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Old 09-26-2011, 09:07 PM
 
6 posts, read 9,769 times
Reputation: 15

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My husband is in the Navy and he is considering getting orders to Mayport Naval Station. We would like to buy a house in a good neighborhood, in a good school district (around 150k). We know nothing about the area or where to start. Any advice would be helpful! Thank you!
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Old 09-26-2011, 09:33 PM
 
65 posts, read 198,106 times
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What age are you kids so have idea what schools to look for? (Elementary, Middle, High) ?
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Old 09-28-2011, 10:34 PM
 
Location: Jupiter, FL
2,006 posts, read 3,320,875 times
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Browsing on Zillow, I see quite a few houses in your budget very close to the naval base - from Jacksonville Beach all the way north to the naval base. Your kids should love living near the beach!
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Old 09-29-2011, 02:22 AM
 
Location: Amelia Island/Rhode Island
5,210 posts, read 6,147,251 times
Reputation: 6319
Come on guys help the lady out.

Jacksonville and the surrounding areas are home to some of the highest foreclosure rates in the US. Along with the fact that we have a high percentage of home owners that are underwater in regards to their home values. If you take a 60 mile radius from downtown Jacksonville you will find and excess of more than 30,000 empty lots in unfinished subdivisions.

If you would need to sell when you get your next orders in a few years you might have a problem just breaking even unless you really do your homework and scout out a real deal, but that takes time.

As unorthodox as it seems this is probably the best time to purchase rental property with home prices so low and interest rates at historic lows. If you do not have to sell when you get your next set of orders you will have a nice little investment for your future.

That being said when you find the area you like I would suggest renting. Without scaring you to much more, be sure to do your homework or go through a reliable real-estate firm as some renters are finding out the home they are renting are in foreclosure and they are hung out to dry. There is not to much of this here but it is happening.

Good luck, Mayport Naval Base is a really nice base and this area is a favorite place for the navy to get orders to.
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Old 09-29-2011, 05:18 AM
 
Location: Jacksonville, FL
2,740 posts, read 5,508,201 times
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Yea, if you are only going. To be here a few years, rent.
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Old 09-29-2011, 12:07 PM
 
Location: NE Florida
3 posts, read 3,632 times
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My son is in the Navy, too. He bought a REO about 18 mos. ago near NAS Jax. Since buying, the price of homes in his area fell another 20% at least. As his mother and real estate agent, I feel horrible! But no one could have predicted that this market could have fallen this much. I've told him if he gets transferred, I'll at least manage the property for him if he decides not to sell. He's also put a chunk of change into the property.

In my opinion, we have another wave of property values that will fall in this market. IF I were you, I would be studying this market very closely. I would also be very, very conservative if I were to buy. I just don't know if I would buy at this time unless I knew I wanted to be here for the long haul. Now, if you want to have rental property and you don't mind the burden... and it will be a burdern and a PITA when you have to move, then go ahead and purchase. It could be a wonderful opportunity. But there are no guarantees in THIS market. Jacksonville and surrounding areas are still in the woods in my professional opinion.
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Old 10-02-2011, 10:12 PM
 
109 posts, read 306,752 times
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Agreed. Unless your time horizon is at least 10 years do not buy. As a military kid, we had several moves. If u can qualify for base housing, that is certainly your best bet.
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Old 10-03-2011, 03:18 PM
 
Location: NE Florida
432 posts, read 1,309,856 times
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We're also Navy at NAS jax, but have plans to stay here longer....lots of good opportunities here. Honestly if I was only going to be here on a typical tour, I would rent and not buy......it's kind of depressing in some areas truthfully. Lots of good rental opportunities out there!
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Old 10-03-2011, 06:30 PM
 
64 posts, read 165,448 times
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If you do decide to buy, there is some legislation that will lower the VA funding fee as of OCT 2011. Click here Important News and Announcements - Loan Guaranty Home Loan Program and here http://www.benefits.va.gov/HOMELOANS...s/26_11_12.pdf

I'm closing on a home on 19th of October, so this saved me an instant $1700. (No pmi with a va loan also)

I seem to disagree with the others around here, and I know that the navy has changed and it IS possible to do an entire tour in the same city, so there is less moving around than the 'old' days.

If you have saved at least 5% I would say that now is a great time to buy; interest rates have been on a slide for the last 6 month but as of last week the rate has just started to climb again. Do you think your money is going to be safe in a savings account or stocks? I would guess that home prices will beat stocks in the next year. I would rather invest in a home, that I can actually live in. Yes I fully expect the price of my house to go down in the next year, but I am ok with that as I know that everything is going to take a hit anyway.

Nobody should ever buy a home if they don't plan to live there for at least 6-7 years, but if this is not the case for you, there are great bargains and the interest rate is only going to go higher.

Last edited by slimsim; 10-03-2011 at 07:13 PM..
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Old 10-04-2011, 03:43 AM
 
Location: Amelia Island/Rhode Island
5,210 posts, read 6,147,251 times
Reputation: 6319
Quote:
Originally Posted by slimsim View Post
If you do decide to buy, there is some legislation that will lower the VA funding fee as of OCT 2011. Click here Important News and Announcements - Loan Guaranty Home Loan Program and here http://www.benefits.va.gov/HOMELOANS...s/26_11_12.pdf

I'm closing on a home on 19th of October, so this saved me an instant $1700. (No pmi with a va loan also)

I seem to disagree with the others around here, and I know that the navy has changed and it IS possible to do an entire tour in the same city, so there is less moving around than the 'old' days.

If you have saved at least 5% I would say that now is a great time to buy; interest rates have been on a slide for the last 6 month but as of last week the rate has just started to climb again. Do you think your money is going to be safe in a savings account or stocks? I would guess that home prices will beat stocks in the next year. I would rather invest in a home, that I can actually live in. Yes I fully expect the price of my house to go down in the next year, but I am ok with that as I know that everything is going to take a hit anyway.

Nobody should ever buy a home if they don't plan to live there for at least 6-7 years, but if this is not the case for you, there are great bargains and the interest rate is only going to go higher.

If your going to be stationed here more than 5 years then it might be a wise choice after a lot of searching and research to try and find the best deal.

We to have friends that thought they were buying at the bottom and were amazed to see another 10 - 15% drop in their home values.

How are you going to lose money in a savings account? I do not get that one. If you fully expect to lose money on your house in the first year, why buy it, that does not make financial sense. Just because all the other houses around you go down does not make it any better. You would be better off renting for another year as the first years payment on the house you buy are lost to interest. Coupled with the real estate fees when you sell (5 - 6%) your going to be down quite a bit.

I don't mean to sound judgemental, but coming from a heavy residential and comericial lending background specializing in regularatory and compliance issues, things are a lot worse than they are perceived in this area. Good luck with your new home and welcome to the area
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