Buffan00 Posted May 8, 2008 Posted May 8, 2008 Just signed a contract on a 1 yr old house here in Richmond, KY. It was listed at 275K with 2800 sqft all brick with 1 acre in an upscale neighborhood. We offered 190 to see how far they would come down after 2 days they came back with 220K and we said "no thanks", we'll keep looking. Well, yesterday afternoon my realtor calls and says they wanted to know if we were still interested in the house? They also told the realtor they would take 206K if we did a contract that same day. We did, pending a home inspection ofcourse. But damn, this house is 4 bdrm /office granite everything 3 car garage!!! The people owed only 150K or so and just wanted to get it off their hands. Sorry to toot my own horn, but if your a buyer looking in this market, your in for a hell of a deal!!!
apuszczalowski Posted May 8, 2008 Posted May 8, 2008 Just signed a contract on a 1 yr old house here in Richmond, KY. It was listed at 275K with 2800 sqft all brick with 1 acre in an upscale neighborhood. We offered 190 to see how far they would come down after 2 days they came back with 220K and we said "no thanks", we'll keep looking. Well, yesterday afternoon my realtor calls and says they wanted to know if we were still interested in the house? They also told the realtor they would take 206K if we did a contract that same day. We did, pending a home inspection ofcourse. But damn, this house is 4 bdrm /office granite everything 3 car garage!!! The people owed only 150K or so and just wanted to get it off their hands. Sorry to toot my own horn, but if your a buyer looking in this market, your in for a hell of a deal!!! Sweet, if you have the money, buying real estate now is a great investment, its definitly a buyers market right now. If you are trying to get a mortgage though, its not going to be easy. I will be looking for a place by the end of the summer, except I'm north of the border so the housing market isn't in the same condition
mcjeff215 Posted May 8, 2008 Posted May 8, 2008 Sweet, if you have the money, buying real estate now is a great investment, its definitly a buyers market right now. If you are trying to get a mortgage though, its not going to be easy. I will be looking for a place by the end of the summer, except I'm north of the border so the housing market isn't in the same condition Yeah, it's nuts. We just bought and got a hell of a deal on it. It's gotten to the point now where I see signs posted at intersections, written in marker on posterboard, that say "5000 and you take over the payments! Desperate!" It took us over a year to sell our house. We took the *first* offer we were given. Yup, we waited a year for an offer.
drnykterstein Posted May 8, 2008 Posted May 8, 2008 Wow nice! I'd buy a house in Utah.. but there does not seem to be a bubble here.
stevestojan Posted May 9, 2008 Posted May 9, 2008 I'm in the market for a new house. Great time to be in the market. The problem is, I'm also in the seller's market. Gotta get rid of the one I'm in now. Will likely take a loss on it. You believe that sh--? Only had it for about 3 years, so it was still a better investment that renting. I guess....
RayFinkle Posted May 9, 2008 Posted May 9, 2008 I'm in the market for a new house. Great time to be in the market. The problem is, I'm also in the seller's market. Gotta get rid of the one I'm in now. Will likely take a loss on it. You believe that sh--? Only had it for about 3 years, so it was still a better investment that renting. I guess.... If you are selling after 3 years, you would have been better off renting. The only thing you have been paying is interest on the loan, not principal. You'll take a loss.
Alaska Darin Posted May 9, 2008 Posted May 9, 2008 If you are selling after 3 years, you would have been better off renting. The only thing you have been paying is interest on the loan, not principal. You'll take a loss. How the hell do you know? My house has appreciated at least $50K in the last 3 years. It all depends on where you live.
RayFinkle Posted May 9, 2008 Posted May 9, 2008 How the hell do you know? My house has appreciated at least $50K in the last 3 years. It all depends on where you live. It absolutely depends on where you live, the real esate market is local in nature. Dude lives in WNY.
Alaska Darin Posted May 9, 2008 Posted May 9, 2008 Dude lives in WNY. So? Some neighborhoods are appreciating.
Gordio Posted May 9, 2008 Posted May 9, 2008 Dude lives in WNY. They actually had an article on CNN the other day. They listed 10 housing markets that have not really been affected by this country's mortgage crisis, that the values have actually have stayed steady or have increased over the last few year. You know what three of the markets were? Buffalo, Rochester & Syracuse.
PromoTheRobot Posted May 9, 2008 Posted May 9, 2008 I just bought a building lot in a water community in NC. They were going for $65K two years ago. I just got it for $24K. .6 acres with water view and dock privileges. The clincher for me was town water and sewer. No well drilling or septic nonsense. I plan to sit on it for now. May retire there, may sell it. PTR
PromoTheRobot Posted May 9, 2008 Posted May 9, 2008 They actually had an article on CNN the other day. They listed 10 housing markets that have not really been affected by this country's mortgage crisis, that the values have actually have stayed steady or have increased over the last few year. You know what three of the markets were? Buffalo, Rochester & Syracuse. That's because housing values can't use negative numbers. PTR
RayFinkle Posted May 9, 2008 Posted May 9, 2008 So? Some neighborhoods are appreciating. If you own waterfront property in WNY you will see a bit more appreciation over a 3 year period. I doubt very highly Stogan is living on Grand Island. While I don't work in real estate in WNY, I do in NC and have friends in WNY that do so I am familair with the market up there.
Chef Jim Posted May 9, 2008 Posted May 9, 2008 If you are selling after 3 years, you would have been better off renting. The only thing you have been paying is interest on the loan, not principal. You'll take a loss. Don't forget all those pesky tax deductions he got by owning.
Alaska Darin Posted May 9, 2008 Posted May 9, 2008 If you own waterfront property in WNY you will see a bit more appreciation over a 3 year period. I doubt very highly Stogan is living on Grand Island. While I don't work in real estate in WNY, I do in NC and have friends in WNY that do so I am familair with the market up there. But you're not familiar with his particular situation. The last property I sold in NY I bought for below market value and sold 18 months later for a nice profit. There's virtually always value to be had.
rockpile Posted May 9, 2008 Posted May 9, 2008 If you are selling after 3 years, you would have been better off renting. The only thing you have been paying is interest on the loan, not principal. You'll take a loss. Um, how much principal is in rent? If you are looking at a house only as an investment, I suppose this is true. Living in your own place vs renting can be a matter of lifestle choice too. Sometimes all that matters is the monthly payment and neighborhood, especially if you are young. Back in 1999, I took a *slight* loss to move seven houses down the street. Huge lot and an in-ground pool. We also made a deal with the seller - no realtors. Of course we DID have our own lawyer! first house - 7 years - broke even (rural - major capital improvements) second house - 4 years - made $16K (city house) third house - 14 years - lost a little (burbs - major capital improvements - house was paid for) Most of the capital improvement was "sweat equity".
John Adams Posted May 9, 2008 Posted May 9, 2008 They actually had an article on CNN the other day. They listed 10 housing markets that have not really been affected by this country's mortgage crisis, that the values have actually have stayed steady or have increased over the last few year. You know what three of the markets were? Buffalo, Rochester & Syracuse. True but also misleading. WNY had none of the real estate value boom over the last 10 years. My home value has decreased in 10% the last year, but it was up 200% in the 9 years before that. Real estate is traditionally a terrible investment. But safe.
stevestojan Posted May 9, 2008 Posted May 9, 2008 If you are selling after 3 years, you would have been better off renting. The only thing you have been paying is interest on the loan, not principal. You'll take a loss. Yeah, you're likely right. I live on Ellicott Creek in North Tonawanda, which for whatever reason people enjoy that little piece of water. I think I'll take a slight hit but I haven't even taken the first steps to sell, so I'm not really certain. I have 1800 sq foot 3 bedroom, 2 bath, with a fully fenced in 1/2 acre back yard. The problem is I want a new build and I want more space since I am getting married and I'm bound to have some kids at some point.
RayFinkle Posted May 9, 2008 Posted May 9, 2008 Yeah, you're likely right. I live on Ellicott Creek in North Tonawanda, which for whatever reason people enjoy that little piece of water. I think I'll take a slight hit but I haven't even taken the first steps to sell, so I'm not really certain. I have 1800 sq foot 3 bedroom, 2 bath, with a fully fenced in 1/2 acre back yard. The problem is I want a new build and I want more space since I am getting married and I'm bound to have some kids at some point. There is nothing wrong with taking a loss, it doesn't mean you made a bad investment, you just didn't live there long enough to see a return. It happens. In a market like WNY, you'll typically have to live in a home for about 5 years before you see any type of return when you sell.
Chef Jim Posted May 9, 2008 Posted May 9, 2008 There is nothing wrong with taking a loss, it doesn't mean you made a bad investment, you just didn't live there long enough to see a return. It happens. In a market like WNY, you'll typically have to live in a home for about 5 years before you see any type of return when you sell. Those three words don't work together.
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