Let talk Houses

[Wilgrove]

So I have been looking at houses in my area, mainly because right now I am saving up for a down payment on one and I hope to buy soon. So I have been watching shows like "House Hunters" and "Property Virgins" on HGTV (shut up), and I have to say, when it comes to a young newly wed, a group of young people, or a young guy, they sometimes buy houses that are $300k+ and I have to wonder how they can afford that. What these people do for a living do factor into this, but even if you are in a high paying position, I doubt you're that highly paid right now. I'd really like to see these two shows go back in like 5 years to see if these young people still own their houses. Isn't one of the reason the housing market took a nose dive is because too many people were buying houses they couldn't afford?

I'm just surprised that people are still doing that, and I'm also surprised that banks are still lending out these kinds of loans.

Also, I do have a tip for those who are selling their home. Take out all the furniture, just leave the house bare. I say this because I've seen some houses on the internet already, and I've turned them down because I only saw what was there, I couldn't see what could be there.

Anyways, leave your thoughts!

[Blouman Empire]

Aren't there a lot of good house going very cheaply at the moment in America?

[Wilgrove]

Aren't there a lot of good house going very cheaply at the moment in America?

Yep, which is why now is the time to buy buy buy.

[Beachchairs]

Leaving the furniture in is often suggested by real estate agents because it makes the house feel homier. It shows that someone could actually live in the house, and is decorativable, etc.

Also house prices vary by region. Vary considerably. You said $300,000 for a house. That sounds like a pittance to me.

[Blouman Empire]

Isn't one of the reason the housing market took a nose dive is because too many people were buying houses they couldn't afford?

I'm just surprised that people are still doing that, and I'm also surprised that banks are still lending out these kinds of loans.

Yes that was part of the problem, the reason why they did this was because there was the assumption that house prices would continue to rise, this was partly cause by the reserve bank who despite warnings by some economists keep interest rates low this helped to fuel the asset bubble giving people this assumption. Of course there are a lot of other reasons as well, but to keep in the spirit of NSG we should all just blame Bush.

[Grave_n_idle]

Aren't there a lot of good house going very cheaply at the moment in America?

No.

Property has been trending back towards a more realistic level after being ridiculously overpriced for many years. It hasn't adjusted far enough, yet... and it might not finish it's adjustment in this economic downturn.

Which means property values now are still way over-represented.

If this market settles now - and those involved directly in the housing market are desperately trying to level it out - anyone buying property at this new level is still going to be stung eventually, when the market finishes this adjustment.

There might be some good houses going 'cheap'. It's certainly not representative.

[Blouman Empire]

Aren't there a lot of good house going very cheaply at the moment in America?

Yep, which is why now is the time to buy buy buy.

If you have a decent paying job take out a loan, get a fixed interest loan that way you know how much you are going to be paying every month for the next 3-5 years.

[Blouman Empire]

No.

Property has been trending back towards a more realistic level after being ridiculously overpriced for many years. It hasn't adjusted far enough, yet... and it might not finish it's adjustment in this economic downturn.

Which means property values now are still way over-represented.

If this market settles now - and those involved directly in the housing market are desperately trying to level it out - anyone buying property at this new level is still going to be stung eventually, when the market finishes this adjustment.

There might be some good houses going 'cheap'. It's certainly not representative.

Fair enough, I suppose I have only seen some house prices rather than an average or a trend such as 3 bedroom house I saw being sold by the bank for $10,000

[Grave_n_idle]

Isn't one of the reason the housing market took a nose dive is because too many people were buying houses they couldn't afford?

No, not really.

People were buying a product on way too much credit, and thus the values were totally unrepresentative, and totally unsustainable.

This has been building for years.

[Grave_n_idle]

No.

Property has been trending back towards a more realistic level after being ridiculously overpriced for many years. It hasn't adjusted far enough, yet... and it might not finish it's adjustment in this economic downturn.

Which means property values now are still way over-represented.

If this market settles now - and those involved directly in the housing market are desperately trying to level it out - anyone buying property at this new level is still going to be stung eventually, when the market finishes this adjustment.

There might be some good houses going 'cheap'. It's certainly not representative.

Fair enough, I suppose I have only seen some house prices rather than an average or a trend such as 3 bedroom house I saw being sold by the bank for $10,000

That's not strictly speaking accurate - since the bank selling it for 10k doesn't mean it's going to cost you 10k.

That might sound crazy - but you have to bear in mind that what the bank asks you as a price might then open you up to huge amounts of debt which you also assume, and/or huge costs to bring the property to an acceptable level.

In theory, you could buy a 10k house for 10k, then pay off 100k of associated debt, then spend the 90k it costs to get it up to spec...

[Wilgrove]

Leaving the furniture in is often suggested by real estate agents because it makes the house feel homier. It shows that someone could actually live in the house, and is decorativable, etc.

Also house prices vary by region. Vary considerably. You said $300,000 for a house. That sounds like a pittance to me.

As for the furniture, really it depends on what furniture you have and how old it is. I've seen houses that still have furniture from the 70s, and to me, that's a big turn off.

[Blouman Empire]

That's not strictly speaking accurate - since the bank selling it for 10k doesn't mean it's going to cost you 10k.

That might sound crazy - but you have to bear in mind that what the bank asks you as a price might then open you up to huge amounts of debt which you also assume, and/or huge costs to bring the property to an acceptable level.

In theory, you could buy a 10k house for 10k, then pay off 100k of associated debt, then spend the 90k it costs to get it up to spec...

I'll give you that I'm not to sure exactly how it works in America regarding the selling of homes that have been forcloused on, I am aware that one can simply hand back the deed to the house and that is the end of your obligation.

[Lacadaemon]

That's not strictly speaking accurate - since the bank selling it for 10k doesn't mean it's going to cost you 10k.

That might sound crazy - but you have to bear in mind that what the bank asks you as a price might then open you up to huge amounts of debt which you also assume, and/or huge costs to bring the property to an acceptable level.

In theory, you could buy a 10k house for 10k, then pay off 100k of associated debt, then spend the 90k it costs to get it up to spec...

There are houses on the market in the US, both REO and non bank for $10k. Look at Rochester NY &c. There's no debt to assume if you buy them

Mind you they probably aren't worth $10k. And in any case you can usually just move in in those sorts of neighborhoods and get the Us connected and live there without anyone caring.

[Lacadaemon]

I'll give you that I'm not to sure exactly how it works in America regarding the selling of homes that have been forcloused on, I am aware that one can simply hand back the deed to the house and that is the end of your obligation.

In some cases that's true. But if you have re-fied or depending on the state quite often the bank can come after the mortgagor for the deficiency. They don't usually bother though.

[Tahar Joblis]

Leaving the furniture in is often suggested by real estate agents because it makes the house feel homier. It shows that someone could actually live in the house, and is decorativable, etc.

Also house prices vary by region. Vary considerably. You said $300,000 for a house. That sounds like a pittance to me.

News for them: May work on some, but other people absolutely detest seeing the place cluttered with furniture they simply don't want and will have to go through trouble to get rid of. Stuffed furniture is absolutely terrible for those of us with dust allergies. Can make even just looking a pain. I'm with Wilgrove on this one.

[Beachchairs]

Leaving the furniture in is often suggested by real estate agents because it makes the house feel homier. It shows that someone could actually live in the house, and is decorativable, etc.

Also house prices vary by region. Vary considerably. You said $300,000 for a house. That sounds like a pittance to me.

News for them: May work on some, but other people absolutely detest seeing the place cluttered with furniture they simply don't want and will have to go through trouble to get rid of. Stuffed furniture is absolutely terrible for those of us with dust allergies. Can make even just looking a pain. I'm with Wilgrove on this one.

Get rid of? The other people take it with them when they move. Why would you leave your furniture? Do people not know how expensive the shit is?

[Tahar Joblis]

Get rid of? The other people take it with them when they move. Why would you leave your furniture? Do people not know how expensive the shit is?

I just helped move my grandmother, so I can answer that. Because it's a pain in the neck to move it and it doesn't always fit in the new place. If it's a long distance, it may be less expensive to buy a new piece than to move the old one all the way over. And yes, people don't always bring all the furniture with them, expensive or not.

[Beachchairs]

Get rid of? The other people take it with them when they move. Why would you leave your furniture? Do people not know how expensive the shit is?

I just helped move my grandmother, so I can answer that. Because it's a pain in the neck to move it and it doesn't always fit in the new place. If it's a long distance, it may be less expensive to buy a new piece than to move the old one all the way over. And yes, people don't always bring all the furniture with them, expensive or not.

And the cheap genes in you don't scream in agony??

[Ryadn]

Sitting on the left coast, I watch those shows and marvel that anyone can buy a home for a measly $300k. Median price in my area has fallen a little, but it's still above $700k.

[Wilgrove]

Sitting on the left coast, I watch those shows and marvel that anyone can buy a home for a measly $300k. Median price in my area has fallen a little, but it's still above $700k.

Well you gotta keep in mind, I live in North Carolina. Here, 300k house gets you a mansion.

[Parthenon]

Sitting on the left coast, I watch those shows and marvel that anyone can buy a home for a measly $300k. Median price in my area has fallen a little, but it's still above $700k.

Well you gotta keep in mind, I live in North Carolina. Here, 300k house gets you a mansion.

Wish that was the case in here in the triangle. Where in the dogwood state are you looking to purchase?

[Wilgrove]

Sitting on the left coast, I watch those shows and marvel that anyone can buy a home for a measly $300k. Median price in my area has fallen a little, but it's still above $700k.

Well you gotta keep in mind, I live in North Carolina. Here, 300k house gets you a mansion.

Wish that was the case in here in the triangle. Where in the dogwood state are you looking to purchase?

I'll t'gram that to you. I don't need any NSG stalkers.

[Cabra West]

We're looking to buy a house at the moment here, and I have to say I definitely prefer seeing them furnished.
Even if it's not the furniture you'd pick, it does give you a better understanding of room size, light, and furnishing options. I never had difficulties imagining our own furniture in the places.
Also, where on earth would you put all your stuff while you wait for your house to sell? I mean, would you want to live in an empty shell for months???

[Parthenon]

Wish that was the case in here in the triangle. Where in the dogwood state are you looking to purchase?

I'll t'gram that to you. I don't need any NSG stalkers.

lol, sounds good. I spent most of my childhood in the foothills of NC after moving down from New England. Been in the triangle most of my adult life though for the undergrad, work, and grad school.

[Sarkhaan]

Sitting on the left coast, I watch those shows and marvel that anyone can buy a home for a measly $300k. Median price in my area has fallen a little, but it's still above $700k.

Yeah, that's more of what I'm used to.