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Foreclosures or home prices problem, keep Americans in their homes, unethical means, starter homes, less desirable neighborhoods, newer developments, fancy amenities and upgrades
Right now there are seven single family homes for sale in Piscataway for under 275K yes these are starter homes for first time buyers. Ten single family homes in Bridgewater under 300K Now if your looking for cheap starter homes you are not going to find them in Rumson, Far Hills, Short Hills, Milburn or any other better community.
I am sure if you look hard enough you can find starter homes for sale all over Central NJ for under 300k
I know there is ego involved when buying a home, how can somebody making combined 200k live in a house that only costs 300K? What will our friends think? When your friends start helping out with the bills then it matters what they think.
Solution is to move to NC and make 100K combined and buy a new home for 300K
Right now there are seven single family homes for sale in Piscataway for under 275K yes these are starter homes for first time buyers.
Our max budget is $230K-I doubt there are any that cheap.
Quote:
Originally Posted by emanon
Now if your looking for cheap starter homes you are not going to find them in Rumson, Far Hills, Short Hills, Milburn or any other better community.
Oh come on, who's really looking for sub $275K houses there?
Quote:
Originally Posted by emanon
I am sure if you look hard enough you can find starter homes for sale all over Central NJ for under 300k
Sure you can, but there's just no parity with how it was just 20 years ago. My fiancee's parents bought their first home for $63K
Quote:
Originally Posted by emanon
I know there is ego involved when buying a home, how can somebody making combined 200k live in a house that only costs 300K? What will our friends think? When your friends start helping out with the bills then it matters what they think.
With $200K income you could go a little higher than $300K. I think this is just a case of "well in my day..." Most of us 20-somethings just want a place of our own that we can "trade up" with later on down the road-not some extravagant mansion. You can say "well in my day" all you want, but in your day, housing prices were a bit more down to earth.
When I read these posts I think that all the posters are correct in thier personal view of the housing problem. #1 without a dought a no brainer is the homes rose to quick in the years from 2000-2005. So its very, very hard for a younger person or couple to enter the field unless they have a significant chunk of change. But some posters are saying they moved up gradually. I bought my 5th house about 5 years ago and its FINALLY the one I wanted. We saved and saved and saved until we were about 45YOA. And we made money on each and every house we sold. We also have not paid one cent of credit card interest in our lives. That is very big. If we didn't have the money we didn't buy it. Some of my kids charge electronic equipment and they know they do not have the money to pay for it. One bought a I phone for 5 bills and will probably send in 20 bucks a month for 20 years. To me thats silly I have the same celly for 5 years even though I could get a free one every year. So at this time the way houses are priced you need to save alot for a downpayment thats large. Don't get into the motgage insurance game. In my view if you don't have a 20 percent down payment you shouldn't be looking to buy at this point in your life. Thats my view and as Jim Gearhardt would say I'm not trying to offend anyone.
I am sure most of the younger people will disagree with this but the older folks know what I am talking about.
Todays first time buyers don't want starter homes like most of the older folks started with 40 years ago. They want fancy kitchen and baths, best neighborhoods, best schools, two new cars in the drive and a great vacation every year and they are in their late 20's early 30's.
It took me four homes before I got to live in the area where I live now. I had to send my kids to school in the less desirable areas but they finished up in the good schools and both graduated from good colleges with great jobs.
40 years ago I could not afford to live where I live now and not because I am wealthey but becaue I took my time and each time I moved I sold for a profit and moved on to better towns.
There is nothing wrong with starting out small and moving up every 10 years or so, makes you appreciate what you have worked for.
Todays young people want everything NOW and look where it's got them, in debt because they bought over their heads because they have to have it all right now.
Those starter homes are out there you just have to adjust your priorities.
This is exactly true. I started in my first little home and love everything about it. It fit the three of us fine, and it was in a good town on NJ.
Later I needed more "baby" room......so we sold at a good profit and moved to a larger home. ( In NJ)
Since then we have made two more profitable moves.
I'm back to wanting not "all that hugeness of rooms"......There is other things important to me in life. I love my home, and I don't need a mansion.
Starting small years ago worked for me quite well.
But, your are exactly right. People seem to want to start at the top, with best town, best schools, best and biggest house. What they don't place on the table before them, is if they can really, really, afford all of that.
I just heard from a niece that she is "disappointed" in her house.........."small "she says. I told her the story of how I loved my first little, small, house....and she smiled.
Sometimes we must enjoy less in life, without thinking about "more" .....because maybe " more" is just too costly all the way around.
When I read these posts I think that all the posters are correct in thier personal view of the housing problem. #1 without a dought a no brainer is the homes rose to quick in the years from 2000-2005. So its very, very hard for a younger person or couple to enter the field unless they have a significant chunk of change.
Amen! When my parents started out they rented, but rent then was a fraction of what you typically paid on a mortgage-so you were able to save some money. Now renting is pretty much a losing game. A decent one bedroom with no insects or rodents will cost you just as much as an entry level home's mortgage payment! Anyway, after my parents rented they bought a small home, lived in it for almost 10 years, made improvements, sold at a profit, and eventually built their own home, but that is increasingly not possible for more and more people.
The problem I have with a condo is that selling one is always a competition with every other unit in the building that is selling at the same time. You really have to go the extra mile as far as improvements/upgrades to be able to make a profit from what I've seen. That and I'm just not a condo person really. I like to mow grass, grow a garden, rake leaves, etc...I'd get bored in a condo Plus I do all my own work on my car, I hunt, I fish, etc...no one would appreciate me changing my oil in the parking lot or hanging my deer from my balcony.
Plus I do all my own work on my car, I hunt, I fish, etc...no one would appreciate me changing my oil in the parking lot or hanging my deer from my balcony.
Hee!! A deer hanging from a balcony would be a sight to behold.
Home prices are way over the top!!!! 4 years ago my husband and i were able to afford to purchase a home, however we were royally screwed. We had the home inspected, and everything came up fine on the inspection. However, when we started to do repairs we found major structural problems. We entered into a lawsuit which took 4 years to get through (with an outcome that did not do much give the others a slap on the wrist, and not really help us out especially with the way the market kept on climbing). When the lawsuit was over we were finally able to get rid of the house. We sold it for less than what we bought it at because of the damage.
Now we would like to buy another home, but find it impossible. Our starter home (which we never lived in) was purchased for $152,000 it was a small 2 bedroom 1 bath starter. Now jump ahead 4 years, and we cannot afford to purchase again. the same house today if it was in the condition it was supposed to be in would sell for about $225,000 give or take. We can not afford this. We cannot even find a townhouse in a decent area for what we can afford.
My point is, today's market (even with the downturn) is just over inflated. When your average middle class couple can not afford to purchase a starter home something is wrong. Has there ever been a time throughout history when even fixer-uppers werenot affordable to your average middle class person? I don't believe so?
And it is not just the price of houseing either. Rents are so over priced too. My husband and I cannot afford to leave the apartment we are in now because of how high rents in other places are. We are in a two bedroom now with 3 kids. we cannot move to a 3 bedroom because they are at bare minimum 1500 + per month. This is just downright insane!!!!
Right now there are seven single family homes for sale in Piscataway for under 275K yes these are starter homes for first time buyers. Ten single family homes in Bridgewater under 300K Now if your looking for cheap starter homes you are not going to find them in Rumson, Far Hills, Short Hills, Milburn or any other better community.
I am sure if you look hard enough you can find starter homes for sale all over Central NJ for under 300k
I know there is ego involved when buying a home, how can somebody making combined 200k live in a house that only costs 300K? What will our friends think? When your friends start helping out with the bills then it matters what they think.
Solution is to move to NC and make 100K combined and buy a new home for 300K
is this a starter home ?
http://www.weichert.com/search/realestate/PropertyListing.aspx?P=16943178&cityid=15242&ptype id=32&pg=20 (broken link)
gimme a break look at the price and condition ....
and if you're talking about this one ..hmmm i would not buy it for 100k ...
thats the problem people asking for unrealistic amounts for their what they this is their version of a McMansion
Rumson,Short hills, Alpine...saddle river are not even is some people's vocab when it comes to a house ....
We're talking whats suppose to be average middle class towns where a 300k home does not look like crap ...as yes those homes listed out there for those prices are crap and are really worth 100k if that...This has nothing to do with ego but economic smarts ...sellers were fleecing buyers now the tables are turning and some people are trying to justify the prices of some really shabby shabby homes...Look around in Edison some boxes are for sale asking 400k ...Why can't some people really see that home prices are not in line with wages...
Last edited by Sarah07080; 12-22-2007 at 10:00 AM..
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Plus I do all my own work on my car, I hunt, I fish, etc...no one would appreciate me changing my oil in the parking lot or hanging my deer from my balcony.
