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Message
re: Buying a new house....
Posted on 9/17/08 at 7:12 pm to Tiger JJ
Posted on 9/17/08 at 7:12 pm to Tiger JJ
gotcha, well we purchased our latest home last year and got it off the bank from a foreclosure and then we refinanced it this year and the appraisal came back about 18,000 more than we purchased it for so we are lucky at this point in time and from what I have seen our neighborhood has been holding steady with prices.
2
Posted on 9/17/08 at 7:12 pm to silstang23
quote:
You're crazy if you think a house wouldn't appreciate until 2018.
Is this a comment specifically about this time period or are you generically, blandly asserting that houses MUST appreciate over any 10 year period?
Posted on 9/17/08 at 7:13 pm to nino2469
quote:
gotcha, well we purchased our latest home last year and got it off the bank from a foreclosure and then we refinanced it this year and the appraisal came back about 18,000 more than we purchased it for so we are lucky at this point in time and from what I have seen our neighborhood has been holding steady with prices.
I bought mine in Dec 2004, but am wishing I sold it at the height of the bubble in 2006. Oh well.
Out of curiosity, what kind of shape was the place in?
Posted on 9/17/08 at 7:17 pm to Tiger JJ
great shape, it was only 4 years old when we got it and it was a builder's house. The neigbors said he was heavy into drugs and collectors were after him and he just up and left one night. They said he had left a bunch of stuff in the house but obviously the bank took it all.
The neighborhood is only about 8 years old and still has new homes in the back.
The neighborhood is only about 8 years old and still has new homes in the back.
Posted on 9/17/08 at 7:19 pm to nino2469
What kind of discount did you get to market comps?
Posted on 9/17/08 at 10:47 pm to Tiger JJ
I wanna say we were around $5000 under the value of other homes. Not a huge bargain but it fell into our price range and is in a much much nicer neighborhood.
Posted on 9/18/08 at 2:38 pm to nino2469
I did the same thing. Bought at $153,000 for 2700 sq feet with 2 nonattached buildings and 200ft of lakefront. Immediately appraised for $230,000. But I'm staying in it for a while.
Posted on 9/18/08 at 3:18 pm to SimonSlick
Isn't a high appraisal value both (1) meaningless and (2) bad? Meaningless, because ultimately it's the buyers who decide what your house is worth when you put it for sale. Bad, because it raises your property taxes.
Posted on 9/18/08 at 4:46 pm to Cold Cous Cous
Yes, it is. But the housing market on the lake where I live is not all that bad. I think I could get 35-40K over what I paid at the moment.
Posted on 9/18/08 at 6:43 pm to Cold Cous Cous
quote:
because ultimately it's the buyers who decide what your house is worth when you put it for sale
it gives you a point to reference though, plus if I'm not mistaken banks use the appraisals when approving loans. They are not going to loan you money if you pay $250,000 for a house that appraises for $200,000.
quote:
Bad, because it raises your property taxes.
I thought that was assessed by the parish and is based off of a different appraisal.
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