Re: Is the housing boom over?
 

Werd!

Re: Is the housing boom over?
 

Personally, I wouldnt buy a condo or a townhome unless I found one eztremely undervalued. I am looking to do a bit of real estate investing now. I am looking for a undervalued house in the cities that needs work I can do (windows, sheetrock, etc) with plans of living in it, renting with my buddies, and selling it for a profit when I am all done with the repairs. I plan on doing a few of these. Going to college and working full time is killing my aspriations though, I have no time and it would be hard for me to commit to a house also. I have no time for myself anyhow with my girlfriend and all.

I have checked out a couple houses (one yesterday actually). I would say that it is a buyers market in some areas only. There are certain areas where there is a high demand and the sellers are at a disadvantage but overall, I will agree it is turning to a buyers market.

I am going to agree with E-thug and say that buying is not for everyone. I, right now can say that I will never rent a place but I never know. It is not always right to buy a house, sometimes renting is a better option.

On topic again, I think that within the next decade, there is going to be a short falling out of the housing market. I think it will fall and remain more stagnant on a lower level. Houses are getting too expensive. House appreciation in any decent area has gone up much faster than the average level of income. Somewhere this is going to become a problem as real estate is going to be too expensive for the average consumer. It is just like the stock market. Those who get in early reap the rewards and those who got in late can become big losers.

I am somewhat cautious right now on what I look at. I looked at a house yesterday that was undervalued by $90,000 in a nice area. Repairs alone would cost roughly $55,000-$60,000 leaving me with a possible gain of ~$30,000 on the house. Because of the market, I decided to hold off. The house was super nice, only 20 years old with foundation problems. Estimates were in the $50,000 range to rapair. Due to the possibility of the market downturn, I decided that I didn't want to aquire all the debt and possibly get stuck with a house at market value.

I am still looking for a house needing to be fixed up but I am not going to dive head first into anything at all at this time.

Re: Is the housing boom over?
 

Id rather get a newer place and not have to worry about things, and in a newer neighboorhood. Most old cheap houses are usually in a crappy part of town.

Its a good plan if you have the time and dont mind living places I probably wouldnt... Im pretty picky when it comes to things. ;)

Re: Is the housing boom over?
 

My fiancee and I just bought a house yesterday for a little under 200k. They wanted 214,900 for it. We went 100% finance. I would say it is definitley a buyers market. 1900 fin sq ft, 3 bedroom, 2 non conforming bedrooms and 2 baths. It's a corner lot so we expect property taxes to be 2500-3000. It's in Brooklyn Park and the houses around there are going for 225k plus. Nice starter home for us anyway.

Re: Is the housing boom over?
 

Ya there are definately nice parts of Brooklyn Park! I looked at my last house today, and am ready to put my offer in one the one I want. Yeehaw!! I eventually would like to get into realestate, but now is not a good time for me as I'm working on just getting myself up and self sufficient! I'm getting close!

Re: Is the housing boom over?
 

As of today, the seller has accepted my offer, and I have a closing date of Dec 29th. Then I will be able to move into my new Townhome in Blaine!!! YaaY!!!

Re: Is the housing boom over?
 

Wow blaine is quite a distance. Congrats though! Let me know when the party is ;)

Re: Is the housing boom over?
 

The place is about 10-15 minutes from my work. It's a little north, but I don't think it's too far out. I was considering putting an offer in on a place in fridley. More convinient location, but this other place seemed like a better deal overall. And I didn't like the layout of the fridley one quite as much. Anywho, I'm pretty excited!!!

Re: Is the housing boom over?
 

Congrats Brandon!!!!! :D I hope all goes well with the closing and move into your new place.

Re: Is the housing boom over?
 

Before I move in, we're going to have someone redo the floor in the kitchen and because ther eis a rip in vinyl flooring. So I won't be moved in until January sometime. But it'll be mine on the 29th!

Re: Is the housing boom over?
 

That's why you do a bang'n house warming Party before redoing the floor ;)