I Hope The Housing Market Crashes

[fhmesq44]

I am in the process of starting to shop around for my first home. I am a 25 year old is VA making roughly 7,000 gross per month with good credit. I know rates are 5.25 right now and I hear they may drop again at the end of the month. I am in the car business and I know logic on how to buy a car, and im going to assume house buying will be very similar.

I am totally new to home buying. What are your opinions on guiding me through the process? I want to invest in something that will obviously build equity over the next 5 years. Off the top of my head, here is what I am thinking I want to look at.

1) I AM FIRST AND FOREMOST LOOKING TO BUILD LONG TERM EQUITY. with rates real low and a lot of houses that have been on the market for 6-10 months, i should be able to low ball a bunch of houses hoping that someone will bite. As per car buying, buying a house at below appraised value should equate to good money down the road

2) Buying 2/3 bedroom house in good school district for resale value.

3) Would prefer a house that needs some landscaping help. I love working in the yard and I would think that a upgrade in landscape would dramatically increase property value

4) How are property taxes applied? are they a percentage of your estimated property value? if so, who makes up that price? do I have to pay to get it appraised each year? Can I apply taxes to my mortgage payment, or do I just need to budget them during the year?


Id appreciate any help from you gentleman...im a virgin and I need my cherry popped :hump:

Buy at least 3 bedrooms, buying a 2 BR place drastically limits your potential buyers when you go to sell. a 2BR house is virtually worthless to a family or couple planning to start a family.

Don't, if at all possible, escrow insurance and taxes. You are simply giving your bank an interest free loan. Some people prefer it b/c they aren't good at saving the money. If that is the case, figure out how to save money and open a separate savings account to simply escrow the funds yourself.

 

[hellah10]

Your an idiot. Renting is throwing money away. Sell ?
Why not come to Florida because we have 27 miles that seperates the everglades and the ocean...Housing prices will never retreat here....Dumb Advice. Go to library so you can a thing or two.

:youmad:

OMG hahahahahahahahahahahhaha

what a dumbfuck

 

[aceduecetrey]

C.P. and Budworth......

Make sure you try boun appetitos. They have 2 locations now, one right across from ECC on constitution and other is the old Sams Diner at Sam Galloway Ford.

I recommend the one on constitution, but both are good. Best Italian food I have ever had around here. Knew the guys from back when they were in Glen Cove.

 

[Budworth22]

C.P. and Budworth......

Make sure you try boun appetitos. They have 2 locations now, one right across from ECC on constitution and other is the old Sams Diner at Sam Galloway Ford.

I recommend the one on constitution, but both are good. Best Italian food I have ever had around here. Knew the guys from back when they were in Glen Cove.

Ace, why the tagline "usa sucks, free my ass"

I'll tell the parents to try the Italian place!

 

[aceduecetrey]

Ace, why the tagline "usa sucks, free my ass"

I'll tell the parents to try the Italian place!

I need to change that sometime. At the time I was angry at my situation....

I do however still feel that this is a long way from the land of the free.

I can not wait to leave, but unfortunatly, with todays economy, I am having trouble unloading some things.

 

[Dawoofdaddy]

bump.

fishhead, how are things looking in pinellas county?

to you guys such as poster NORTHERN STAR, that posted and actually believed house prices would never fall...how do you feel about that prediction now?

 

[C.P.]

C.P. and Budworth......

Make sure you try boun appetitos. They have 2 locations now, one right across from ECC on constitution and other is the old Sams Diner at Sam Galloway Ford.

I recommend the one on constitution, but both are good. Best Italian food I have ever had around here. Knew the guys from back when they were in Glen Cove.

Ace. I will be down there (ECC) in the area to next week. I will check this place out.

Just booked my flight (today) for the winter..for the whole family..

Thank You for the heads up.

 

[Fishhead]

bump.

fishhead, how are things looking in pinellas county?

to you guys such as poster NORTHERN STAR, that posted and actually believed house prices would never fall...how do you feel about that prediction now?

Still headed south, just as we predicted.

I remember you once said that the housing slump would be over when "Fishhead purchased his next home".

Well, have no intentions of buying anytime soon.

Living in an apartment sucks at times, but it sure beats losing money.

Will keep you posted.

 

[Timetopay]

Still headed south, just as we predicted.

I remember you once said that the housing slump would be over when "Fishhead purchased his next home".

Well, have no intentions of buying anytime soon.

Living in an apartment sucks at times, but it sure beats losing money.

Will keep you posted.

Fish why not rent a house. I had gotten out of mine ownage and am renting a beaut cause the people cant sell.

 

[Fishhead]

Fish why not rent a house. I had gotten out of mine ownage and am renting a beaut cause the people cant sell.

I could, and have.

Just laying low for now.....

 

[TheRightSide]

Wish I would have rented up till now. I bought in 2001. Nothing that special and I have worked on the house ever since. I do enjoy working on it but damnsometimes I just think how much money We would have.

I do miss the condo life when I didn't need a lawnmower or a snowblower


Now would be a nice time to buy. I would move to a different area at this point.

 

[Fishhead]

Wish I would have rented up till now. I bought in 2001. Nothing that special and I have worked on the house ever since. I do enjoy working on it but damnsometimes I just think how much money We would have.

I do miss the condo life when I didn't need a lawnmower or a snowblower


Now would be a nice time to buy. I would move to a different area at this point.

Not really, buying a house now and may not appreciate in value for years on end..........

This market is still going to tank more.........

 

[TheRightSide]

Not really, buying a house now and may not appreciate in value for years on end..........

This market is still going to tank more.........

ThaT COULD BE TRUE but I would want to settle for 20 years or so. I would love to get the hell out of here. Michigan is a pit and we are getting killed up here. The Big 3 are clueless.

 

[Fishhead]

ThaT COULD BE TRUE but I would want to settle for 20 years or so. I would love to get the hell out of here. Michigan is a pit and we are getting killed up here. The Big 3 are clueless.

Really, you don't like Michigan?

What are the Big 3?

 

[SportSavant]

Fish and others, id like to get myself a condo in south florida near the beach.....

when would be a good time, how long shall I wait?

 

[Fishhead]

Fish and others, id like to get myself a condo in south florida near the beach.....

when would be a good time, how long shall I wait?

Unless something drastic happens, at LEAST another 9 months and probably longer if you dont want your condo to depreciate in price.


Suggestion---Buy a cheap condo or home in the midwest on a nice big lake.........for about 1/20th the price. Plus, you will be around much nicer people and be surrounded by casinos.

 

[SportSavant]

Unless something drastic happens, at LEAST another 9 months and probably longer if you dont want your condo to depreciate in price.


Suggestion---Buy a cheap condo or home in the midwest on a nice big lake.........for about 1/20th the price. Plus, you will be around much nicer people and be surrounded by casinos.

I need somewhere hot to escapre from the winters, the MIDWEST wont cut it, If I was gonna go that route I would simply buy a beautiful cottage on a lake here in Quebec or Ontario, but again, the key for me is to go south and be in warm climate for DEC-JAN-FEB-MAR. Thats why I need as south as possible in florda.

I would buy one in Costa Rica, but I fear Air Travel may become so expensive that it will be impossible, and a very dangerous risk.

 

[Fishhead]

I need somewhere hot to escapre from the winters, the MIDWEST wont cut it, If I was gonna go that route I would simply buy a beautiful cottage on a lake here in Quebec or Ontario, but again, the key for me is to go south and be in warm climate for DEC-JAN-FEB-MAR. Thats why I need as south as possible in florda.

I would buy one in Costa Rica, but I fear Air Travel may become so expensive that it will be impossible, and a very dangerous risk.

I hear ya

You foreigners love Florida.

I know its far away, but how about San Diego?

 

[SportSavant]

I hear ya

You foreigners love Florida.

I know its far away, but how about San Diego?

I need to be able to drive,

trust me, i DO NOT love florida, but is a necessarry evil if I dont want to be at the mercy of the airlines.

I could buy a condo for dirt cheap in CR or Panama if I wanted, but what if flights get out of hand and airports start closing down, at least with South Florida I could drive there in 24 hours (in a HYBRID) and be somewhere warm.

San Diego would be much more agreeable to me, but I would have to live on the west coast of Canada if I wanted to buy there.

Ottawa to Sandiego = 4,594 km – about 1 day 17 hours

Ottawa to South Florida = 2,600 km – about 1 day 1 hour

actually, now you have me thinking, its actually only an extra 18 hours to drive to San Diego than it is to drive to Florida.

Another factor tho, is prices, have the prices in San Diego dropped the same way the prices in Florida have dropped?

 

[VaultedTreehouse]

No offense to the homeowners, but I can't believe how ridiculous its gotten. Up 2.7% in one month. What? Did income go up 2.7% in one month? Hell no. This is going to end ugly and I sure hope it does, b/c I'd like to buy something but I'm not going to buy into this pig of a market. Whether its tomorrow or next year, this smells of 2000 in the Nasdaq.

3 Years on this bad boy tomorrow. Remember it like yesterday. Everyone and their mother thought home ownership was the best thing going.

Meanwhile the housing market is cratering the entire economy, banking system, currency....etc etc etc.....And yet it was clear as day even then....5th inning...maybe an inning a year going forward...but that's the least of our worries at this point.