STYLETHREAD -- LET'S TALK SHOP!

itsapinkthing · Coach

So VERY frusturated!!!!

Cricket · Gucci

Geez Louise! Prices are so inflated here too. My sister bought her house 2 years ago (in Cali)for $150,000 and they're selling it for $400,000! Here in Phoenix it's almost as bad. I'm glad we bought before the boom out here, because we'd probably have to buy a sh*thole if we were in the market now.

Elle · Hermes

It is definitely a sellers market almost everywhere right now. Is there anyway you could hold off for awhile until there is at least a bit of a turn in the market?

itsapinkthing · Coach

LMonet wrote:

It is definitely a sellers market almost everywhere right now. Is there anyway you could hold off for awhile until there is at least a bit of a turn in the market?

LMonet~ We are certainly considering it. We are comfortable where we rent right now, for the 3 of us. Plus my daughter is set up for 1st grade in the fall in the district where we now live. Our lease actually is not up until next April. We started looking knowing this might be our situation, so we truly have a year to look and if need be...wait. I guess my biggest frustrations are (1) not being able to hang on to the "wow, we can be home owners" high and (2)well let's just say since my birthday I kind of have baby fever, and to get "well" we'd need a bigger place.

Drew · Gucci

I don't think there will be a housing bubble. Whenever I hear these analysts talking they always fail to mention THE POPULATON!!!! Hello, the population in this country is increasing at an exponential rate and therefore there are too many people and not enough houses. Its simply supply and demand. The same problem is happening with jobs and college grads. Hello, again, just too many people.

As long as the population increases, houses will increase in value, but decrease in lot and house size.

That's my own analyzation on the subject. Don't wait for something that will never happen; buy anything you can now while the interest rates are still affordable. (I do realize as the interest rate rises house prices will stop rising, but I HIGHLY DOUBT they will drop in price -at least in most areas; there will probably be a few bubbles in places like LA.)

Tati · Chanel

Drew wrote:

Don't wait for something that will never happen; buy anything you can now while the interest rates are still affordable. (I do realize as the interest rate rises house prices will stop rising, but I HIGHLY DOUBT they will drop in price -at least in most areas; there will probably be a few bubbles in places like LA.)

I totally agree. Try and get something you can live with for a few years and then sale and buy something bigger then. Stop paying rent. Others aren't so lucky to be able to get a house cause of credit of what have you and are stuck paying rent, if you dont have to, then buy.....

I moved into my new house in Dec.04 and now its worth 60 thousand more. Good luck

- dited by Tati at 17:32, 2005-06-02

-- Edited by Tati at 17:35, 2005-06-02

halleybird · Hermes

Tati wrote:

Drew wrote: Don't wait for something that will never happen; buy anything you can now while the interest rates are still affordable. (I do realize as the interest rate rises house prices will stop rising, but I HIGHLY DOUBT they will drop in price -at least in most areas; there will probably be a few bubbles in places like LA.) I totally agree. Try and get something you can live with for a few years and then sale and buy something bigger then. Stop paying rent. Others aren't so lucky to be able to get a house cause of credit of what have you and are stuck paying rent, if you dont have to, then buy..... I moved into my new house in Dec.04 and now its worth 60 thousand more. Good luck - dited by Tati at 17:32, 2005-06-02 -- Edited by Tati at 17:35, 2005-06-02

I agree totally with drew and tati. You may have to be cramped for a little while (esp. if you "cure" your fever, LOL), or live someplace you don't like (I did the latter), but it's worth it!

JMR · Dooney & Bourke

I have to say I agree too....interest rates are so low right now too - I would try to take advantage of that.

I would talk to an accountant or someone that can advise you on HOW to make it work for you - maybe you don't put 20% down - or you look in other areas...don't give up that easily...it takes time to find the perfect home.

Deuce · Dooney & Bourke

I reccomend buying now. I realize that they are so small but the right small house can be made to look homey enough for now. Interest rates are going up and houses are still on the climb. People know even if they buy a hole, they can fix it up or even remodel and sell it for way more in a few years. If you buy now and do the minimum in a few years you will be able to gain some equity and move up. When you are looking at these houses do you get a feeling of no way...ok small but ok... or ok but I kinda like it. Trust yourself if you hate it you will always hate it. a workable floorplan in important and so is a good feeling about the house even if it needs work. Next get preapproved and be ready to make an offer. If you feel like an inspection is important in that situation go with your gut even if the house is swept out from under you.

I know that was a lot but I wish I knew so many things when I was buying. A good real eastate agent means a lot. remember some are really good and care and some want to sell a house. go with someone who will tell you the truth even if it isn't what you want to hear.

good luck

e_doli · Dooney & Bourke

i'm with the others. try to find something that may not be your dream home, but you can make work for a while. you can always sell it in a few years. or if you buy a small house on a piece of property/area you love, you can always add on or remoldel.

you really do want to take advantage of the low interest rates. buy in an area that you know will only increase in value, and just don't get yourself in trouble with an interest only or variable rate mortgage.

Cortney1982 · Chanel

I'm in for buying. Why waste money for rent when you can put it toward something you will own?