At what age did you PURCHASE/OWN your first house?
- Thread starter ExplorerXLT95
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SidiousXXX
New member
Yeah but then I am going to end up in jail for killing all the Elvis wannabesebpcivicsi said:Hehe, TN will work too. In Memphis 275,000 will buy you a nice crib.
SidiousXXX
New member
ebpcivicsi said:Yep, I know what you mean. I live about 15 miles outside of the city of Memphis where 250K gets you 4000 square feet and some of the cheapest property taxes in TN. I am just going to relax and throw large sums of money at my principle.
If you are *in* the city though, your location is definitely EVERYTHING.
Good god man.
My GFs Uncle is building a house in a suburb of Minneapolis, MN called Maple Grove that is 4000 sq feet and is costing them $600k.
Brace1
New member
Bought my first house at 25, lived in it for 13 years (still own it). Recently moved 100 miles north and got a house much nicer and twice the size as the old one for less than the original one is currently worth (South Florida is booming). Been renting out the first house and it has been working out well. :2thumbs:
Wow the appreciation on some of your homes is impressive but temporary. When this bubble finally bursts, and it will burst, some of you people will be in for a rude awakening. This reminds me of 2000 when I was heavily shorting tech stocks while my friends were mortgaging their homes to invest in .com stocks. I'm retired a 39 and they are broke and in debt. I wouldn't pay the prices they are asking for homes now it's a bad move buying any asset class at the top.
EBPcivicsi
GOT PREP?
Illusion said:
Totally agree. If my home had appreciated to that level I believe that I would sell it, collect the cash and sit on it until the bubble bursts. Once this inevitable bubble bursting occurs those of us with "actual" cash will be able to buy a home at a deeply discounted rate.
SpoiledMan
New member
It's easy to say that you would but we also have a couple of small kids to raise. Where should we move while we raise them? An apartment? Rent a house? You also gamble with did you sell your home at the right time and will the growth stop and put you back in worse condition than what you started with. We don't have a lot of land in this part of the state to grow on and I don't see it going down anytime soon however the growth will stop at some point.
SpoiledMan said:
I understand and if I were you I don't know that I would sell. But you are looking at a $400,000 gain on your property. If I didn't sell for the reasons you stated I would not loose sight of the fact that the appreciating is theoretical an not money in the bank until you do sell. I wouldn't act and spend like I was sitting on a half mill because I wouldn't be unless I sold.
I remember all the arguments in 2000 about why it was "different" this time and some smart well known people were encouraging people to go heavy on stocks because there was lots of up side left. We all know what happened.
SpoiledMan
New member
Illusion said:
Anyone "banking" on the money before they sell(unless the sell is eminent) is a fool. The market is still at the point where if you don't get an offer in when you see the sign go up you can forget it!
DaGonz
Autopia fire/rescue.
The last "burp" in the economy here only affected condo prices, and not the townhouse style. Many apartment buildings with garden style apartments went condo. People paid outrageous prices then saw the values drop for garden style condos.
GSRstilez said:
Pennsylvania baby! My company is relocating there in a year and I'm really thinking about going. Rent/real estate is nearly half of what LI goes for and much larger property. $250k for a brand new 3 bedroom house, $600 a month rent for a 1 bedroom apt. with full amenities (parking, A/C, laundry, dishwasher, garbage service etc...)
With my $45K NY salary, I'd make out pretty good...