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Discussion Starter #1
SU was looking on the real estate website last night. I asked why he even bothers we are not going anywhere. He found the house that we have always loved in town for sale. When we were looking 4 1/2 years ago it was listed for $600,000. It is now bank owned and listed for $216,000. :eek: We absolutley love this house. It makes me sick how bad the market is. Now is the time to buy if you can. If we could snatch up one of those deals we could make our dream of living on the lake come true. We are responsible and won't do what a lot of people are doing, buy another house and just let your go. I love our house but we wish we could take advantage of some of the deals.
 

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My friends have had their house up for sale in IL for a year, they're moving to Charlotte, NC. They can barely get anybody to even look at it. It's terrible.
 

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It is scary I'd love to move but I doubt it will be possible anytime soon. We're thinking of buying some land though then trying to build in a few years. We could make the payments on the land easy enough and if we can find a property we liked now we might put a trailer there so we have a weekend place for the dogs to run and Aubrey to play.
 

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I'd love to get an income property.. eventually i want to rent out my current house and upgrade.. but who knows what's going to happen. The housing market hasn't crashed here yet.. but we're all waiting for the 1000+ miners to head into a VERY long strike in June (rather than layoff, the mine will force them into a strike).

Once that happens.. our City is going to be hurting.
 

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The market here hasn't gone so low yet. I was just looking. A 1900sq ft house on a small city lot of 30x110ft is still going for $360,000. And that is lower than what it would have gone for last summer. It probably would have been on the market for $400,000. But nothing is really selling right now either.
 

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A $216,000 mortgage is pretty low. If you can swing it, I'd buy the house. You could probably rent it or your current house easier than selling to help cover some of the costs. Prices will rise again and you'll be laughing all the way to the bank.
 

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Housing prices are still rising here for mid-range housing, albeit at a much slower rate. The higher-end housing has leveled off or decreased slightly.

A dream house for $216K? That sounds awesome to me!
 

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We are looking at properties right now, decided no better time to purchase that retirement property. Didn't I hear yesterday that along with the stocks being up that there was an increase in home sales last quarter. They did say most house sales were in distressed proberties, but hey it all helps!
 

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It would have to be 30 years at 3% interest... so, it doesn't.
 

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A 30 year mortgage at 5.25% would be just under $1200 per month, assuming zero down. I think that the quoted mortgage is assuming a 25% down payment.
 

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Big down payment? 40 year mortgage?
20% down, just under 5% interest for 30 years. Or right at 4.25% interest for 40 years @ $216k. Both get $937.

Either way it's misleading because they don't tell you how they come up with it.
 

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Oh - and it's a very nice house! Reminds me of my dream house up here, at least on the inside.
 

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Beautiful home! How could it go any lower in price? Wonder what the property taxes are?

Someone took a (financial) bath. :eek:

Around here, that'd be ~ $1,000,000.
 

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Discussion Starter #20
Beautiful home! How could it go any lower in price? Wonder what the property taxes are?

Someone took a (financial) bath. :eek:

Around here, that'd be ~ $1,000,000.
We paid $218k for our house and our taxes were just lowered to $3200. We have lost about 50k on our house so far. They are not far from our house so I imagine the tax rate would be the same. As for the monthly payment, the taxes and insurance can't be figured into that payment.
 
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