Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
When I was looking for my present house (years ago), I found another house that was my dream house. Even better, the asking price was on the low end of my price range! Wow! What more could a woman want for her first house after her divorce.
My realtor knew I was extremely inexperienced at this, and (being a nice person) he told me flat out that it was very overpriced for what it was. He said he would convey a full price offer if that was what I really wanted to do, but that his professional advice to me was to either offer what it was really worth or move on.
I made one offer at a lower price that got a discouraging response, so I moved on.
I ended up in another house that I liked a lot, but wasn't in LOVE with in that way. To tell the truth, I have been so happy here. After some negotiation, it cost less than the asking price on the dream house. I got more house for my money, and more upgrades, in a more convenient location, so I am really glad that I didn't impulsively offer full price on the first house.
Oh, and by the way, the "dream" house never sold.... And then it flooded badly during Hurricane Katrina which is so sad. My present house didn't, but that was just blind luck.
Coming from the housing background, I think I may be "numb" to that "awwww... its my american dream home" mentality. I can say that I am pleased with our home purchase that it is a "smart" buy.
We walked away from our first choice house (DH's first choice & dream house due to the low tax) and closed on our second choice (my first choice, a good investment even per out agent's view). The first house has "another offer" and we decided not to play other people's game.
Like the above, the first house never did sell. While I don't know how that house weathered Hurricane Irene & Lee, we know that our home weathered it real well (thank god too). There is no flooding in the basement, no leaks from the roof. And per my neighbor, the roof is but a year old.
First house will be "under water" immediately after sale while first house even if paid list will be above water for a few years (neither home is an REO, foreclosure nor short sale deals).
First house has less land, second house has 4 times plus the land.
First house has less tax since it is less of a house (sq footage, bedroom etc.) than the second house (more tax). But the end mortgage payment will not even be that much different (while the tax can be adjusted to lower for the second house, first house will see no such adjustment since it is close to it's estimate).
First house has drywall (last for decade), second house has plaster (last for century).
First house the location is less desirable than the second house (The plus... the land value is more than the improvement value; yet the condition of the house is in a great move in shape with not much more to be done to it). Its like buy the land, get the house free... that is how much the location is worth.
I am in my 5th house and this is the first house I ever got that "warm and fuzzy feeling". The previous homes I owned were nice but they were fixer uppers and only became nice because of the work we put into them. The house I have now was completely move in ready. The sellers had the house listed too high. We bid a fair price compared to comps. In this market you can't buy a home that is above comps, no mortgage company will go for that and it would be completely silly to pay up to get a mortgage. The sellers didn't take our first offer. I was very disappointed and moved on. I have to admit no other house gave me that feeling but I was getting over it. A few months later the sellers became realistic and contacted us asking if we still wanted the house.
Thanks AngelBy, I am especially happy investment-wise since I bought into "location" and have seen my home value gone up unlike the stock market.
Sounds like you made a good financial decision and you love your house- the best outcome possible.
Yep- I bought my house for location- beautiful terraced garden adjacent a canyon downtown - even though my house is sweet and with great historical architecture it's definitely the location that sealed the deal. Even in this downturn it's still worth 4+ times what I paid for it 15 years ago- but I'm not selling I'd say that "feeling" paid off pretty well.
During the time frame of the $8,000 FTHB tax credit I was looking to buy. I really wanted out of my then home situation and was pleasently surprised I could be approved and would get the credit, so I was an emotional buyer, every place I viewed was the one and I was crushed when for some reason or another my bid not go through. The place I eventually bought is by far the best out of all the ones I had attached myself to. I signed the contract the date before the experation and closed a little over a month later. So be patient dont look at houses with emotion or become extremely attached until you know it makes since. A dream home will not be a dream home if in the future you are unble to afford the mortgage payments or afford the upkeep. Good luck.
Sounds like you made a good financial decision and you love your house- the best outcome possible.
Yep- I bought my house for location- beautiful terraced garden adjacent a canyon downtown - even though my house is sweet and with great historical architecture it's definitely the location that sealed the deal. Even in this downturn it's still worth 4+ times what I paid for it 15 years ago- but I'm not selling I'd say that "feeling" paid off pretty well.
As for plaster... only 1 in a thousand homes (older homes) have them because the plaster craftsman is very hard to find (especially good ones).
Most all new homes inclusive of those McMansions that sold for half a million to a million plus are all drywall constructions. Most new homes will never see "plaster" as that is a very expensive procedure in today's labor market as well as time consuming (time = money).
T. Damon is exactly right about that new dream homes...
thus even if I could score some deals to new constructions, I would never consider them... to me, old homes have more charm... and when built with old craftmanship quality, most old homes can outlast me.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
And then it flooded badly during Hurricane Katrina which is so sad. 
My present house didn't, but that was just blind luck.
I'd say that "feeling" paid off pretty well.
