With house prices falling...

[Josephine]

Are any of you tempted by houses that were once too expensive? We just bought our house two years ago and love it. Ever since we were house shopping I have been keeping an eye on the listings in our neighborhood. A great deal has come on the market( a Victorian in good shape for $139,000). It's just the house we would have bought if it had been on the market when we were looking. The adult in me knows all the reasons it would be a bad idea to buy it. Houses are not selling near us and we would have to rent out our current house, not something we really want to do. The child in me is drooling over this house at the price it's at! Anyone else having this problem?

[RoseMary]

We are not looking at other homes, but I can imagine how beautiful the Victorian probably is! I do love the pictures of your house that you've put on the forum and it looks like it will be a lot of fun for you to work on. As you mentioned, it is not the best time to be making any expensive purchases~who knows what the economy is going to do?

[chyna]

Oh I have been tempted! :o there is this super cute gothic/gingerbread cottage that I stalk on a regular basis. It came up for sale the first time we were looking for a home and was out of our range so never even went in (also believe it sold super fast), we had to cool the search for a while after my dd was born, found the house we ultimately ended up buying then it came up again. Sold too fast to even get in to look around during an open house so again I missed snooping and now it is (or was the sign is gone)up again and I got to see the interior thru one of those online open houses. It is even better than I dreamed!

We talked about buying it and frankly our house has went up in worth a great deal so we would probably end up with the same mortgage after the down payment but just looking at all the other houses for sale has us scared off. We're going to just stay put in our house and just make it like we'd like, buy oh if I were to win the lottery.... :p

[Josephine]

Yeah, that's what I need to do, win the lottery!LOL! It's not that I don't love the house I have, I do. This other house is a dream, and it's large. Right now my Husband and I share 1200 sq ft with three sons aged 23, 21 and 18. I know they'll be gone in a few years and this house is the perfect size for two. Plus we have already put many improvements in this house that we will not see back if we sell now. Things are so bad here that I know of many houses that have been up for sale for 3 years and many foreclosures happening every day. I really am grateful to have the house we have so I should just stop looking at the MLS!

[CohenCottage]

We want to buy our neighbor's house (we share a driveway) to use as a "guest cottage"...

[shabbychick]

Wouldn't it be nice if you could get a group of friends and relatives together to each chip in about 10K toward the purchase of a house like that and then use it as a sort of time share/investment property? I'd love to be able to do something like that with a house on the coast or in the mountains so we'd all have someplace to go for holidays and vacations.

[chyna]

I'd like to buy the neighbor's house just so I could set up a dog house for them and them alone. :D Oh and to make my yard bigger. Tearing their house down in the process would be necessary but I see no problem with that. :eek:

[oxide]

there is this super cute gothic/gingerbread cottage that I stalk on a regular basis. It came up for sale the first time we were looking for a home and was out of our range so never even went in (also believe it sold super fast)

Ack! Grrrl you're killing me. That's the kind of house *I* would eventually want -- a super-cute gothic gingerbread. With a little renovation it would look like something out of a Thomas Kinkade. And of course it sold super-fast, because it was a gothic cottage! Probably with immense curb appeal. That's the kind of thing that sells even in a recession. I'm convinced the only reason the new McStucco McBadProportion McBeige McSuperSize homes sell is because they go up in perceived value, not because they have any value of their own.

I've been wanting to buy a house for years now, but I've either had to move for jobs, or have not had the down payment money (I didn't fall for that no-money-down scam, thankfully). And it's rough when you're single...you can't seem to get ahead. It's still going to be at least five years for me. Someday, darnit! :)

[88dblifestyle]

Are any of you tempted by houses that were once too expensive? We just bought our house two years ago and love it. Ever since we were house shopping I have been keeping an eye on the listings in our neighborhood. A great deal has come on the market( a Victorian in good shape for $139,000). It's just the house we would have bought if it had been on the market when we were looking. The adult in me knows all the reasons it would be a bad idea to buy it. Houses are not selling near us and we would have to rent out our current house, not something we really want to do. The child in me is drooling over this house at the price it's at! Anyone else having this problem?

Yeah.. Actually that the moment i've been waiting for.. If I love the house and too expensive for me, i'll wait till the price will fall...:D

[rubyslippers]

... many on these boards have known me for awhile despite the fact I have been lurking recently due to a bad cold paired with way too much work ...

Anyway, my husband and I almost bought our first house in one town; then, we ended up moving (right before we made a couple of offers ... whew ... close call). So, we rented again, and landed in our current house a year ago. My "house-i-versay" is this week.

I can easily say that I am ecstatic to be here. We bought on the small side. Which is really no problem as it is just the two of us and our cat at this stage in our lives. However, the type of cottage I own was built during World War II. There are about five different designs said to be Frank Lloyd Wright "inspired" - - if not directly influenced by - - (I am still trying to get the full story on that) ... Anyway, my little town is transitioning and a lot of the cottages are changing hands. People are moving on to nursing homes in some cases. Also, because of the relative size of these cottages, people tend to use them as "starter-houses". The economy in the area also brings people in to town and can transfer them rather quickly, so the housing market is stable yet transient. All of that is a rambling way to say that I watch the MLS listings and drop in open houses to look at my house plan. The homes have been modified in so many creative and unique ways I always get inspired.

Every now and then, something strikes my fancy. If it happened to be a Victorian or a Gothic Gingerbread Cottage ... well, I would certainly fantasize about it for awhile. However, when this happens, I tend to try to talk a friend into it. Sometimes I wonder if I might be a good real estate agent? Overall, I try to use the good ideas I see and personalize my home accordingly. Sometimes it works better than others.

I think we have all been there. I look at some of the houses for sale right now and am a little overwhelmed because I probably could have added a bedroom and a bathroom for a small fraction of the additional price this year. I also read way too many articles on-line that say you shouldn't spend too much money on this or too much money on that because you will never get it back out of your house. I worry about what is "too much" ... so, I watch the mls listings to see where the comparable homes in my neighborhood are selling as I make rennovation decisions. I know that sounds kind of nerdy, but it just seems to make sense. With that said, I kind of never want to move. I guess life may dictate that as a necessary someday, but right now, I don't want to move.

Anyway, interesting thread ... I'm glad to hear from all of you on this matter.

[memmey]

:) I purchased my little house in a blind auction. The former owners lost it to bankruptcy.
The house that is behind my house( a land locked tiny pice of property) was for sale recently. My Sister would love to buy it and we would be together in our older age.
The situation of the property behind me is better suited for a family member or relative because it is literally behind my house. My Sister spent the money and had an appraisal. It appraised at $85,000 and $88,000 with repairs. She offered it to them and told them no closing fees, no real estate person was needed because she closes HUGE loans with attorneys in Dallas.
They never even acknowledged that she sent the offer and by the way the free to them appraisal. They were asking $169,000. They dropped it by dribbles down to $149 and now it is off the market and they are gonna rent it. I could scream!!!!!!!!
The house needs major repair, is land locked and faces my neighbors tool shed and yard storage area.
See, I think that people sometimes are so greedy that they lose sight of the actual worth . I have an interest in the what happens there because they use my driveway. No offense to renters, but in alot of cases they don't have the pride of ownership and the property suffers.
I believe that they think I have had something to do with them not selling their home and it not absolutely not true. It is the conditon and price they were asking.
Sooooo having said all of that, in my area the prices are generally over-inflated.
Wayyyyy over inflated......:(

[cheapdiva]

I want to buy the house Mem is talking about - then we'd be stuck like glue! It is a darling place with so much potential! (It was vacant when I was there in September and I "window" shopped!!)

[yarborough house]

Yes our neighbors- have placed their house on the market about 2 months ago. They bought it at the peak of the season 2 years ago before everything crashed for 210K and did maybe 3000 on new countertops. They have done absolutely nothing else- and the two hvac units need to be replaced. They put it on the market for 240K and I told them they were insane. You don't buy high during a good market then sell high during a recession. They said when we sold it to them we made 60K off of it in 4 years and they should make 30K in half that time. They are delusional.
I reminded them we got it for a great price after it sat on the market for over a year and we redid 3 bathrooms. WE made significant upgrades.
But they have since dropped it to 229K but noone is even looking.
They should cut their losses and drop it to 215K and hope for the best but in reality I don't think they will sell unless they drop below the 200K mark. Stuff here below 200 is doing fine but above not well at all.

I wish they'd leave personally as they have turned into royally pains in the buttocks. To put it plainly she is a witch with a capital B .
So, anyone want to buy it..

tammy

[CohenCottage]

Don't you just hate yucky neighbors? Houses in our neighborhood are moving pretty well (below and above 200k). We bought ours in 2006 and it's value has gone up about 20K, but we bought a tiny house in the HOOD! I think we would have to add an extra bedroom and bath upstairs to increase our value significantly.

[brickjames]

Are any of you tempted by houses that were once too expensive? We just bought our house two years ago and love it. Ever since we were house shopping I have been keeping an eye on the listings in our neighborhood. A great deal has come on the market( a Victorian in good shape for $139,000). It's just the house we would have bought if it had been on the market when we were looking. The adult in me knows all the reasons it would be a bad idea to buy it. Houses are not selling near us and we would have to rent out our current house, not something we really want to do. The child in me is drooling over this house at the price it's at! Anyone else having this problem?

Josephine,
I have had this problem for years. I have been in the exterior rennovation business for 25 years and in the good old days when the market in Central Florida was booming, I was buying 4 to 5 houses a year ( on the side!). My problem is, that even in a terrrible market when house prices have gone down 40 to 50%, and still have not hit bottom,I want to keep buying! The creative side of me wants to buy all the time, but the logical side of me refrains from it. I have always been blessed with the ability to see the house finished in my minds eye minutes after my first glance. This ability can come back to haunt you, especially in a bad real estate market!
I did the very thing you are talking about 3 years ago. I fixed up the house I was living in and it turned out so good, people called it the little gingerbread house. I kept driving by the house down the street which was vacant for almost 2 years, every day knowing exactly what I could do with it. I bought it for a good price when the market was still good, put another
60K into it, had to rent the other, and had one of the worst tenant experiences one could have. It was an absolute nightmare. Not that your situation is going to be anything like mine, and I don't wish what happened to me on anyone. But sometimes we only see certain things that look good or feel good to us. We have to see it from both sides.
I can't make your decision for you, but look at this decision from every angle, good and bad and I am sure that you will make the wise decision.

Sincerely,
James
Home Accent Solutions www.homeaccentsolutions.com

[jabbrley]

Oh yes...I'm ALWAYS tempted! I worked in 3 real estate offices during my years in the work force. I'm a big househunter,least on line..and enjoy looking the sites,and seeing what they look like inside and what they sell for. I won't go to a realtor about them, unless I serious think I'll buy one. It's mean to do that, just to satisfy my curiousity. When I worked the front desks, I entered the listings into the computer, so I kneew about them before the realtors did. Sometimes the selling agent would take me with them to see the homes, on my lunch hour... it was lots of fun. I guess I should be 'content with such things as I have'....but I truly DO enjoy seeing them.

[MsCarissa]

Josephine, that is exactly how I ended up with my cute little 1921 cottage. I figured I'd better take advantage of low housing prices and low interest rates. I already own a big, 1960's 4-bedroom brick monstrosity. When the market goes back to a seller's market, I'll attempt to sell it, but for now I'm content. :cool:

[mac78]

Nice cottage MsCarissa.

[angeljohn01]

The real estate market is highly fluctuating like the stock market. The property prices depends on location, type and facilities provided.



mls for real estate (http://www.marcosold.com/)

[katey]

...

Anyway, my husband and I almost bought our first house in one town; then, we ended up moving (right before we made a couple of offers ... whew ... close call). So, we rented again, and landed in our current house a year ago. My "house-i-versay" is this week.

I can easily say that I am ecstatic to be here. We bought on the small side. Which is really no problem as it is just the two of us and our cat at this stage in our lives. However, the type of cottage I own was built during World War I
I think we have all been there. I look at some of the houses for sale right now and am a little overwhelmed because I probably could have added a bedroom and a bathroom for a small fraction of the additional price this year. I also read way too many articles on-line that say you shouldn't spend too much money on this or too much money on that because you will never get it back out of your house. I worry about what is "too much" ... so, I watch the mls listings to see where the comparable homes in my neighborhood are selling as I make rennovation decisions. I know that sounds kind of nerdy, but it just seems to make sense. With that said, I kind of never want to move. I guess life may dictate that as a necessary someday, but right now, I don't want to move.



Moving is a very stressful experience, but it's always for good. Actually I moved a lot of times since we are looking for a place wherein we could take advantages of job opportunities and lower cost of living. But if you already have a great life you'll probably move for a new and better house.