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Wow, big drop on a house im looking at.

RearAdmiral

RearAdmiral

Platinum Member
I've had my eye on a couple houses to track their inevitable price drops. I've been watching one since it was $339k. As of a couple days ago it dropped 50k!!! down to a low of 199k. I feel awful for the sellers.

I wanted to wait until my student loans were paid off around next summer but something like this might force my hand.

I believe its 4 bed, 2.5 baths, nice neighborhood. I actually know the neighbors. Nice 1.25 acre yard.

What a commitment though...
 
I've been seeing similar stuff here. Houses that sold for $500k+ now selling for half that.
It is a buyers market right now.
 
RearAdmiral said:
What a commitment though...
Click to expand...

Prices will go back up eventually so you could come out quite nice. Interest rates may go lower... but not by much. If you can manage the payments.. go for it. but don't forget there are more costs to home ownership that just the mortgage. Most people don't realize that... which is why you can get a $300,000+ house for $199,000.
 
rudder said:
Prices will go back up eventually so you could come out quite nice. Interest rates may go lower... but not by much. If you can manage the payments.. go for it. but don't forget there are more costs to home ownership that just the mortgage. Most people don't realize that... which is why you can get a $300,000+ house for $199,000.
Click to expand...

I can definitely afford the mortgage, but I would have to calculate the bills out though.
 
RearAdmiral said:
I've had my eye on a couple houses to track their inevitable price drops. I've been watching one since it was $339k. As of a couple days ago it dropped 50k!!! down to a low of 199k. I feel awful for the sellers.

I wanted to wait until my student loans were paid off around next summer but something like this might force my hand.

I believe its 4 bed, 2.5 baths, nice neighborhood. I actually know the neighbors. Nice 1.25 acre yard.

What a commitment though...
Click to expand...

Interest rates are at an all-time low.
Student loan interest may (depending on income) be tax deductible.
Mortgage interest is tax deductible.

House price could go down more, or they might not. Run out the math on how much value the house can lose before you'd be breaking even vs. renting.

In my opinion, not sharing walls and having your own yard is worth the extra work you have to put into home ownership. It all comes down to whether or not you can afford it.
 
RearAdmiral said:
I can definitely afford the mortgage, but I would have to calculate the bills out though.
Click to expand...

You should talk to the owners and ask what their utilities run per month. Sellers are generally more than happy to provide that information. Make sure you take into consideration their setup (ours had 3 kids, so I knew the electricity and water bill would drop for us). Also ask if there are any HOA fees or other regular fees that can/will occur.

It wouldn't hurt to put a few feelers on the house, and if they are that desperate and you deem that you can't afford it, they may come back with a juicy counter-offer just to unload it.
 
RearAdmiral said:
I wanted to wait until my student loans were paid off around next summer but something like this might force my hand.
Click to expand...

Someone may buy that particular house, but real estate is going to get worse once the economy crashes again. You shouldn't be in a hurry to buy.

-KeithP
 
Right now all the short sales want cash up front or at least 20% down or more. The condos/houses on listed around here are being bought up by investors who flip it for 20-50K more a week after it sold.
 
Anonemous said:
Right now all the short sales want cash up front or at least 20% down or more. The condos/houses on listed around here are being bought up by investors who flip it for 20-50K more a week after it sold.
Click to expand...

argh, all this investor crap is what caused these housing problems in the first place. I hope it doesn't happen again.
 
House prices were I live are up over 120% in the last decade. Tough for our kids to even look at getting into real estate without help on a down payment.
 
Just bought my house for $72.5k in foreclosure. Previous owner bought it for $139k in 05.

Neighbor is trying to sell their house that they bought in 05 for $175k. Been on the market for almost a year. They first listed it at $185k (don't know what they were thinking), but now it's down to $115k and still not sold.
 
Wow, that is an insane drop. Is there a reason why it dropped that much, like did an inspector find something really bad? I'd inform myself and go for it.
 
RearAdmiral said:
I've had my eye on a couple houses to track their inevitable price drops. I've been watching one since it was $339k. As of a couple days ago it dropped 50k!!! down to a low of 199k. I feel awful for the sellers.

I wanted to wait until my student loans were paid off around next summer but something like this might force my hand.

I believe its 4 bed, 2.5 baths, nice neighborhood. I actually know the neighbors. Nice 1.25 acre yard.

What a commitment though...
Click to expand...

339 - 50 is not 199
 
Real estate is 99.99999999% location. I live in the nicest area of San Jose, prices have held up over the past decade despite falling everywhere else. Neighbors house just rented out for 4500/mo after being on the market for a month. Which isnt a whole lot less than the mortgage would have been.
 
NL5 said:
Reading comprehension fail.....
Click to expand...

how did I fail to comprehend this?

I've been watching one since it was $339k. As of a couple days ago it dropped 50k!!! down to a low of 199k.


Maybe it's writing/grammar fail?

Correct way to say it:
I've been watching one since it was $339k. As of a couple days ago it dropped 50k!!! Today it's down to a low of 199k.
 
pontifex said:
how did I fail to comprehend this?

I've been watching one since it was $339k. As of a couple days ago it dropped 50k!!! down to a low of 199k.


Maybe it's writing/grammar fail?

Correct way to say it:
I've been watching one since it was $339k. As of a couple days ago it dropped 50k!!! Today it's down to a low of 199k.
Click to expand...

More like lazy writing. It is in a very nice location. I went to visit the house a couple months ago and it seems fine. The people are already in another house elsewhere and I imagine they are just trying to offload it before winter hits.
 
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