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+--- Thread: Help me find a place (/showthread.php?tid=5024)
- WRXtranceformed - 11-07-2006
We're still selling houses. It's buyer's market right now and yes, the panic was fueled by the media. Now is absolutely the best time to buy. With more and more well-paying government jobs coming to the northern VA area, even as far out as Winchester, the need for new homes is still there. Speculation right now isn't the best idea though, because it was through overspeculation (among other things) that housing prices began to fall.
- Evan - 11-07-2006
I think in the long term, you are right the job market will drive the housing market and it will recover.
But that doesnt change the fact that the market is down for the short term and that the BUBBLE has overvalued houses as they were and are.
I dont think this means its a huge no-no to buy a house right now, in fact it is definately a buyer's market. Personally Id like to see where the market bottoms out and catch it on the way up but thats just me. There are some who are taking advantage of the market right now.
Its just not anywhere near any talk of selling houses in 3 months or getting them for the same you pay for rent. Not even close.
- WRXtranceformed - 11-07-2006
Nope, you're right. The market is still recovering but it's reaching a state of normalcy again. This is pretty typical of the real estate market, if you've ever followed the trends or read about them over the years.
- .RJ - 11-07-2006
white_2kgt Wrote:Look at Evan's quote, he was saying that it isn't possible to buy a house and sell it IN THIS MARKET and not loose money. That is FALSE.
I didnt say it was impossible to do. But the typical house (bad/run down house in a good neighborhood) that someone who's only looking to flip it may not be what the avg buyer is looking for. They're only looking to spend a few $$ on cleaning, painting, carpet, landscaping, turn it around and flip it for a healthy profit and it doesnt matter much where it is.
- Sijray21 - 11-07-2006
and i don't know about you all, but i feel selling a house would take a considerable amount of time. i've heard of houses being on the market for years and frankly unless you're willing to sell you house for "cheap" - whatever that price may be - or if you're in an incredible location and/or has great benefits/options with the house or property, then you won't be selling it quickly. not to mention the prep work involved...
That's really my main reason for not buying a house - the freedom to break a lease, pay the fine, take my things and leave. I dont have that much furniture either so i probably wouldn't be able to even fill a house or even move cheaply if i did have a furnished house if/when i decide to move.
I'm still in the Nomad state and i don't feel like i'd like to be "weighed" down by a house. Granted i could sell it quickly, what if i can't....i'm stuck because i wouldn't be able to afford to move and either had to live there or rent it out. It just makes things more complicated...and i personally don't want that right now.
- Apoc - 11-07-2006
Sijray21 Wrote:and i don't know about you all, but i feel selling a house would take a considerable amount of time. i've heard of houses being on the market for years
Years? Wow... pretty sure you just made that up. Even in this slower market I believe the average TOM (time on market) is under 180 days. We sold at peak but got asking minus closing costs in about 3 weeks. Back in "the old days" (read: 10-20 years ago) my parents sold their houses in 3-4 months.
- HAULN-SS - 11-07-2006
Just throwing an idea out there, but, once you buy a house, and you've lived there a bit, and you want to move...What's stopping you from renting it out, and buying another house from scratch? Other than that whole part about having two mortgages..kinda risky..but seems like if you had any kind of decent place, you could at least get 75% of your mortgage on the second house if you needed to in a hurry.
- .RJ - 11-07-2006
Any house thats been on the market for years is being sold by someone who's just too greedy with their asking price.
If you have a good location, and you price your house attractively (read: slightly cheaper) than the other houses on the market in the same area, it'll sell fast. Houses in my parents neighborhood rarely sit out with a 'for sale' sign on it for more than a few weeks, but I suspect thats not the norm given the location.
- Feersty - 11-07-2006
My friend and his fiancee just closed on a 4 bedroom townhouse in Manassas for $315,000. They are getting married in June. Two incomes is what you need or one ridiculous single income.
- .RJ - 11-07-2006
HAULN-SS Wrote:but seems like if you had any kind of decent place, you could at least get 75% of your mortgage on the second house if you needed to in a hurry.
Look at my previous post regarding rental cost vs. purchase cost.... as it sits right now, in nova, for most houses, if you rented it out you'd take a significant hit against your monthly mortgage if you recently bought it. You'd get some back on the tax breaks, and someone else would be paying to build the equity in the house, but you may not come out ahead. Figure out the mortgage on a $270k condo... its what, $2000/mo after condo (or HOA) fees, property taxes, etc... You're not going to be able to rent that 20 y/o, 2br condo for anywhere near that much.
- Apoc - 11-07-2006
If you're going to buy to rent, you really can't put no or little money down and expect rent to cover the mortgage. If people could afford the rent you charge then they'd just buy the damn thing themself. The real money is made because someone else is paying the mortgage and you get the increase in value as equity on your initial investment after you sell.
If anyone wants some help on a down payment for a condo and is willing to put in writing that proceeds are split accordingly, let me know.
- Sijray21 - 11-07-2006
.RJ Wrote:HAULN-SS Wrote:but seems like if you had any kind of decent place, you could at least get 75% of your mortgage on the second house if you needed to in a hurry.
Look at my previous post regarding rental cost vs. purchase cost.... as it sits right now, in nova, for most houses, if you rented it out you'd take a significant hit against your monthly mortgage if you recently bought it. You'd get some back on the tax breaks, and someone else would be paying to build the equity in the house, but you may not come out ahead. Figure out the mortgage on a $270k condo... its what, $2000/mo after condo (or HOA) fees, property taxes, etc... You're not going to be able to rent that 20 y/o, 2br condo for anywhere near that much.
exactly. i know my mom is renting out her second townhouse and is getting in just a little over the mortgage rate/payment for the house. She bought the house nearly 19 years ago and has renovated it recently. It was/is in fantastic shape and she's not making that much more over the mortgage...back when she bought it for $220k. Now it's worth over $400k and i can't imagine her making money at all if she had the extra cost unless she extended the mortgage to 40 or 50 years - she currently has 10 years left on the mortgage for that house.
Apoc Wrote:Years? Wow... pretty sure you just made that up. Even in this slower market I believe the average TOM (time on market) is under 180 days.
i was exaggerating, but my mom was talking about a few of her coworkers that often get sent overseas trying to sell their houses and the average turn-around time was between 5-6 months a few years ago with the longest being 9 months.
- HAULN-SS - 11-08-2006
How's it coming with that number crunching?
- WRXtranceformed - 11-08-2006
Just getting started now, haha sorry bud. It was a late night last night after Borat =P
- HAULN-SS - 11-08-2006
Ah, it's cool. Just wondering. What'd youthink of the movie? I thought the funniest parts were int he previews
- WRXtranceformed - 11-08-2006
I thought it was hilarious, I've been a fan of Ali G since college. I was also, though, really drunk when I watched it; my friends and I went to O'Faolin's (sp?) right near the Regal in Sterling beforehand haha
- WRXtranceformed - 11-08-2006
Hey dude, send me a PM with your phone number and I can go over these numbers with you. It will be much easier and more effective that way =)
- HAULN-SS - 11-08-2006
PM'd
- HAULN-SS - 11-09-2006
mad props to lee for taking time out to run some numbers for me :thumbup:
- Feersty - 11-09-2006
So when you getting the mansion, Derek? lol