Am I crazy to buy this house?

Looking at a new house in MD. Currently live in MD and will be using equity in old house to purchase new. Still have a Job and wifey works part time. Just not sure how the market is going and if housing prices are still going to fall. It seems like the builder is offering options but has not lowered the house prices. Just not sure with this economy and no signs of turn around. It seems most reports of a recovery are flawed and misreported or falsified data collection.

i would get it, it you have a stable job, why not... since we are at the lowest point in mortage loan interest rates (lowest of our life times) the only place you can go is UP $$$$

 

i got my town home with a 4.somthing fixed rate about a year ago.. or maybe it was a low 5

I have bought several places and dabbled in the market in the last few years. If you are not desperate to buy or not getting a smoking deal I would wait. What percentage is the new housing tract occupied\sold? If it is anything less than 80% I would again wait as there will be a huge possibilty that they will eventually drop the price to get them sold. Also, I dont think you will see a full recovery for about 5-10 years. Some more info about the property would help or you could pm me?

My fiance and I were looking too until my job announced 2500 layoffs throughout the year. The bad thing about it is we work together. Still looking but not jumping into it yet. If you guys have stable jobs then go for it. You can't predict what the economy is going to bring. With the price of homes and interest rates at an all time low. Now is the time to jump if you can. If you plan on staying there for a long time the only thing you will do is profit from it as soon as the economy turns better. Good luck

Just read this site: http://www.patrick.net

Just read this site: www.patrick.net

 

Awww Unclemat...always the postive one....

Thanks for the input all. The development is about 50% full but not sure how old it is. We will be putting 20% down and should be able to get a good rate. I guess if new home prices drop so will my current house. Will talk to builder this weekend and will get back with an update.

Awww Unclemat...always the postive one....

 

How much has your house appreciated last year?

 

Or, perhaps, you're one of those weird ones who treat houses as a place to live, not an investment vehicle?

Just bot mine in Nov....have a condo too....it's doing great!

Just bot mine in Nov....have a condo too....it's doing great!

 

Congrats. Some markets have good deals now where it makes sense to buy, many however are not there yet, not even close.

I was being sarcastic on the condo...i'm getting my butt kicked...DK if prices have bottomed but I got a nice deal on the new home.

Who is the builder? Some builders do not negotiate, most good ones do.

 

What are your needs? Do you need to move? Do you need a bigger house? Do HAVE the income and want to upgrade?

 

As a local realtor, and I now represent 3 local builders, I can answer any questions you have to the best of my ability.

 

Let me know if I can help.

Who is the builder? NV homes Some builders do not negotiate, most good ones do. Seems they will but not sure yet.

 

What are your needs? More Space? Do you need a bigger house? Yes. Do you HAVE the income and want to upgrade? Yes.

 

As a local realtor, and I now represent 3 local builders, I can answer any questions you have to the best of my ability.

 

Let me know if I can help.

I will let you know.... Thanks.

NV homes will NOT negotiate. I own a NV Home, and a good friend sells NV homes. Where are you located. I guarantee I can get a builder in your area to build you an equal home, or better, on more acreage than NV can do for you.

 

Email me: Gbrock@ywgcrealty.com

 

 

On facebook: http://www.facebook.com/home.php?ref=home#!/TheCKGroup?ref=ts

 

http://www.YWGCRealty.com

http://www.Sellingallmdhomes.com

Remember, its a buyers market. I'm about to buy my second house and daddy's going to buy what he wants and for the price he wants it. If the seller doesn't like the price then daddy has about 50000000000 more houses to pick from. Good luck with your investment.

Let me know if you need a mortgage for your new home.

 

PM sent.

I will let you know.... Thanks.

I used to be a project manager for NV Homes, until 2007 when they started pre-emptive layoffs.

 

As of then, they built GREAT houses. Some had issues, but the company is financially solid and backs their products. They don't do a lot of price negotiation because they don't like to have a negative impact on the value of previous home purchases. It is one of the things that they do to earn repeat customers- assist current owners in holding value. It actually works, and is part of why the company is still solid in this poo-poo market.

 

FYI- they also own Ryan Homes and a few other smaller regional builders.

 

If you have other questions about NV stuff, just ask. I HATE their management chain/structure and how they treated about 600-700 employees, btu I can't knock on their customer service or the quility of the products.

Well after further looking we ended up going with Ryan homes in the same area. The house does not seem to have all of the same amenities but the cost is less thus allowing a larger model for less $$$. They are offering perks like finished basement and upgraded cabinets and counter tops. It seems the upgraded options were the standard at NV. So overall we will be getting a better lot, finished basement a little bigger house for about 65K less. I would contact you guys but we are already dealing with a Remax agent. The same agent that sold our last house in 2000. Getting ready to put current house on market.

we are in a ryan home. and not a dan ryan home, run away from those.

 

we have been pretty happy, few issues like the appliances they put in the house but and a few cosmetic details on the interior but otherwise happy.

Remember, its a buyers market. I'm about to buy my second house and daddy's going to buy what he wants and for the price he wants it. If the seller doesn't like the price then daddy has about 50000000000 more houses to pick from. Good luck with your investment.

 

x2

 

I buy cars and shop for homes with money and value in mind not emotions. A lot of people get wrapped up into emotions of NEEDING a certain house/car when there is like thousands of them all over. If they don't budge/deal then move on to the next seller who will. The thing is owners WILL sell. It's the damn realtors who discourage sellers of an offer coming in because they want more profit or they have their client "best interests". So they set the starting price high and then people don't like the house for the price or even want to try to make an offer. Then the house's DOM is 90-180+days, soon to be taken off market and owners discouraged to sell or worse foreclosure.

 

I personally prefer buying from owners or builders, it cuts the middleman(realtor) out of the loop. Good thing for us my in-laws are realtor(she waives her fees) and a builder(he inspects).

 

*just for an example, the townhouse I'm currently in was 1 of the first homes we viewed and made an offer for 80k counter was 87k and we moved on to more viewings. Later we were still looking it's DOM was 180+ days, owner was no longer selling with the realtor and we came back to make an offer. We got the house for $26k less than what was listed, seller was happy and so were we.. Listed 90k Final $64k seller made $1,5xx dollars and was at risk of foreclosure. Stories like that are dime a dozen. BTW if your wandering how cheap home is, it's in PA, 1400sqft not including unfinished basement, townhome is currently valued at $90-100k. Mort. way under $600/mo

 

Well after further looking we ended up going with Ryan homes in the same area. The house does not seem to have all of the same amenities but the cost is less thus allowing a larger model for less $$$. They are offering perks like finished basement and upgraded cabinets and counter tops. It seems the upgraded options were the standard at NV. So overall we will be getting a better lot, finished basement a little bigger house for about 65K less. I would contact you guys but we are already dealing with a Remax agent. The same agent that sold our last house in 2000. Getting ready to put current house on market.

 

Sounds like a great deal!

I agree with filipinocracker this is a buyers market. But the market, even for the buyer sucks. Most of the homes are in short-sale (beat to crap and not worth what the bank is offering) in foreclosure (most are almost condemed) and a few honest sellers that are looking to get a fair market price for the house.