House prices in Mebane? (for sale, sublet, 2009)

[Jennscott]

My husband and I are looking to buy a house in mebane...we have been approved for a usda loan and are looking at properties in subdivisions out there that are very reasonable. The only problem is that we probably can't close until Sept of 2009. With all the new building do you think the house prices are going up or down? There are a lot of places for sale in Mebane right now that we could move into right away, but then I would have to break my lease, which my landlord is giving me a heck of a time about.

[findinghope]

with new homes, you need to start building within a couple of months, but then it also takes them about 4-5 months to complete. if you ask them to take their time, the house should theoretically have fewer problems. but that only gives you about 7 months time. you may end up closing and then paying rent and mortgage.
the only other thing to do is wait 60 days before and buy a "used" home.
no one knows what will happen with the prices.

[Jennscott]

Thanks...we went out today and really love it out there. I just hope that the prices continue to fall...for our sake

[DebbieF]

Did you ask your landlord how much it would cost to break your lease? It is different everywhere.

[Jennscott]

The apartment manager is my husband's Aunt. Before we started looking she said it would be no problem to break the lease, then when we found something she said what she meant was the worst that could happen is that I would have a bad mark on my credit, which I consider to be very bad! She has since said she will help us sublet it. We did put in an offer on a place and are under contract on it. We were able to get into a brand new subdivision with no HOA costs and our interest rate is 5% so we are able to afford much more house than if the rate was 6 or 7% which is what I was quoted last summer.

I figure I'll try to work something out. Our apartment is horrible. The woman downstairs has 5 kids in a 2 bedroom apartment and has loud music until after 11:00 at night. One night we couldn't get into the complex because there had been gun shots. We have had to call the cops 4 times since we moved in 4 months ago due to noise after 12:00 at night. I think given all that, I probably have just cause to get out of my lease. It's not a safe place to raise a kid.