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Old 08-07-2003, 03:12 AM   #1
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crys Buying Houses

I'm ready to pull my hair out of my head.

Is it only Boston... or are the prices of house out of control everyone?

My fiance and I are house hunting right now. Everything that's in remotely nice shape with only two bedrooms is at LEAST $300,000. This really sucks royally for first time home buyers. We've been pre-approved for plenty of money, but it doesnt seem right to have a gargantuan mortgage for such small houses. But then again, it's either that, or live with my parents forever.

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Old 08-07-2003, 03:20 AM   #2
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It's out of control in England too, especially in the south...

Good Luck to you finding a house

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Old 08-07-2003, 03:31 AM   #3
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Originally posted by celia
It's out of control in England too, especially in the south...

*Glad she lives in the north where she actually has a hope of finding something she can afford.*

Good luck She is Raging. Just remember if you pull all your hair out, sell it and put the money towards the house.
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Old 08-07-2003, 06:44 AM   #4
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Its definately all over the place.
How exciting though, Raging! Houses!! Dont be scared off by the prices. Speak to some financial advisers in the area you want to buy and find out about your real estate cycles. Try and avoid buying if its at any kind of peak. Frustrating as the whole thing can be.
We want to buy land/or another house. There's actually a block of land about a minute's walk from my house and its one of the last in a new land release and is only 530K. Its a shitload of money, but its an entire acre. 1 acre!! In suburbia! In Sydney! Totally unheard of...
Have you considered building? It can work out to be cheaper sometimes. You can then get exactly what you want.

1 acre!!

Good luck with the hunting
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Old 08-07-2003, 06:55 AM   #5
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I've been looking on the north shore of Boston for a couple of years now...this is definitely not a good time to be a buyer. Record low interest rates have kept house prices rising (though I've been told they have levelled off recently) while the rest of the economy has been stumbling. Its tough.
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Old 08-07-2003, 07:52 AM   #6
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If you are lucky, you might find a "fixer" in this area for under $500,000.

My guess is we will rent forever.....
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Old 08-07-2003, 08:04 AM   #7
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My boyfriend and I just bought a house a year ago in a northern suburb of Tampa... we were pre-approved for certain amounts and all that stuff - our Realtor thought we were 30 with kids - big surprise came to her when we said "no! we''re 24!" (we were 24 when we first made an offer on the house)

We're the youngest people in our area.. kinda sucks cos we get all manner of dirty looks and stares.

Anyway, yeah... prices totally suck and our mortgage is sky high. But luckily our lender gives us free refinancing, so it hasn't been toooo bad - but bad enough.
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Old 08-07-2003, 08:33 AM   #8
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prices suck everywhere right now.

Interest rates are lot's of people are buying.

Real Estate is one of the few markets booming in this crap-ass economy.
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Old 08-07-2003, 08:50 AM   #9
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Thats the nice thing about the Cincinnati area, affordable living, especially across the river in Northern Ky. You can find lots of great stuff in the 100-150 price range, big family houses in the burbs or fixer uppers in the city.
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Old 08-07-2003, 10:01 AM   #10
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How exciting!! Good luck Kathleen! I don't know much about the housing $$ but I do know apartment prices suck here I hope you find a perfect gem for your home!!
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Old 08-07-2003, 11:53 AM   #11
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Houses here in Toronto are outrageous too. It's very depressing. I am now realising I got a bargain on my small house, which is almost in suburbia but not quite, and it cost 195K 2 years ago.

Good luck!
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Old 08-07-2003, 11:59 AM   #12
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Sounds cheep to me. A 3 bedroom house right down the street from us just went for 800K. How do people afford these things?

(we've been here for 20 years now)
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Old 08-07-2003, 01:26 PM   #13
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The only thing more expensive than a home is kids, remember that. My GF sliced my nuts off w/ a razor the nite we met, that's when I knew she was the one for me!
My parents just sold my Grandfathers house for $400,000, 35 minutes outside of NYC. He built the thing in 1954 for $13,000, and it's a TINY 2 bedroom. If you want to own a home in the NYC area, you will spend at minimum 1/2-1 million dollars.
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Old 08-07-2003, 05:52 PM   #14
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Here too ,She Is Raging. It's phenomenal. I forsaw what was going to happen here several years ago, but had no spare money to do any thing about it. Houses at the beach that were $80,000 are now going in bidding wars for $300-500,000. My son's school mates who had financial backing from their parents, just doubled their money in one year. I'm pleased for them, they work hard.So it's great for the sellers, tough for the buyers. My son and his g'friend saw a small house they liked at the Gold Coast last weekend....$900,000 two!!!

Good luck, don't pull your hair out mate, keep looking, it will come.
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Old 08-07-2003, 08:22 PM   #15
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I'm lucky to live in Dayton (ugh) Ohio--Our house is downtownish, in an OK area--big, 100+ year old 4-bedroom for 100K!! But not far are mcmansions for 200 and 300K...with no character. Compared to the rest of our families, we're in good shape. They all live in very expensive places. One is in Orlando, another in Phoenix (their house is falling apart--bad foundation--and they'll prolly NEVER be able to sell it), another in Vegas (don't even get me started on the construciton boom there!) and another lives in the most expensive county in the country, right down the road from Martha Stewart. My sister-in-law was bitching about how $$ it was there and how people she knew were having to move from the area--DUH! You have to be a millionaire to live there...and she's got several mortgages out on her house and is in debt to the gills, just for a nice zip code. Yep, we may live in BFE, but we're in good shape financially!

Don't let it get you down Raging...but don't fall into a trap where you'll have to work harder than you want just to keep a house! It is NOT worth it--really. You don't want a 300K albatross around your neck. People go on about the low interest rates (very true) and the taxes you save...but strapping yourself out each month is nutty. A guy on the news tonight was talking about how he finally found a house, but he could only afford it when the rate was 5%, and now that the rate is 6.5%, he can't afford it....I say he was looking beyond his means!

So good luck Raging!

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