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Old 07-23-2010, 09:49 AM
 
Location: Austin, TX
1,280 posts, read 4,297,605 times
Reputation: 677

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Quote:
Originally Posted by jobert View Post
Three year old thread. (back when people thought they had money)
I know it's an old thread, but it just brought up the general question for me. It's like when you watch "House Hunters" on HGTV and they have some recent college grad. in their early 20s, with a housing budget of $300k.
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Old 07-23-2010, 01:26 PM
 
Location: Central Texas
65 posts, read 189,320 times
Reputation: 19
Quote:
Originally Posted by jread View Post
How in the hell do people buy $600k homes? Seriously....
I was thinking the same thing- especially with our property taxes!
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Old 07-23-2010, 01:56 PM
 
Location: central Austin
7,228 posts, read 16,128,923 times
Reputation: 3915
Quote:
Originally Posted by kasiem View Post
I was thinking the same thing- especially with our property taxes!
ding! ding! ding!

Three years ago (if we were lucky and everything fell just right) we might have been able to buy a home in that price range . . . but pay the accompanying property taxes every year, year after year . . . no thanks!

The general mood is far different today than it was 3 years ago. I have a good friend who just pulled the plug on their home search after several years. They decided to stay in their smaller, starter house instead of a home in the $600-750,000 range. They could afford such a house on paper, but their monthly mortgage would quintuple as would their property tax bill. They live in a plain house but use the extra money on a country club membership, private school, and lots of travel. I know another family trying to sell their million dollar house in Eanes -- they want to buy something smaller in Allandale! Again, so they have less debt, less property tax and more money for travel and other experiences.

it is a different world today! (how long will this mood last . . . hard to tell)
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Old 07-23-2010, 03:36 PM
 
Location: Central Texas
13,714 posts, read 31,228,033 times
Reputation: 9270
I think most of the US has been on a (over) spending binge for decades. It is a root cause of the housing/mortgage meltdown. People bought more than they could afford.

I don't ever want to tell people how they spend their money - but they just need to remember that bad times do happen. It still amazes me how many people drive $50K vehicles.

High mortgages, high car payments, and high recurring tax bills are big risks.
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Old 07-23-2010, 10:24 PM
 
515 posts, read 1,398,746 times
Reputation: 184
Quote:
Originally Posted by centralaustinite View Post
ding! ding! ding!

Three years ago (if we were lucky and everything fell just right) we might have been able to buy a home in that price range . . . but pay the accompanying property taxes every year, year after year . . . no thanks!

The general mood is far different today than it was 3 years ago. I have a good friend who just pulled the plug on their home search after several years. They decided to stay in their smaller, starter house instead of a home in the $600-750,000 range. They could afford such a house on paper, but their monthly mortgage would quintuple as would their property tax bill. They live in a plain house but use the extra money on a country club membership, private school, and lots of travel. I know another family trying to sell their million dollar house in Eanes -- they want to buy something smaller in Allandale! Again, so they have less debt, less property tax and more money for travel and other experiences.

it is a different world today! (how long will this mood last . . . hard to tell)
So True! When we first started looking in Austin we might have paid that much if it weren't for property taxes here. But then the world changed. Our home state of CA was very hard hit of course, and our house lost enough of it's value that made that price range out of the question for us property taxes or not. Now here we sit in Austin (sold our home in CA) and renting a very nice apartment in Austin, and we are as happy as clams. We are very happy we didn't rush out and buy a big expensive house, because now we feel we don't want a big mortgage and property bill hanging over our head. Life is good being debt free for this moment in time.
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