Real Estate market

Pete

Repete
Monday boy and I noticed that the neighbor next to us had a For Sale sign in the yard. Looked it up on the internet and he was asking $259,000. 10 months ago I paid $199,900, slightly larger lot and same size house.

It sold in 2 hours :yikes:
 
K

Kizzy

Guest
Right now, the market is crazy, everywhere in the tri-county area. You look at a house, they have beach towels hung in the windows, some cracked windows, worn out carpet to the point that it needed replaced long ago and the houses are going for top dollar. Personally, I think the housing market is going to take a dip, hopefully not a nose dive, but a dip. It seems that when interest rates go down, housing prices go up, and once the rates go up, housing prices will go down. I know what makes me sick is that in 96, I sold my townhouse in St. Charles for 99K, it sold last month for 154K. :banghead: Wish I would have just rented it out.
 

crabcake

But wait, there's more...
I, for one, am happy as a pig in shiznit ... I spoke to a realtor the other day who told me what they're going for in my 'hood. :shocking: It's enuff to make a mo-fo slap it on the market and move to montana free-and-clear! :really:
 

BadGirl

I am so very blessed
Well, I'm happy too, that the real estate market is so favorable. Just in the last 14 months (since I refinanced last Feb), my property has increased in value by 37%. It's great. I sold my house in 4 hours, but I still haven't found anything out there for me to move in to. Good thing I put in a contingency that I had to find a new home before I could go through with the contract sale of my current home.

There are virtually no homes in the mid- to southern end of SM that is for sale for less than $300K.

For anyone selling and taking their profits and moving to a lower priced real estate market - this is definitely your time!

:smile:
 
Apparently there are 2 houses for sale in my neighborhood. 1 sounds just like my house, and is selling for $285K, and the other is a larger house, on about 3x the property and is going for $345K. I think it is time to have the house appraised and refi the home equity loan.
 

crabcake

But wait, there's more...
Originally posted by huntr1
I think it is time to have the house appraised and refi the home equity loan.

help me understand something ... why would someone do this? :confused:

You get the house reappraised, find out it's worth X more dollars, and refinance an existing home equity loan for what purpose? :shrug: if you aren't borrowing more money and the rates haven't dropped, aren't you just lengthening your term (time you'll be paying on the same money you've already borrowed)? :confused:
 
Originally posted by tatercake
help me understand something ... why would someone do this? :confused:

You get the house reappraised, find out it's worth X more dollars, and refinance an existing home equity loan for what purpose? :shrug: if you aren't borrowing more money and the rates haven't dropped, aren't you just lengthening your term (time you'll be paying on the same money you've already borrowed)? :confused:
Take out a home equity loan to consolidate other, higher intrest debt (i.e. credit cards). By transferring the debt from high intrest C.C. to a home equity loan you accomplish 3 things, #1 lower intrest #2 if you continue to pay the same amount, you pay the debt off quicker and #3 you can write off the intrest on your taxes. This assumes that you do not replace the tranferred C.C. debt with new C.C. debt.
 

crabcake

But wait, there's more...
Originally posted by huntr1
Take out a home equity loan to consolidate other, higher intrest debt (i.e. credit cards). By transferring the debt from high intrest C.C. to a home equity loan you accomplish 3 things, #1 lower intrest #2 if you continue to pay the same amount, you pay the debt off quicker and #3 you can write off the intrest on your taxes. This assumes that you do not replace the tranferred C.C. debt with new C.C. debt.

okay, that's what I figured. But why refinance it? :confused: Aren't you only stretching out how long you are paying off (in a round-about way) your credit cards? Have the interest rates dropped that much that it'd be worth it? :shrug:
 

nomoney

....
Originally posted by tatercake
okay, that's what I figured. But why refinance it? :confused: Aren't you only stretching out how long you are paying off (in a round-about way) your credit cards? Have the interest rates dropped that much that it'd be worth it? :shrug:


what? are you dudes financial advisor or something:confused:
 
Originally posted by tatercake
okay, that's what I figured. But why refinance it? :confused: Aren't you only stretching out how long you are paying off (in a round-about way) your credit cards? Have the interest rates dropped that much that it'd be worth it? :shrug:
Credit cards run anywhere from 8-13%, H.E. runs prime + 0% (about 6 I think). You can write off the intrest, which effectively lowers your intrest rate even more. Need to refi the existing H.E. because it is only for 5% of the house's value, and we can now get one for probably closer to 20%. Not that we need that much, but it doesn't cost any more to have a H.E. loan for 20% than for 10%, when you only use 10%, ya know?
 

crabcake

But wait, there's more...
Originally posted by nomoney
what? are you dudes financial advisor or something:confused:

:bonk: I'm trying to understand the logic ... and I'm thinking about doing something similar, but never had a home equity loan before, so I don't know how they work.
 

Dymphna

Loyalty, Friendship, Love
Originally posted by huntr1
Apparently there are 2 houses for sale in my neighborhood. 1 sounds just like my house, and is selling for $285K, and the other is a larger house, on about 3x the property and is going for $345K. I think it is time to have the house appraised and refi the home equity loan.
You need to check that again dear. The smaller of those two houses is on just over an acre, has 300 more square feet on the main floor plus a partially finished basement. It also has a fireplace and wood floors.

The larger house is on 2 acres. It has an extra bedroom, and extra half-bath a 2-car garage and 900 more square feet of finished space than us. It also says it was built in 2004 that leaves one of three locations, actually given it's 2 acres, not 5 it leaves one location. The house has never been lived in. And also, even though it's in the neighborhood, it's not part of the HOA, which would be a plus for many since our HOA is rumored to be run by a bunch of psychotics. j/k luvyameanit It's only drawback is that it's got a killer driveway that I don't think even 4wd can tackle in the snow.

Also, LIST price won't affect an appraisal, it actually has to sell.
 
F

Filth08xXx

Guest
My mom's a real estate agent, and MAN she says we're running out of houses to sell. It's nuts...for dinky 2 bedroom, 1.5 bath huses its like...$200,000...I'm not payin that much for crap!!! She goes on her little real estate program and people are askin waay too much for nothing...one minute a house is on the market, and the next day its sold..market is still hot but mom & dad say it's about to die pretty soon :cheesy: man hearin mom on the phone all day (in-home office) real etate gets pretty boring...I'm even pickin up on it a bit..eeeeek!
 
W

wmsaunders

Guest
I'm a loan officer working in Calvert, St. Mary's and Charles Counties if anyone has any questions or needs any help with their refi.
 

Toxick

Splat
Originally posted by wmsaunders
I'm a loan officer working in Calvert, St. Mary's and Charles Counties if anyone has any questions or needs any help with their refi.



Okay, here's a question.

Let's say, hypothetically, that I bought a house a couple years ago, and since that time, for various reasons and streaks of bad luck, that my credit has gone right straight into the crapper.

Let's further say, hypothetically, that when I refinance, I want to get a chunk of change in order to pay off a vehicle and bring my auto insurance way down (all of which would free up tons of money for mortgage), and do some renovation to the bathroom, and pay for a fence that was destroyed in a hurricane, that my POS parasite insurance company gave me about 68 cents to replace, after the deductable.


The question is: Should I bother refinancing, or will I just draw unwanted attention to myself?

Hypothetically.
 
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