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Message
re: First Time Buying a House
Posted on 1/20/16 at 10:25 pm to CE Tiger
Posted on 1/20/16 at 10:25 pm to CE Tiger
Yeh any house over 1500 sqft in Metairie that is in a good location will cost you about 220-240k if not completely updated. A completely updated one is going to be 250k or above.
This post was edited on 1/20/16 at 10:26 pm
1
Posted on 1/20/16 at 10:26 pm to lsupride87
there are a ton of people in the Nola and Laffy markets who are going to find themselves way underwater on overpriced RE
Posted on 1/20/16 at 10:27 pm to SlowFlowPro
I agree. But what is there choice really? You can't simply say move.
Posted on 1/20/16 at 10:27 pm to SlowFlowPro
You're in LC right? Whereabouts?
Posted on 1/20/16 at 10:28 pm to AmosMosesAndTwins
downtown
Posted on 1/20/16 at 10:29 pm to lsupride87
quote:
But what is there choice really?
rent and buy when the prices fall off the face of the earth in a few months
Posted on 1/20/16 at 10:29 pm to SlowFlowPro
And as long as they are living in it what does it matter, the market will come back. Better to be stuck in a nice 300k house that you only invested $10k in then stuck in a $150k shack that is worth $90k
Posted on 1/20/16 at 10:31 pm to lsupride87
quote:
I agree. But what is there choice really
Not put themselves in that situation?
Posted on 1/20/16 at 10:32 pm to lsupride87
quote:
On east William David well north of the interstate Right on vets pretty much
People between vets and i10 and bonnabel and the 17th st canal claim Old Metairie
That's another thread, though.
The listing says it was built in 2004, too. Which judging by the inside is BS.
Posted on 1/20/16 at 10:34 pm to CE Tiger
quote:
And as long as they are living in it what does it matter, the market will come back
Nola and Laffy were already in bubbles so they have 2 phases of pricing so the prices may "come back" in 5-10 years
banks are still sitting on properties in Cali/Florida from the mid 00s b/c the prices haven't "come back" yet
i'm just saying, the point of large down payments is to avoid the problems with being underwater
quote:
Better to be stuck in a nice 300k house that you only invested $10k in then stuck in a $150k shack that is worth $90k
but if things turn south you could afford the payments on the shack and not lose that money. if you can't do either, your credit is fricked either way
Posted on 1/20/16 at 10:41 pm to GynoSandberg
Only a new money idiot from BR would claim that Old Metairie 
Posted on 1/20/16 at 10:43 pm to CE Tiger
quote:
Better to be stuck in a nice 300k house that you only invested $10k in then stuck in a $150k shack that is worth $90k
That is one way to put it. A terrible way, but I'm not sure what to expect from this thread anymore.
If the $150k shack is worth $90k, then your $300k house is now worth $180k. You'll never be able to get that MIP off of the FHA loan in that case because you won't be refinancing any time soon.
Additionally, as SFP pointed out, you're still paying much higher notes on the house that isn't worth what you owe anymore.
Lastly, you don't often lose 60% of your home value while enjoying the same income levels you once had. The more affordable your house is from a monthly note standpoint, the better off you are to weather those storms.
This post was edited on 1/20/16 at 10:44 pm
Posted on 1/20/16 at 10:45 pm to slackster
yeah i'm not trying to tell people "you're screwed" as much as i'm saying "this is why that is the recommendation"
i mean we JUST saw this happen in 2008
i mean we JUST saw this happen in 2008
Posted on 1/20/16 at 10:47 pm to slackster
just because the housing market takes a dive doesn't mean my employer is cutting my salary. ill weather the storm paying my same note on the 30 year loan in a nice house rather than hate life living in a dump that is now impossible to upgrade
This post was edited on 1/20/16 at 10:48 pm
Posted on 1/20/16 at 10:47 pm to SlowFlowPro
What happened in 2008 has nothing to do with the scenario me and CE and Caterpillar are talking about. If you buy a house where you are scraping by to make the monthly payment, you have potential to be crushed. Me and CE have constantly said that in the situations we are referring to the monthly payment is made easily with money still being saved
This post was edited on 1/20/16 at 10:48 pm
Posted on 1/20/16 at 10:47 pm to lsupride87
quote:
Forget the fact I still save for retirement every month and still save cash money too. I'm sure you are the same. It is very common and easy to put little money down, not buy a cheap house, and still be well within your means and save monthly.
You made a decision that worked out for you, but I already showed you why that isn't the best financial decision you could have made and leaves you far less wiggle room if things go south. Bravo for taking on the risk, and I'm genuinely happy that it has worked out, but that isn't going to be the case for everyone.
I'm not sure why you and CE seem to be so defensive about this - it isn't a personal attack on either of you.
Posted on 1/20/16 at 10:49 pm to slackster
quote:There you go talking about risk. I fail to see what "risk" I took. I will agree it was not the "best" financial decision, but always looking to make the "best" financial decision is an awful way to live life IMHO
You made a decision that worked out for you, but I already showed you why that isn't the best financial decision you could have made and leaves you far less wiggle room if things go south. Bravo for taking on the risk, and I'm genuinely happy that it has worked out, but that isn't going to be the case for everyone.
Posted on 1/20/16 at 10:50 pm to CE Tiger
quote:
just because the housing market takes a dive doesn't mean my employer is cutting my salary
no
the housing market takes a dive when the market adjusts to the bubble and/or when tons of other employers cut salaries/jobs
i'm more concerned with the economy first and the bubble second. having both pop close together may be BAAAD stuff
Posted on 1/20/16 at 10:52 pm to slackster
quote:
I'm not sure why you and CE seem to be so defensive about this - it isn't a personal attack on either of you.
i hear this shite daily with guys who have been working for a year and are looking to buy homes. all the older guys in the office and their parents preach the 20% and they think they need to dump their whole savings into a down payment. I have this augment often that if they can handle the note keep some savings so i dont have to watch them be miserable every day.
Real estate actually fascinates me and Im constantly looking at listings even though i have no intention of buying a new house. I watched the house across the street from me get listed at $275 and sell that day. Its amazing when a nice house is on the market for under $300k
Posted on 1/20/16 at 10:54 pm to lsupride87
quote:
I fail to see what "risk" I took.
what happens if you lose your job and you're underwater and either have to short sell or file bankruptcy?
what happens if you keep your job but the RE bubble popping turns your neighborhood into shite and your house decreases in value?
there is also a possible combination of both scenarios happening in light form and putting pressure on both ends
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