Housing Market Blues

posted 2 years ago in Home
  • poll: How much does a typical home cost in your area?
    $0-$100k : (3 votes)
    3 %
    $100-200k : (16 votes)
    15 %
    $200-300k : (22 votes)
    21 %
    $300-400k : (14 votes)
    13 %
    $400-500k : (10 votes)
    9 %
    $500-600k : (10 votes)
    9 %
    $600-700k : (9 votes)
    8 %
    $700-800k : (3 votes)
    3 %
    $800k+ : (20 votes)
    19 %
  • Post # 2
    Member
    13020 posts
    Honey Beekeeper
    • Wedding: June 2011

    We bought our house 4 years ago, but I definitely felt that way when we were looking.  I wanted to stay closer to a suburb of Boston where I grew up, but the nice towns around there required at 750k+ to just step foot in, like a 1800 sf fixer 3bed 1, maybe 2 baths if you were lucky.  We ended up having to move 40 minutes away to afford a home we wanted in a nice town and even then, it required about 550k.  Like you, we theoretically could have “afforded” my desired location but totally would have been house poor and did not want to do that to ourselves.  We got pretty lucky with our home too I think since there are homes for sale on the street now ranging from 600-900k right now.

    Post # 4
    Member
    357 posts
    Helper bee

    indyJEEP:  YES!  Beyond frustrated!  We also live in the SF Bay area and the housing market is just totally ridiculous.  We were hoping to buy in the next year or two, but the market is so over inflated (AGAIN!)  

    Don’t forget that if you don’t have 20% of your down payment, you need to have mortgage insurance which can add several hundred to your mortgage payment!

    Post # 5
    Member
    286 posts
    Helper bee
    • Wedding: July 2014

    indyJEEP:  FI and I were in the same position.  We also live in a very pricey city – Vancouver, BC. We werent thinking of purchasing for a couple of years until we on a stumble across a foreclosure.  Needless to say we got it at a steal.  We got super lucky.

     Try finding an agent that specialize in foreclosures… You never know What may happen! 

    Post # 6
    Member
    407 posts
    Helper bee
    • Wedding: October 2012

    I feel your pain. We live in the DC area, and a 3 bedroom townhouse would cost us around $300,000 – $350,000 here. It sucks because we both make good money, but can’t really afford to buy a house yet. Our friends that live back in our home state all own nice single family homes with big yards, and we are stuck in a 2 bedroom apartment. We are hoping to move to a cheaper area soon. 

    Post # 7
    Member
    894 posts
    Busy bee
    • Wedding: October 2013

    Ditto what NCSUchick27 said. I used to live in Northern VA and it’s very expensive. You either commute an hour, rent, or be house poor for a while. I worked in insurance and it was ridiculous how many people with $400k+ homes would miss their payments. You’re smart not to buy until you know you can do it responsibly. 

    On the flip side, I’m in TX now and you can get a house with 3bd/2ba, 30 minutes from the downtown city (it is a big city), for $160k. Less, if it’s a foreclosure or fixer-upper. 

    The difference in markets is pretty insane. 

    Post # 8
    Member
    10496 posts
    Sugar Beekeeper
    • Wedding: January 2011

    The market here is generally regarded as affordable, and the average house prices are in the 420s-430s

    Post # 9
    Member
    4760 posts
    Honey bee
    • Wedding: November 1999

    indyJEEP:  Bay are bee here as well.  Just completly insane.  I just feel that somethings gotta give.  The tech bubble is waiting to burst I feel and once it does the house market will plument.

    I also feel like we should buy ASAP (but hubby has no credit so yeah… )becasue the houses will go up like 100000 each year…

    Also scary going into dept like near a mil only to have the market plumpet making your house worthless but you living in dept.

    🙁  It’s super frstrating.

    Post # 10
    Member
    544 posts
    Busy bee
    • Wedding: July 2014

    I feel your pain. I’m in Vancouver, BC.  My fiancé and I make pretty good money and we scrimped snd saved for years to get the 20% deposit for our $500,000 2 bed/bath condo.   It definitely affected our timeline marriage/babywise.  In most other places in the country, we could easily buy a house and have gotten married years ago, rather than waiting until our mid-30s.  

     

    I feel like if we had bought 10 years ago we would be in a very different position now due to the huge jump in housing prices (my parents bought a 3,000 sq ft house 12 years ago in our area for $380,000 and within the span of 7 years is worth more than $1.5 million).  without winning the lottery, we’ll never afford a house in our area.  Townhouses in my area are $850,000-$1 million.  It’s pretty depressing. 

     

    Post # 11
    Member
    1464 posts
    Bumble bee
    • Wedding: November 2013

    Atalanta:  I understand the no credit thing. IIRC, you are another US-notUS couple? We are finally at the point where I have a basic, secured card, purely so I can build credit so we can get into a house in the next 2-3 years. It sucks!

    Post # 12
    Member
    1599 posts
    Bumble bee
    • Wedding: October 2013

    Don’t even get me started. My husband and I went to three open houses today and there is nothing in our neighborhood as a single family home that is even close to decent for less than 1.5mil. Lame lame lame lame lame. 

    • This reply was modified 2 years, 5 months ago by  bkrocks13.
    Post # 13
    Member
    4760 posts
    Honey bee
    • Wedding: November 1999

    farawayviolet:  yes.  Last year I signed him onto my card casue he couldn’t get one and they said that would build his credit.  Well it didn’t at all…  Luckyily now he could get a CC with a high limit cause of his job so hoping next year we can have something maybe.  The whole credit thing is so Fed up!

    Post # 14
    Member
    1464 posts
    Bumble bee
    • Wedding: November 2013

    Atalanta:  I agree so much, especially as I have credit in good standing that is 9-10 years old in New Zealand, that now counts for nothing! It is so frustrating having to start all over again, especially as the US links credit to so many things, for example, the ability to rent a house or apartment!

    <br />We have spent the last year rebuilding DH’s credit, as years ago he had massive medical bills, and somehow missed some smaller ones that ended up, unbenknowst to him, in collections. He only found out about them when he pulled his credit a year ago. We are proud of where we’ve got with rebuilding his credit (now a whopping 8 points above average for our state. Woot!) and now have to basically redo it all with me, as if I were an 18 year old again.

    <br />On a side note – if anyone in the US uses any medical services, call the billing departments and and check again that you have no outstanding bills! A large proportion of medical bills in collections are small ones that the consumer is unaware they had (I’ve read 2 in 5). Don’t let your credit be destroyed over a $20 copay!

    • This reply was modified 2 years, 5 months ago by  farawayviolet.
    • This reply was modified 2 years, 5 months ago by  farawayviolet.
    Post # 15
    Member
    4760 posts
    Honey bee
    • Wedding: November 1999

    farawayviolet:  yes US is quite backwards, that it’s good to have debt and bad to not have debt.  It’s the most illogical thing ever.  We were told to not pay off the credit card fully each moth and go in debt to build the credit faster.  How Fed up is that?  My DH is like you, perfect credit in his home country, no debt…What’s even sillier is that he’s the one who makes money and I’m the one with the credit so we look really good together which luckily works for most things like apartments and phone contracts but aparently buying a house is different.

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