Cost of housing.

[MRT144]

i think people should start buying homes in their mid 20s and then have a progressively larger debt payment year by year.

[shmily_dana]

Originally posted by MRT144


the northwest doesnt want you. they hate californians up here. they complain about how we steal their land and raise their costs.

You also have to think about what kind of job you can get up here.

Same in Arizona...They complain about not enough high paying jobs. Then they complain if anyone wants to build anything out here.

[Dinner]

Re: Woo Hoo

Originally posted by pchang
Oerdin is on his way to home ownership. Now he just needs to rent out to babes he can hit on.

I filled out the paper work a few hours ago. There were dozens of forms to be completed on every subject from lead based paint disclaimers to legal certificates that the house has low flow toilets but everything is over now. Of course my checking account is now $10,000 lighter since I had to leave a deposit and in order to qualify for the 80/10/10 loan my father generously offered to give the remaining $30,000 needed to avoid PMI. I'm really lucky to have my family. I would never have been able to afford such and expensive property if it wasn't for my father's support. I'm lucky because if I didn't have him I'd probably have to move out of state.

The sucky thing is I leave tonight so I won't be here when the escrow closes. The house looks great with fresh paint and new carpet. The carpet is cheap but it's brand spanking new plus the lenolium floors will have to be ripped out and replaced with real tiles and I'll eventually need to pour a proper back patio but it is all mine. Well, mine and the banks. I plan to rent it out while I'm away in IRaq but don't tell the bank that. They'd want a bigger deposit if they knew I was doing that and I think $40k is more then enough already. I think I can get between $1650-$1850 per month for rent so I'll only have to reach into my own pocket for property taxes and part of the home owners associiation dues. I'm really happy folks.

[Dinner]

About 30 seconds ago we just had an earthquake in San Diego. It was a small one with just a bit of delay between the "P" and the "S" wave. That means the center was close by; as a geologist I get off on this sort of stuff. It may sound wierd but it's good to be home.

[pchang]

Have your dad check the new place for possible earthquake damage. Earthquake insurance is very expensive, but I think necessary in CA.

[Lonestar]

Yeah, I felt it at the Food Court at the exchange. At first I thought a 18-wheeler was going by. Or something 'sploded.

[Ted Striker]

.

[Dinner]

Man, oh man. My father sent me a NEWSPAPER ARTICLE about home prices in San Diego. The average price is up to $500,000 now while just 6 months ago the average price was slightly over $400,000. That means houses have appriciated 25% in the last 6 months!

They say the rate of increase will go down some what but even if it only does 10%-15% for the rest of the year that will still be an over all 30%-45% for one year. I wish I'd bought my house six months ago. I would have $100,000 by now though as it is I probably already have $25k.

[SpencerH]

290K just down from me 4 bdrm >3000sf

[Solly]

"I wish I'd bought my house six months ago. I would have $100,000 by now though as it is I probably already have $25k."

Most of the problems housing markets get into are caused by that sort of thinking. It's typical inflation-beating thinking. "I'd better by now before prices go up". Once this thought is widespread it becomes self-fulfilling, until a critical point is reached and the predominant thought is "I'd better sell now before others do". Choosing your timing is like trying to bet on roulette, you'll either get lucky or you won't.

[DanS]

290K just down from me 4 bdrm >3000sf

niiiice.

Once the trees grow, it will look even nicer.

[Ted Striker]

.

[Dinner]

I imagine I will have to get some sort of insurence but I'd rather not if I can help it. This place, unlike my parents' house, is well back from any canyon lands.

[Dinner]

What about home owner's insurence? What does it cover and what doesn't it cover? I'm sure the bank will want me to have it but I don't know the first thing about buying it.

[SpencerH]

Originally posted by DanS


niiiice.

Once the trees grow, it will look even nicer.

I have bigger house, more land (1/2 acre), lots of damn black walnut trees, and paid 240K (but its a little older and not brick).