two of my neighbor's roosters bragging to each other about the size of their flocks each morning.  Another neighbor has horses.  A fourth has cattle.  We hear coyotes at night sometimes.  We're currently renting a Rent-to-own house, about 2700 sq. ft, 4 bedrooms (technically, there's another "study" that we use as a bedroom as well), 2 1/2 bath, 1 1/2 car garage.  Not sure how much land, exactly, but I'm guesstimating over an acre (takes me 3 hours to mow it with a push-mower).  The owner wants $120,00 for the whole schmear.

Go into Tulsa, and the prices get higher for smaller homes.  More demand for homes, less supply, unless you're willing to live in the newer suburbs and pay $$$$ for BIG new homes.

For what you all are talking about pricewise for housing, if I were to pay that kind of money here, I'd better be living in a freaking mansion on the south side of Downtown.

jpmcgrew, Eagle's Nest, halfway between Cimmaron and Taos?  That was a really nice-looking area back in '92, the last time I was out there.


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## Fisher's Mom (Jan 29, 2008)

So true, AllenOK. I love it when people move here from California because they are amazed and delighted to see what they can buy here vs. there. You can buy a very, very nice home here for 350,000 but in Silicon Valley, you'd be hard pressed to buy a garage for that. (Of course, salaries vary too from location to location in part to take into account cost of living.)


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## NAchef (Jan 29, 2008)

Here is something you should look into. Someone posted this earlier and it is something I have thought about doing.

Utah Real Estate - Your One Stop Source for Searching Real Estate in Utah

You get half of your mortgage paid, or more, and you will have something that will gain you money in the future. If you can look into a 15 year loan, I only pay a couple hundred extra and A LOT less interest.


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## jpmcgrew (Jan 29, 2008)

AllenOK said:


> Wow, this is a good thread!
> 
> One thing to remember, is LOCATION, LOCATION, LOCATION! Also, the Law of Supply and Demand.
> 
> ...


 
You are right Allen, Angel Fire is 11 miles from Eagle Nest and Taos is about another 25 miles from AF. Beautiful country but not cheap
Search Angel Fire, Red River, Moreno Valley NM Real Estate Listings For Sale


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## LT72884 (Jan 29, 2008)

i have seen a few duplexes around here for a good deal. they just needed a lot of work. there is so much to know when buying a house or even a car.


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## jpmcgrew (Jan 29, 2008)

From our land you can see Eagle Nest lake to the left and in front you can see Mount Wheeler highest peak in New Mexico. We are right next to a mountain and on one lot we have a little forest with an under ground stream that comes up in the summer wide enough to to not be able to jump over very easily.
Sangre de Cristo Chronicle, Angel Fire, New Mexico
The Sangre de Christo Mountains translated from Spanish means Blood of Christ. Welcome to New Mexico. Land of Enchantment.


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## LT72884 (Jan 29, 2008)

ok this house right here
Search Angel Fire, Red River, Moreno Valley NM Real Estate Listings For Sale

with 4.2 acres of land and a gorgeous interior for 658,000$  vs's my next door neighboors house 
Utah Real Estate - Your One Stop Source for Searching Real Estate in Utah

i would rather live in NM. the house above is was originally built in the late 1800's early 1900's but they still want almost a mill for it when i can spend that much and live in NM for like 10 times the land and have horses.


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## jennyema (Jan 29, 2008)

LT72884 said:


> i have seen a few duplexes around here for a good deal. they just needed a lot of work. there is so much to know when buying a house or even a car.


 

It's often easier for young people starting out with lower incomes to qualify for a mortgage on a duplex than on a single family house because the lender will consider your rental income also.


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## miniman (Jan 29, 2008)

Jeekinz said:


> GG, I'm not saying _everyone_ makes a profit when they sell a home. What I was saying was, in the long term a homes value will go up.....no matter what. 15 years from now your house and everyone elses will be worth more. Now, if you were smart and didn't keep borrowing againt your equity, you'll still be paying the same amount of money.
> 
> Every time there's a spike in home values it will drop for a while. Your friend made a big mistake buying in a sellers market, but if they stay there tables will turn and they will be in good shape.
> 
> The realtor comment was to another poster.


 
I agree that the "value" always goes up in the long term but you have to think about it in real terms and compare the increase with the changes in monetary value and inflation. So while your house may be going up but not as fast as salraries & other costs, it's effective (comparable) value is actually decreasing. It may also change effective to another area when you are moving, so your house may not grow in value as fast as another area which may cause problems when you are selling in order to buy somewhere else.


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## Barbara L (Jan 30, 2008)

LT72884 said:


> if i had the money right now i would buy this one.
> 
> Utah Real Estate - Your One Stop Source for Searching Real Estate in Utah


"Bar Wet?"  I think if I were listing an almost $4 million house, I would have someone proofread the copy a little better!  LOL

Nice house, but I would certainly want a staff to clean/maintain something that huge!

Barbara


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## sage™ (Jan 30, 2008)

I think houses will start to go down in a lot of places. Another way to get good deals on houses is to check the VA and HUD foreclosures..they are usually listed in the newspapers (classified section) on Fridays..at least they are here.


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## Claire (Jan 30, 2008)

I have noticed that real estate prices have skyrocketed; however they are not selling.  That seems excessive to me unless you're living in vacation-land.  In that case, you pay out the wazoo.  If you do not live in ski-land, just make a lower offer.


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## wysiwyg (Jan 30, 2008)

LT72284,
Same as some others advised... right now, you have a big advantage: IT IS A BUYER'S MARKET.  Even better for you since you don't have property to sell.
Save as much as you can for a down payment and utilize the services of a financial advisor, check with several ones until you find one that makes you feel comfortable and asks you a ton of questions.  This means he wants to know more about you because ultimately, you will be the one making the decision.
Relative to the houses posted, they all look amazing but in my opinion they are way too big and will take a ton of money and time to keep up with (gas, electricity, dusting and cleaning, yard, etc.)
Bottom line:  Enjoy this time because when you go house hunting, you realize you must know much more of yourself than you actually do.
As sage stated:  Check your county office, they probably have a list of foreclosures, non-paid taxes, etc. properties that are good values.


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## LT72884 (Jan 30, 2008)

hey What You See Is What You Get, Thanks for the advice. Sage had a good idea. I know my cousin bought a 2.3 million dollar house for 500,000$ because the person after so many years had to foreclose on it and the bank only wanted as much as the loan pay off was so they wouldnt go in the red. I have often thought of buying a foreclosed house. I will be sure to find someone who asks me tons of questions.


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## sage™ (Jan 30, 2008)

The way they keep saying a recession is upon us (if true) means there will be a lot of foreclosed to chose from. Back in the early 80's there were 200 to 300 homes listed in the classifieds every week. We bought a HUD home then..was only $1600. to move in..I don't know how big of down payment they want now a days.
 Just save all the money you can while your living with your parents in case you need to fix a place up, etc. Another expense you may need to consider besides house payments, taxes, insurance is HOA (Home Owner Association)dues. Some of them can be really high. But its good to live in a neighborhood that does enforce deed restrictions to help protect your property values.


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## wysiwyg (Jan 30, 2008)

LT72884,
IMHO: We are in a recession and will remain this way for quite a while (I am worried this may turn into a depression).  The real state crisis will continue for a while (the Fed are printing more money to stimulate the economy and create more inflation) and the stock market may go down (just compare any stock price/earning ratio with historical values and you will realize that stocks are overpriced).  
I'd imagine it will remain a buyer's market for a while.  If you are looking for a house, check how much time and money will be required to maintain it (bills and taxes).
Sage idea is right on, the main thing is that you will readily available cash to pay for the foreclosure and most likely property taxes.  

Although real state has been historically a good way to save your earnings from inflation, it has been inflated in an unrealistic way during the 90's due to fiscal policy that moved our economy artifically (dropping interest rates) and printed too much money instead of putting incentives in savings and production of goods.  The market is adjusting now, just make sure you take advantage of the opportunity.


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## Barbara L (Jan 30, 2008)

LT, I know nothing about buying houses (found our house and land online and happened to get a great deal--didn't buy online, it was through the realtor we were already renting through), and it looks like you have gotten a lot of good advice here.  Here's another thought (sorry if it has already been brought up--I didn't see it).  I guess the best way to say what I mean (since the words don't want to come out right) is to give an example.  About an hour from here are two cities right next to each other.  One of the cities would be a great place to work, but the cost of everything there is so high that I wouldn't want to live there.  The cost of living is much better in the city right next to it.  So it would be smart to work in the first city and live in the second.  So what I am trying to say is, if you want to live in a certain area but it is too expensive, try another area nearby.

Barbara


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## wysiwyg (Feb 1, 2008)

LT72884,
Even if this sounds obvious, I don't think it is redundant.  If you are going to start looking for a house, check your Credit Score as lenders will use that information to determine interest rates.  With that information on hand, check with several institutions to find out how much you can afford...also getting pre-qualified for a price range will help you narrow down your choices in terms of what house you can afford.  And last but not least, get informed.  Acquire knowledge via books, professional advise, internet, etc. etc.  
Good luck!


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## jpmcgrew (Feb 2, 2008)

House values are expected to go down another 25 % before it gets better again. I would save every penny I could in case something really great comes up. When you get a house you can afford on your own you might want to take on a room mate and save that money for unexpected emergencies, property taxes etc.


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## sage™ (Feb 2, 2008)

Here, property taxes and insurance are included in your house payment.


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## CharlieD (Feb 2, 2008)

LT72884 said:


> if i had the money right now i would buy this one.
> 
> Utah Real Estate - Your One Stop Source for Searching Real Estate in Utah


 
You and me alone. It would be just about the right house for me. With some small remodoling convert couple of bedrooms into extra kitchen space with 3 stoves 3 sinks, about 6 ovens, I'd be pretty happy. Of course I can only affort about $500.00 bucks a month, and I am not that yong and even have  a carier, but ousing is just absolutelly crazy. The feds should have been rasing interest rates back in 98 to slow down the market, well it's too late for that.


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