The housing market

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Kizzy

Guest
There is no way in hell I would pay the amount my house just appraised for :shocking: if I was going to buy it again. Never mind the fact we couldn't afford it. <a href='http://www.smileycentral.com/?partner=ZSzeb008_ZNfox000' target='_blank'><img src='http://smileys.smileycentral.com/cat/36/36_11_1.gif' border=0></a>
 
JabbaJawz

JabbaJawz

Be about it
It's insane. We had our house appraised last month and in the 11 mos. since we moved here it's gone up quite a bit.
 
B

bresamil

wandering aimlessly
Kizzy said:
There is no way in hell I would pay the amount my house just appraised for :shocking: if I was going to buy it again. Never mind the fact we couldn't afford it. <a href='http://www.smileycentral.com/?partner=ZSzeb008_ZNfox000' target='_blank'><img src='http://smileys.smileycentral.com/cat/36/36_11_1.gif' border=0></a>
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House in my 'hood built two years ago - price $169,000. Sold 6 months ago - price $299,000. Back on the market again - asking price $340,000. Its a tiny little 3B/2BA.
 
teverheart2002

teverheart2002

...
That is what we ran into. It is amazing that the housing market has gotten so high. Great for you homeowners, sucks for the people moving to your area.
 
K

Kizzy

Guest
I have yucky blue carpet, clean, yucky blue carpet, and a gravel driveway, which we are paving in the next few weeks. The carpet isn't going to happen until the kids grow up and move out according to the husband. :boxing:

I'm just in shock. What has me worried are these interest only loans they are passing out like tic-tacs. What is going to happen when the rates go back up?

Are houses going to fall in price? Could we see a bunch of foreclosed property in the coming years? What happens if we get a democrat for president? :bawl: Well, what happens when we get a democrat for president.

Incomes are going to have to go up or houses are going to have to go down. :yikes: I feel sorry for a couple just starting out. A townhouse would run them around $1600 a month only financing 80%, average 300K, at 5-5.5%.

That is an awful lot to cough up every month. My 1st house was a mere $600 and something a month.

Right now, I'm locked in at a rate just above 5% - it just so happened that I picked the right time to do something because the rates fell to the lowest they have been in a long time.
 
teverheart2002

teverheart2002

...
Kizzy said:
I'm just in shock. What has me worried are these interest only loans they are passing out like tic-tacs. What is going to happen when the rates go back up?

Are houses going to fall in price? Could we see a bunch of foreclosed property in the coming years? What happens if we get a democrat for president? :bawl: Well, what happens when we get a democrat for president.

Incomes are going to have to go up or houses are going to have to go down. :yikes: I feel sorry for a couple just starting out. A townhouse would run them around $1600 a month only financing 80%, average 300K, at 5-5.5%.

That is an awful lot to cough up every month. My 1st house was a mere $600 and something a month.

Right now, I'm locked in at a rate just above 5% - it just so happened that I picked the right time to do something because the rates fell to the lowest they have been in a long time.
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These are the exact reasons that we have decided not to go into the housing market when we move. You just voiced the same concerns that we talk about daily just seeing all of these $300,000-400,000 houses being built here in Oklahoma. How can these people afford these homes?? And who knows if/when income will increase to match. I doubt it.
 
C

czygvtwkr

Guest
Its slowed down quite a bit already, there are houses that are now having to be reduced to sell.

Those interest only loans are a time bomb waiting to happen, I view anyone that gets one as either a gambler or financially irresponsible.
 
Larry Gude

Larry Gude

Strung Out
Here's the thing...

A. The market IS starting to cool


B. When couple A is looking at a $300-400,000 house, they're selling their $100,000 townhouse which is now worth...$200,000, so, they're 'only' financing 1-200k, not $400,000.

$200k costs you about $1,600 a month w/tax escrow, PMI et al, so a household gross of $60k or so can handle it.

Couple B is leaving a rent, townhouse or apartment, of $1,000-$1,300 or more, behind to buy couple A's $200,000 townhouse. They probably put 10% down so they're financing $180,000 or about, what, $1,400 a month, so, it's a rub cash flow wise.
 
K

Katie

Guest
We could never afford the home we have now, and we just bought a few months ago.

Is that how people afford those 400-500K homes is interest only loans, that is just to much of a gamble.

We are locked in I think a little bit about 6% and we will refinance probably next year.
 
D

dems4me

Guest
Larry Gude said:
A. The market IS starting to cool


B. When couple A is looking at a $300-400,000 house, they're selling their $100,000 townhouse which is now worth...$200,000, so, they're 'only' financing 1-200k, not $400,000.

$200k costs you about $1,600 a month w/tax escrow, PMI et al, so a household gross of $60k or so can handle it.

Couple B is leaving a rent, townhouse or apartment, of $1,000-$1,300 or more, behind to buy couple A's $200,000 townhouse. They probably put 10% down so they're financing $180,000 or about, what, $1,400 a month, so, it's a rub cash flow wise.
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while I agree with this... where would the person get their 10% down from? That's at least 20K needed (ideal) - not exactly pocket change for most folks :shrug:
 
StarCat

StarCat

New Member
I know how everyone feels, unfortunately, we dont own a house we can sell for a ton of money, which leaves us with no money to try and buy a house. The house we live in was built 20 years ago, for $64,000 and now, is worth $250-$300,000. Its crazy, its not a big fabulous house or anything. PG County is alot worse than St Mary's to try to buy a house. I need some HUD, get a HUGE house, and put patio furniture in it, like the other people around here do.
 
K

Kizzy

Guest
Larry :poorbaby: Its been awhile since you've shopped for houses? :lol:

You cannot find a house for 200K. :killingme You cannot even buy a townhouse for 200K. They are around about 300K. It is sticker shock for sure, at least it is around here, not sure what the market looks like up in your neck of the woods.
 
Wickedwrench

Wickedwrench

Stubborn and opinionated
Kizzy said:
Larry :poorbaby: Its been awhile since you've shopped for houses? :lol:

You cannot find a house for 200K. :killingme You cannot even buy a townhouse for 200K. They are around about 300K. It is sticker shock for sure, at least it is around here, not sure what the market looks like up in your neck of the woods.
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The latest appraisal on mine scared the shiat outta me.:jet:
 
W

workin hard

Icebox
When we bought ours a few months ago it appraised for more than what we were buying it for then so I can only imagine now.

I'm so glad I didn't take that interest only mortage. :bubble:
 
H

Hot N Bothered

New Member
A young couple I knew was looking for a house under 200K. They put in a bid on a townhouse which was listed at 175K. There was a bidding war and the highest offer was 215K. It appraised for 185, so that's what it sold for. There was something like 12 different people bidding on the house, but the appraisers went conservative. Tells me that the appraisers think the market will slow soon.
 
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