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I've been here a while, many will know some of my history. I'm really wanting to buy or build a home, the one I have now is a little too small for me, but it is paid for. I bought it because I was paying for rent while going to school. I graduate from LPN school in August, but I may decide to continue on to a second bachelor in nursing/teaching or something else due to the poor economy. The pay for LPN here in E TN is so low and the prospects of getting a job are so dim, that I need to either get a higher degree or leave the area.
Which leads me to my question: Should I buy or build now and take advantage of these historic low rates or wait to see if I can find a job or go back to school.
I have land that i've been trying to sell for a while (26 ac tract), when it sells I could pay cash (or finance at low rate) for a slightly bigger home in a better neighborhood and sell the place I live in now. The benefit would be a larger home, nicer neighborhood and low low rates. The bad part is if I buy now and then need to move to another area for either job availability or pay, then I'd be stuck.
I'm living mortgage free on 8 acres now, but the neighborhood is iffy and the "house" is a dblwide on perm foundation with garage and pool, it does have views and barns, but it's not a permanent home for me, it was better than paying rent for the last year.
There are some really nice older brick homes around the area for $150,000 or so, but that's alot of money, well not to alot of people, but it is to me
Any thoughts, recommendations? Buy existing, build on the land I already own, sell the land and stay put for now until I find a job??? Logically I should just wait and see, but at sub 5% rates, and inflation right around the corner, it is tempting to finance the debt and repay it with the soon to be inflated dollars.
As for building, seems like I could build and get what I want for the price that homes are selling for around here, that is tempting as well, but buying an older, good condition brick home would be almost as nice.
I've been here a while, many will know some of my history. I'm really wanting to buy or build a home, the one I have now is a little too small for me, but it is paid for. I bought it because I was paying for rent while going to school. I graduate from LPN school in August, but I may decide to continue on to a second bachelor in nursing/teaching or something else due to the poor economy. The pay for LPN here in E TN is so low and the prospects of getting a job are so dim, that I need to either get a higher degree or leave the area.
Which leads me to my question: Should I buy or build now and take advantage of these historic low rates or wait to see if I can find a job or go back to school.
I have land that i've been trying to sell for a while (26 ac tract), when it sells I could pay cash (or finance at low rate) for a slightly bigger home in a better neighborhood and sell the place I live in now. The benefit would be a larger home, nicer neighborhood and low low rates. The bad part is if I buy now and then need to move to another area for either job availability or pay, then I'd be stuck.
I'm living mortgage free on 8 acres now, but the neighborhood is iffy and the "house" is a dblwide on perm foundation with garage and pool, it does have views and barns, but it's not a permanent home for me, it was better than paying rent for the last year.
There are some really nice older brick homes around the area for $150,000 or so, but that's alot of money, well not to alot of people, but it is to me
Any thoughts, recommendations? Buy existing, build on the land I already own, sell the land and stay put for now until I find a job??? Logically I should just wait and see, but at sub 5% rates, and inflation right around the corner, it is tempting to finance the debt and repay it with the soon to be inflated dollars.
As for building, seems like I could build and get what I want for the price that homes are selling for around here, that is tempting as well, but buying an older, good condition brick home would be almost as nice.
Anywho, just thought I'd check in with the crowd.
Tony
Tony:
Sounds like you have a lot on your plate already. When would you know if you are going to stay in the area or move? You already have a place that is mortgage-free. If the economy continues to deteriorate, you may be glad you have a debt-free situation.
I don't know anything about the financial institutions in the Tri-Cities area, but, my brother up in Virginia says that if you are planning to build, the bank will do a "guesstimate" of the finished value in the current market (NOT the cost to build) and then loan only a fraction of that. You have to come up with cash for the balance.
Anyway, good luck.
I wouldn't build right now as there are so many good opportunities to buy. I f woke up in your shoes, I would sell the land, and prepare to play hardball and snag the deal of your life somewhere. People in those $150k house have to be getting antsy and softened up for discounting. But this is you're life and it seems that you done a very good job with your financial planning thus far. Whatever you decide, just take your time.
I wouldn't build right now as there are so many good opportunities to buy. I f woke up in your shoes, I would sell the land, and prepare to play hardball and snag the deal of your life somewhere. People in those $150k house have to be getting antsy and softened up for discounting. But this is you're life and it seems that you done a very good job with your financial planning thus far. Whatever you decide, just take your time.
Thanks for the advice, that's what I was thinking as well, but it seems to me people are NOT lowering their prices. I've seen several homes that I've been tracking increase their prices. Seems like the market is still fairly strong around here, good for them, but I've yet to sell my land. I've lowered the price, I've offered owner financing, etc. No takers thus far.
Good news for tonight, I get to go to work Someone else needed time off so I'm working for them tonight. Seems odd to be happy to go to work, but I'm only scheduled for 2 days per MONTH now and any work I can get is good! I'll be glad when I graduate LPN school, just need to find somewhere that'll be hiring and for more than $12 an hour (what I make now).
Tony,
My girlfriend told me a co-worker just scored a foreclosure in Kingsport. As I heard it the house is a 1908 bungalow with an efficiency apartment. If the hearsay is correct they purchased the home for 40,000 dollars. If I could, I would sell my condo right now, even at a slight loss to buy a similar home. Like everyone else, I'm watching this economic [disaster] as closely as anyone, but if I could find a similar foreclosure or distressed real estate sale I'd pounce on it. Sadly, I fear we may have plenty of time yet to buy homes at such low prices. I hope I am wrong but things don't look good. The analysts I have been reading say that if you can get a distressed home sale now at about 50% of what you think it could really sell for in the future...snag it.
Could be worse, I read that 1 in 68 homes in Nevada are in foreclosure. I remember not that long ago how everyone was racing to Vegas to buy homes and they were going up in price 50 grand every other day. I guess we should be glad this area did not see such a "bubble."
Went to a couple of open houses yesterday, saw one of own (Tricities Native) Hi Bill!
I'm confused, I see these homes for sale, prices are high, yet the realtors say sales are slow to steady & at one open house, the realtor said it's a buyers market. Well if it's a buyers market, why haven't the prices softened? I don't see a buyers market at all, but lots of good choices, just not in my price range.
From the prices I'm seeing it'd make more sense to build your own house, new construction is in the 100++ per square foot, you can build in the $65 - 90 per sqft and even with land costs, be in the 100 per sqft finished range and have a home that you want with what you want in it.
I saw these homes close to ETSU that were over $100 a sqft with NO garage, postage stamp lot and 50 ft from the train tracks, $133,000 - $142,000 for 1300 sqft, crazy prices if you ask me, tiny bedrooms, ugh.
Looks like I'll need to stay where I'm at for now, it's just a little too small, I'm in 1248 sqft on 8 acres, with only 1 neighbor. I don't have a mortgage and I'm only into the place $89,900. I'm hoping to sell it for what I have into it and move up to a bigger place, but I'm thinking maybe I should just stay where I'm at for now.
Good luck to those looking to buy and sell, interest rates are low, but prices aren't from what I can see. You know what's funny, you can now buy a home in Las Vegas, Florida, and parts of CA for less than they cost here in JC. Amazing that this area has held up so well, great for the sellers!!
It sounds like Baton Rouge (where I live now). Anything in a safe area of town, which is unfortunately only about half the city, is selling for over $100/s.f., often quite a bit more. I keep wondering when the buyers market is going to start. My guess is that we're a bit behind the times in all ways, even economically. And there is NO affordable land here. That's OK, because I can't wait to leave.
I believe that real estate prices in NETN will begin to drop by Q4 of this year. There's a slight possibility that they won't because of the fact that the area is an attractive one for many retirees and prices are already low by national standards. We'll see.
I saw reports online that the 30 yr fixed jumped 1.5% yesterday after the Treasury sell off, is that true? That add's about $145 a month on a $150k home, ouch.
Tony
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Someone else needed time off so I'm working for them tonight. Seems odd to be happy to go to work, but I'm only scheduled for 2 days per MONTH now and any work I can get is good! I'll be glad when I graduate LPN school, just need to find somewhere that'll be hiring and for more than $12 an hour (what I make now).
