Question about Housing Styles (Tulsa: hardwood floor, insurance, salary)

[colleeng47]

Originally Posted by peggydavis

I have been watching some places in my area with 80+ acres that have been sitting on the market. The prices on those houses are just "to see what happens," or to see if someone from Texas or California will show up.

I think this practice is what has driven up home prices to beyond the average worker in so many places in the US today. Somebody from another area will buy an overpriced house because they can afford it, and then anyone else in the neighborhood who wants to sell thinks they can get that price, too. And -- eventually someone comes along and buys it, and before you know it, you can't buy anything under that inflated price. I've seen it happen here in New Jersey. Until something happens (like the current sub-prime mortgage debacle) and then all the prices come tumbling down and people lose their houses, etc. So sad. It all stems from greed.

[peggydavis]

Prices go up, but they also go down. It is a terrible position when your mortgage is greater than the price you can get for your house. I have been in that shape, and I wouldn't want to repeat the experience.

[montanamom]

Looking back at the ridiculous prices being asked (and paid) for houses in some areas of the country over the past few years, I find it hard to believe that so few apparently saw this big downfall coming. In my opinion, $300,000 or more ought to buy you a flipping mansion, and I don't care where it is! (unless you've got a LOT of land or are sitting right on the ocean or something). Cookie-cutter houses and condos were being slapped up everywhere at a fever pitch (and probably built cheaply as well). Many new homes have very little yard, crammed in together, but are ever larger, with more square footage than the average family could possibly need or actually utilize. And people were going into debt up their eyeballs to get in them! A lot of "keeping up sith the Joneses" going on there perhaps? I have a hard time understanding how people bought into the idea that prices on these over-priced homes would continue to climb like they were - I don't feel like plain old common sense prevailed. I have a good friend who took a BIG hit on her home in Maryland just to get out from under her burdensome, high mortgage. She makes an upper-income salary, but it was still too much mortgage debt to carry. Maryland was recently named the "richest" state, but she tells me there are foreclosures all over the place there. She's is relieved to be renting a townhouse for now. I'm personally glad to see the market correcting itself. I just hope the rest of us don't have to end up bailing out all these people who over spectulated (and over bought). I know it's not just new homes, though. Here in Western Montana, the bubble hasn't burst, and may not. There are homes for sale, but sellers don't seem to feel the need to reduce their prices. Just an acre of land/lot out here is in $100,000, and if there is any sort of home at all on that lot, you will pay $200,000, even if it's a "dozer" house. This has become a hugely desireable relocation spot, and as Peggy said, it's out-of-state money that has driven the prices up. Most average working people living here can't afford to buy a house (including me!).

[peggydavis]

When average working families can't afford to buy a house that is terrible!

I don't feel very sorry for the banks and lenders. The other night I saw a news story that told of the "new" loan rules, such as having to provide proof of income. I thought banks and lenders always required that. The last home I bought, I had to show W-2's, provide a letter from my employer, tax returns etc.

Montanamom, you might like the area between 39th & 63rd, between Portland and Meridian. That and some surrounding established neighborhoods might be what you want. If you are in the Putnam City district you should be OK as far as schools go.
District Boundary Maps (broken link)

[colleeng47]

Originally Posted by peggydavis

When average working families can't afford to buy a house that is terrible!

I don't feel very sorry for the banks and lenders. The other night I saw a news story that told of the "new" loan rules, such as having to provide proof of income. I thought banks and lenders always required that. The last home I bought, I had to show W-2's, provide a letter from my employer, tax returns etc.

Montanamom, you might like the area between 39th & 63rd, between Portland and Meridian. That and some surrounding established neighborhoods might be what you want. If you are in the Putnam City district you should be OK as far as schools go.
District Boundary Maps (broken link)

Okay, my OK friends, are you ready to see where the insanity has gone in NJ? I was browsing the NJ forum, and naturally there were complaints about housing. This link is to what one of the posters said was listed as "a starter home" in Edison, NJ. Take a look:
http://www.weichert.com/search/reale...ypeid=32&pg=20

[TheComputerGuy]

Originally Posted by colleeng47

Okay, my OK friends, are you ready to see where the insanity has gone in NJ? I was browsing the NJ forum, and naturally there were complaints about housing. This link is to what one of the posters said was listed as "a starter home" in Edison, NJ. Take a look:
http://www.weichert.com/search/reale...ypeid=32&pg=20

That's okay, the NH forum's first post when I looked today, was about UFOs...

[peggydavis]

Compared to this house. Of course, there may be differences in the desirability of the area, schools, etc. An average worker in OK could afford to buy this house. The house in NJ looked really fixed up on the inside too, but still, the difference in price is amazing.



$75,000
3 Bed, 1 Bath
1,059 Sq. Ft.
0.22 Acres

[colleeng47]

Originally Posted by peggydavis

Compared to this house. Of course, there may be differences in the desirability of the area, schools, etc. An average worker in OK could afford to buy this house. The house in NJ looked really fixed up on the inside too, but still, the difference in price is amazing.



$75,000
3 Bed, 1 Bath
1,059 Sq. Ft.
0.22 Acres

Edison, NJ, where that house is is not one of NJ's "most desirable" cities/towns. It's not bad, like say Newark or Trenton, but it isn't anything you would brag about. The schools are good, not great, and it's a congested town in central NJ, near the turnpike and parkway. It's just that things have gone way beyond crazy here. People on the NJ forum are talking about being "lucky" to find a $395,000 condo in northern NJ. It's nuts.

[peggydavis]

I guess some people, or many people, just enjoy living the rat race.

I would rather live where I don't have to worry so much.

[Goodpasture]

Originally Posted by colleeng47

Okay, my OK friends, are you ready to see where the insanity has gone in NJ? I was browsing the NJ forum, and naturally there were complaints about housing. This link is to what one of the posters said was listed as "a starter home" in Edison, NJ. Take a look:
http://www.weichert.com/search/reale...ypeid=32&pg=20

That house, in a neighborhood of similar houses, in Tulsa, with the kitchen upgrade, the finished hardwood floors, ceramic tile. Then taking into account no air conditioning and baseboard heating, would sell from between $45,000 and $75,000 depending on exactly which neighborhood it was located in.