When you do, will there be a GFY welcome/house party?
we'll take our shoes off ;)

I wish I could find something like that here in Canada. House prices don't seem to have taken much of a hit at all (at least not in the Ottawa area). I'm still waiting but I guess if they don't, its not an entirely bad thing.

yep, location is everything

if the local economy is good and solid in an area then prices are not likely to ever fall much

great deal congrats!

Congrats dude! Nice find and purchase ... I wish we could have waited a bit longer to buy our new house, but the old one sold last March and we got the best thing we could find on the market at the given time. I made more money on the sale of my house than my biz last year, hehe ... suckers .... When's the house warming???

$20k for a house? What country?

When I moved into my house, which I rent, the owner wanted $725,000. It is now worth $489.000...

When my lease is up I will have paid $90,000 in rent.

I am now considering buying the house at a $146,000 savings rent included.

My mortgage payment will now be around $2600 which is close to my rent payment. Had I bought it when I moved in it would have been $4200.

Wow,congrats on the buy! Prices here in Vancouver are starting to soften a bit, but it hasn't been a dramatic change yet.

old westbury took a SERIOUS beating and thats rare

$88K is fantastic for what you describe; you indicate the neighborhood is nice and schools excellent...

Before signing though, check out how many houses in the surrounding area are currently in / been sold due to foreclosure.

Also, are many people in the area employed by only a few large, vulnerable employers, such as auto manufactures / suppliers.

If there are / end up being a lot of foreclosures in the area, even $88K may be too much.

Ron

guess the moral of the story is timing is everything... if you had said "why rent?" and bought instead at the start, you would have been down all that equity and had higher payments as well

.... so it should be said that renting can often be smarter than buying depending on the market and other factors :2 cents:

congrats, that sounds like a great deal.

Thanks BRO.

I get back from Disney end of the 1st week December. I believe closing is set for that following Tues.

:thumbsup:thumbsup

That's not what I'm seeing on the following chart: http://www.greaterfool.ca/wp-content...ouse_20081.jpg

Yeah and despite all these incentives it's still.. SW Michigan. Prices were dirt cheap there before the economic collapse. Wanna guess why?

yah in Ontario prices are holding up... i think once this mess is over in let's say couple of years, everyone will all of a sudden start buying houses so they won't miss out and prices will sky rocket even higher...

and btw, 88k for a house, damn man... here that place will be at least 300g's far away from down town

from 740 to 700 is nothing "major" considering dow and tsx are way down...

Glad to see you are making out... but!!!!! its Michigan..

hehe yea I was thinking the same thing. The state of $1 houses. hehe congrats on the house though, it doesn't look too bad.


There are many states you can find very good deals. Texas is one of them, I was out there 2 years ago and there were countless houses in the 60k to 80k range in Dallas & Houston.

I can only imagine what's out there now. Austin and San Padre Island seemed to be the only places with high prices in that state, where it was harder to find stuff under 100k. I'm sure it's not too hard now though.

what a steal .. here you wouldnt even get a decent condo for that price

You mean from $760K to $700K in about 4 months, that is a significant drop in real estate, and it's just the beginning...

Nice buy. Prices are nuts all over. It is a great time to buy but hard to get a deal in the nicer areas.

Yes they are.

I have seen some houses through this year from from $180,000 down to the low 100's and even 90's. Area makes a difference, as well as how long on the market. There have been times I see houses dropping 10-20k every few weeks trying to unload them.

Fucking crazy.

That is the east side of the state. :winkwink:
I am SW side.

Thanks for the gratz :thumbsup