Craftsman home for $125,000 or less?

[mdvaden]

Originally Posted by ladyflyfsh

Do NOT rely on photos...they can be very deceiving as I found out.

Yeah, we haven't even sold here yet, but I was hired to do a landscape design for Seaside up north, that meant driving through Beaverton. So for fun, I asked the realtor who sold our home with us there, to show me one we've been watching and saw the price drop by 10K to $290,000. Looked nice in the photos, but I was curious why it was not selling since the square footage so so big.

The images did not show the oil furnace, nor the 50 gallon drum on the back patio. That was wierd - may mean an old tank in the ground.

Photos did not show dry rot under big bay window and several other windows, nor the musty smell. Nor the heavy traffic since its right on Cedar Hills Blvd.

Looked like it was headed toward another $40,000 off the price, or that value in repairs to enable financing.

[chrisruns2far]

Hello,

I concur with most of the prior posts. We have friends in most parts of the state and most of what you find in Oregon under the $125-150K range is going to need a whole lot of work and/or in located in a less-than-desirable neighborhood. That being said, a friend of mine in La Grande, Oregon just bought a old 3-bedroom bungalow in a good part of town for $135K that just needs some paint and some new carpet/hardwwoods in a couple of rooms and it will be very nice. Just be patient and a good deal may come your way....it is a buyers market. But most of the state is significantly above $125K just for a buildable lot or a major fixer. Oregon is no longer cheap and you can find very nice craftsman style older homes for under $125K, you just have to look towards the Midwest or the Northeast part of the country. Best of Luck in your search.

[DavePautsch]

On the whole, I would agree with Chrisruns2far that most places in Oregon for the price you are looking at may require some work...HOWEVER there are some homes available in decent neighborhoods that might fit the bill. Especially at the moment with the housing market in a relative neutral position there are:
(1) sellers who HAVE to sell that are competing with a great deal of inventory who may negotiate or give you terms (like a lease to own or seller carry).
(2) flippers who got into the game at the wrong time who now have a house they can't flip. They may have run out of cash to finish the job and be willing to just get out clean.

In Albany there are a couple of places that might fit your bill. If you need some help, feel free to ask me.

Dave

[Larry Caldwell]

Originally Posted by Steve97415

I've said this before, but it bears repeating. Selling price is a VERY poor indicator of home affordability. Although home prices are stabilizing, average monthly payments for mortgages in many areas are actually somewhat higher than what they were when home prices were at their zenith. That is to say, the drop in average selling prices has not matched the increases in the prime lending rate. Use a mortgage calculator -- not asking price -- to gauge affordability.

Utility costs can also vary widely. I know people whose winter utility bills are $300 a month more than mine. Property taxes can vary by $400 a month, depending on your local jurisdiction. There are also operating costs associated with common features like landscaping, swimming pool or hot tub. While many houses are trouble-free, some homes can be continuing mantenance headaches. I put $17,000 into my house the first year I owned it, just to get even with the deferred maintenance, and I did a lot of the work myself, including a new roof.

You have to evaluate the whole package.