K
Kizzy
Guest
czygvtwkr said:
The Brady Bunch had a big house. You mean 350K gets you a house like Roseanne’s.
The Brady Bunch had a big house. You mean 350K gets you a house like Roseanne’s.
Hot N Bothered
New Member
C
czygvtwkr
Guest
And they have a garage, but not that nifty feature of being able to shake your neighbors hand through your upstairs windows
teverheart2002
...
StarCat said:
Uncle Charlie
Beer is Good!!!!
Ain't it great??
As a financial guy, I can only offer the following.
Interest only loans are just that, a gamble. Many "Real Estate Speculators" are using them to buy investment properties (usually at pre-construction prices) hold the property for a couple years, than flip them. Once construction is completed, they rent them out for a period of time. You can negotiate the "penalty" out of the contract in many cases. Works, as long as the market doesn't turn.
Markets don't generally drop much more than 20% and interestingly enough, many markets hit by disasters like Katrina only see a lowering of the value of properties for a few months. Then, the speculators start buying and buying and buying and the prices start to jump and jump and jump. I took advantage of this when I bough a house in the Florida Keys after Hurricane George. I bought right after the storm, market had dipped about 15%. 6 months later, the house was worth $75,000 more than I paid for it. Today, it is worth 5 times what I paid for it.
Finally, the market hasn't cooled too much around here. Older houses are sitting a little longer on the market MAINLY because people are not making them look "presentable" they are just throwing them on the market and asking too much. Good quality, good curb appeal houses are still getting what they ask.
Ocean City's average listing time for new or used properties is still under 3 days in most cases. That's a hot market and Southern Maryland is doing well too. Yes, the appraisals are high, but for us that own, we will laugh all the way to the bank when we sell. For those who don't own, BUY! (if you can)
As a financial guy, I can only offer the following.
Interest only loans are just that, a gamble. Many "Real Estate Speculators" are using them to buy investment properties (usually at pre-construction prices) hold the property for a couple years, than flip them. Once construction is completed, they rent them out for a period of time. You can negotiate the "penalty" out of the contract in many cases. Works, as long as the market doesn't turn.
Markets don't generally drop much more than 20% and interestingly enough, many markets hit by disasters like Katrina only see a lowering of the value of properties for a few months. Then, the speculators start buying and buying and buying and the prices start to jump and jump and jump. I took advantage of this when I bough a house in the Florida Keys after Hurricane George. I bought right after the storm, market had dipped about 15%. 6 months later, the house was worth $75,000 more than I paid for it. Today, it is worth 5 times what I paid for it.
Finally, the market hasn't cooled too much around here. Older houses are sitting a little longer on the market MAINLY because people are not making them look "presentable" they are just throwing them on the market and asking too much. Good quality, good curb appeal houses are still getting what they ask.
Ocean City's average listing time for new or used properties is still under 3 days in most cases. That's a hot market and Southern Maryland is doing well too. Yes, the appraisals are high, but for us that own, we will laugh all the way to the bank when we sell. For those who don't own, BUY! (if you can)
K
Kizzy
Guest
StarCat said:
Uncle Charlie,
Thanks for the post!
C
czygvtwkr
Guest
The thing is you need to live somewhere, so unless you plan on living in a cheaper area you really gain nothing other than bragging rights. A lot of people do seem to like to brag about how much their house is worth.
On another note I work with a few people that have bad credit but own houses, one took out a home equity loan and blew the money on junk as if it was disposable income. I notice this is getting more and more prevelant. My parents paid off their 30 year mortgage in 11 years, I don't see much of that any more.
On another note I work with a few people that have bad credit but own houses, one took out a home equity loan and blew the money on junk as if it was disposable income. I notice this is getting more and more prevelant. My parents paid off their 30 year mortgage in 11 years, I don't see much of that any more.
Ponytail
New Member
D
dems4me
Guest
RoseRed said:Who are you?
meme
The Smart Hooker
I can't believe the prices for houses anywhere! When I moved to Florida we built in a town town that was just incorporated and was cheap to build a house. So I build a pretty decent size house and upgraded the heck out of it because it was so cheap. My county was named the fastest growing county in America (big woo-hoo!) and we decided to have the house appraised. More then doubled. Don't think I'll be selling anytime soon. The prices have gone up in a year so much I would probably have to sell off my first born. Real Estate is definitely a great investment.
K
Kizzy
Guest
Hey PT,
Great articles
The 3rd one packs a great deal of intel on these interest only loans.
Great articles
The 3rd one packs a great deal of intel on these interest only loans.
kom526
They call me ... Sarcasmo
I think the market is starting to cool a bit, I mean it took a whole 4 days to sell our place. 
We have been in this house for almost 10 years, so we made out pretty good on this transaction. You can make a mint from selling your house but it'll cost you a mint and a half to build the next house.
We have been in this house for almost 10 years, so we made out pretty good on this transaction. You can make a mint from selling your house but it'll cost you a mint and a half to build the next house.