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Old 02-19-2007, 08:31 AM
 
Location: Heartland Florida
9,324 posts, read 23,819,164 times
Reputation: 4901

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Actually if you compare historic Florida prices and today's inflation an 1800 sq foot home which sold for 15,000-16,000 in 1960 should be 150,000-160,000 today. I doubt you could find anything desireable for 50K unless a hurricane and a depression hits the US again. Also wages would have to come up t0 30-40K to support a market for these homes. Today's 300-400K 1800 sq foot homes are simply ridiculous and the condos.....well talk about bubble-headed ideas. This whole RE market really makes me sick.
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Old 02-19-2007, 08:56 AM
 
3,161 posts, read 8,101,837 times
Reputation: 2385
Quote:
Originally Posted by Sonnenwende View Post
No, it isn't about all about the housing prices for me. It is about better job prospects, geography, and community. Housing costs factor in, but they aren't everything all other things considered.

Same here. Mainly because cheap houses are generally in areas most of us wouldn't want to live, hence the reason the prices never went up over the decades. I am more into jobs, economy of the region, available access to culture and nightlife, geography, climate to some extent...

NAH would probably pass out if he saw what we consider to be "affordable" here in the northeast. I don't think anyone here has seen a decent home for sale for $40K since the 1970s.
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Old 02-20-2007, 12:11 PM
 
Location: Tampa Bay
489 posts, read 1,860,446 times
Reputation: 373
Default Upside Down On Mortgage

Quote:
Originally Posted by Need_affordable_home View Post
If you price it right, it will sell. The market hasnt bottomed out yet so you can still get something for it with a realistic price. If you can rent it out for at least break even, thats another option. I also am unhappy in south FL and wont be staying unless house prices drop to $50k which wont happen unless a bad hurricane hits. For $50k, Florida will be worth it, even those that hate FL will agree.
We cannot sell at this time as we do not have the additional $20K to bring to closing, even if we can find a buyer. You see, at the present time, it will not appraise for what we paid for it just a year and a half ago; therefore, we are upside down on our mortgage. We cannot sell it for what we paid for it due to similar properties on the market going for much less (because that is what it is now worth) so yes, we do hope to rent it out, but we will not be able to rent it out for enough to break even every month. We will still need to probably come up with an additional $500 per month to cover the balance of the mortgage and maintenance fee here in addition to coming up with whatever the other place in the better location will cost us. But well worth it, I tell you (ANYTHING to get out of here and get back to the lives we had prior to coming here).

Last edited by FedUpInFtMyers; 02-20-2007 at 12:13 PM.. Reason: clarification of property values here
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Old 02-20-2007, 12:32 PM
 
Location: Polish Hill, Pittsburgh, PA
30,237 posts, read 67,399,655 times
Reputation: 15881
I guess I'm among the few lucky ones. Homes are very affordable in my area, and job opportunities are plentiful (if you have the appropriate skills/training). My dream life is possible in my own hometown!
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Old 02-20-2007, 03:24 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,996,299 times
Reputation: 991
I sure hope you stop renting and buy a house before you get priced out of your area. Its much cheaper to buy than rent in many areas. I dont ever want to rent despite what some tell me to do, ive said it many times rent costs more than buying and you get no equity! When I relocate, ill be buying a house from the get go and if im unhappy, I can sell it for equal or more than what I paid for

FedUpInFtMyers, sorry to hear! Is foreclosure not an option? If you rent it out you will lose $500 a month, if you sell it, youll take a loss upfront but may be worth it if you can buy your next house cheaper. Closing costs should NOT be $20k, that is very excessive. How much did you buy your house for and how much can you sell it for?
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Old 02-20-2007, 03:35 PM
 
2,478 posts, read 4,874,552 times
Reputation: 4489
Assuming housing was not affordable here in Texas: No, because I don't like Texas for the weather among other things. I also have no desire to be a home owner any time soon, so housing prices have no effect on relocating at this time. Once I do want a home, it will be in a prettier area, ideal weather, and then i'll worry about what is affordable to me at that time.
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Old 02-20-2007, 03:50 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,996,299 times
Reputation: 991
Quote:
Originally Posted by Ankhharu View Post
Assuming housing was not affordable here in Texas: No, because I don't like Texas for the weather among other things. I also have no desire to be a home owner any time soon, so housing prices have no effect on relocating at this time. Once I do want a home, it will be in a prettier area, ideal weather, and then i'll worry about what is affordable to me at that time.

Let me tell you that LA is far more expensive than Dallas. I hope your job pays much higher to cover the rent. I understand Texas summers suck but theres lots of good jobs that make it worth living there and most people can afford a house because nice houses are around $100k and even at $50k thatll get you a smaller, older starter house needing minor TLC or a decent 2/2 condo You want a pretty area with ideal weather? Houses probably arent gonna be cheap, especially not in most areas of California. Theres cheap land in parts of California, perhaps good for you and you can have a house built on the land
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Old 02-23-2007, 07:10 PM
 
Location: Tampa Bay
489 posts, read 1,860,446 times
Reputation: 373
Thumbs down Thanks for your advice

Quote:
Originally Posted by Need_affordable_home View Post
FedUpInFtMyers, sorry to hear! Is foreclosure not an option? If you rent it out you will lose $500 a month, if you sell it, youll take a loss upfront but may be worth it if you can buy your next house cheaper. Closing costs should NOT be $20k, that is very excessive. How much did you buy your house for and how much can you sell it for?

NeedAffordable: Closing costs would NOT be $20K; however, making up the difference to pay off the mortgage would most likely be at least $20K. We're not into our principal yet on the mortgage, and the units are now going for $20K less than what we paid. As far as actual closing costs, no idea what that would be. Foreclosure is not an option. Just because we do not want to live here anymore doesn't mean we will just walk away from the property and experience foreclosure. That would be irresponsible not to mention terrible for our credit reports. Having some assistance toward the mortgage and HOA fee each month is better than no assistance at all. This is just one of those "grin and bear it moments".
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Old 02-23-2007, 08:06 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,996,299 times
Reputation: 991
How much of a loss would you take if you sold it now? I know many people that took the loss in order to relocate. The cheaper houses elsewhere made up for it anyway.
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Old 02-28-2007, 09:14 AM
 
Location: Tampa Bay
489 posts, read 1,860,446 times
Reputation: 373
I give up trying to explain my situation. Appreciate your input and advice, NAH; however, nothing you have offered is possible in my situation. Thank you anyways.
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