Houses under $90,000 (Medina, Ingram: for sale, real estate, crime rates)

[djc1977]

How hard is it to find a decent house for sale under $90k in the 78238, 78251, 78245, 78240, 78249 or 78250 zip codes? I am in the process of trying to buy and that is my budget. Alot of what I have seen around 79-89 k has been terrible. I am amazed at the condition that people leave houses when they are attempting to sell. Anyone know of a decent house for sale in this vicinity? If so, pm me a mls number.

THanks

[shenane]

Most real estate sites will let you search by zip code and price range. Of all the sites I have used, I like bradfield properties the best because it only gives me what I ask for. Realtor.com and others will show me 80% matches and such. For instance, I tell realtor.com to show me 1 story houses in a certain zip code; it will show me 2 story houses in nearby zip codes, then I have a bunch of stuff to search through.
Bradfield properties doesn't do that. I put in 78251 zip codes houses under 100K and there are several that came up under 90K. I don't know how they will look on the inside.

Moderator cut: realtor website
You might have to think about getting a fixer upper in that price range. If you do find something you want, make sure you check crime stats etc..

Good luck!

Originally Posted by djc1977

How hard is it to find a decent house for sale under $90k in the 78238, 78251, 78245, 78240, 78249 or 78250 zip codes? I am in the process of trying to buy and that is my budget. Alot of what I have seen around 79-89 k has been terrible. I am amazed at the condition that people leave houses when they are attempting to sell. Anyone know of a decent house for sale in this vicinity? If so, pm me a mls number.

THanks

[rd2007]

Be careful when searching that price range. The houses in areas that are notorious for flooding are usually in that price range.

[kevcrawford]

That's a pretty big blanket statement to make.

[rd2007]

not really.. look at the always flooding Ingram Rd. area behind the mall and look at the price range of the houses selling there.. then drive down Medina Base Rd. to where the houses were all in a lake last year and look at their prices..
BTW, I didn't mean all houses in that price range are in an area that floods, I meant many houses in areas that flood easily, usually sell in that price range..

[Spock's Beard]

It's a buyer's market. Pick a house slightly over the amount, offer a cash amount that you can pay, and enjoy.

[smuboy86]

you might want to look in 78218 and 78239.

[majormadmax]

Are you absolutely sure that is your upper limit? I ask because in most of those zip codes, you will be able to find a house for that price; but you'll have to take the wheels off of it!

All kidding aside, with a 30-year loan and the current market and interest rates, you may find yourself able to afford more than you realize. Find a good realtor (many of us have recommendations if you need help finding one), have them crunch the numbers for you, and maybe you can extend your range a little. Despite the current situation, I still believe real estate--when done right--is a good investment over the long run. I have owned and sold several properties in my life, and it seems like every time I end up buying a more expensive property than I was wanting to; but in the end it worked out to my advantage. Just be smart and don't get in way over your head, which is what drove us to the current housing market in the first place!

And by the way, I am in no way slagging on the "pre-fab" housing community, previously known as mobile homes. There are several of those communities near us, and we have taken the time to drive through them and were surprised at how well cared for they were! Not all are like that, but I lived in one my first year of college and it motivated me to work hard to be able to afford a more permanent structure.

Cheers! M2

[shenane]

Major has a good point but I'm an advocate of living well below your means. If you sit down with the bank and they say, based on your income and credit, we can loan you 105K; you don't want to buy a house for 105K - that's cutting it too close. Buy something cheaper, that way you have a cushion for a rainy day. Also by buying something less than you can afford, you might be able to pay it off earlier.

On the other hand, you do want to consider resale value. You can buy a really cheap 1 or 2 bedroom/1 bath house that works find for you. But if you need to move one day, you might have a hard time selling it. Talk to your realtor because I'm no expert, but you probably want to look at 3 beds/2 baths/2 car garages/ good school if resale is a concern.

Once again, I'm no expert but I have read dozens of articles that say it better to buy a crappy house in a great neighborhood rather than a great house in a so-so neighborhood. So those so-so neighborhoods are going to have all cheap houses that you can probably afford, but you might have a hard time selling it later.

I say find a nice neighborhood with a really cheap fixer uppper. Something not so bad that you can still move into. Move in first, pay a couple of mortgage payments first; as you have money left over, you can buy paint, landscaping, etc.. Take your time; in a couple of years, you'll have a really nice house. Just don't buy something with major structural or flooding issues. Not worth the savings.

Then later, as things progress, you find that you have lots of money left over after paying you mortage, you get a nice savings going, then you can look at something a little bigger and better. Sell you little fixer upper for a profit and get your next home.

Oh yeah. Major mentioned a 30 year loan. Get a fix rate! It's less risky.

Along the lines of what Major was talking about, there are lots of great programs out there in Texas. If your income is low enough, the IDP program will match your savings 4-1 as long as you use it to buy a house or start a business or go to school. The Nehemia program will give you money for a down payment. Then there are some first time buyer programs out there (if you are one)
Good luck to you.

Originally Posted by majormadmax

Are you absolutely sure that is your upper limit? I ask because in most of those zip codes, you will be able to find a house for that price; but you'll have to take the wheels off of it!

All kidding aside, with a 30-year loan and the current market and interest rates, you may find yourself able to afford more than you realize. Find a good realtor (many of us have recommendations if you need help finding one), have them crunch the numbers for you, and maybe you can extend your range a little. Despite the current situation, I still believe real estate--when done right--is a good investment over the long run. I have owned and sold several properties in my life, and it seems like every time I end up buying a more expensive property than I was wanting to; but in the end it worked out to my advantage. Just be smart and don't get in way over your head, which is what drove us to the current housing market in the first place!

And by the way, I am in no way slagging on the "pre-fab" housing community, previously known as mobile homes. There are several of those communities near us, and we have taken the time to drive through them and were surprised at how well cared for they were! Not all are like that, but I lived in one my first year of college and it motivated me to work hard to be able to afford a more permanent structure.

Cheers! M2

[shenane]

Someone mentioned 78239 - there are some new and almost new houses in that area for under 100K - Walzem Farm. You could probabably negotiate down to 90K. Also saw some new ones at 78218 - Northeast Crossing. Also, I did a search for houses built in 2008 for under 100K - a bunch of properties came up in different zip codes. Don't know if one of them is where you want to be, but check it out. They can't look too terrible if they are new. But once again, check on the crime rates, gang activity, etc.. before buying.
Good luck