Housing Markets.

[tysonK]

Just some recent info.

Housing Data

hopefully this link will work.

[MattR]

Crazy. Good find though. I'm moving to AZ and paying straight cash...man.

[tysonK]

Originally Posted by MattR

Crazy. Good find though. I'm moving to AZ and paying straight cash...man.

nice, save what? 60k for a similar house. I hate Reno.

in other news:

Get perpendicular!

http://www.hitachigst.com/hdd/resear.../pr/index.html

[AtomicLabMonkey]

I don't want to hear it - your housing market is cheap.

[khail19]

Originally Posted by AtomicLabMonkey

I don't want to hear it - your housing market is cheap.

Only compared to yours. It used to be cheaper than just about anywhere. My condo that I bought 11/03 for $80,000 just got appraised for $155,000. Reno is going nuts.

[sperry]

Originally Posted by AtomicLabMonkey

I don't want to hear it - your housing market is cheap.

Like Khail said, it's all relative. In SLO, everyone knows that houses are expensive. But here in Reno, there are tons of people w/ "good" jobs that can't afford houses because the market has skyrocketed so fast.

People list a house for sale (that 3 years ago was worth $180k) for $350k, and there's a bidding war that results in the house being sold in 12 hours for $420k. It's not so much the actual costs that are so crazy (at least compared to CA) it's the inflation of the market that's rediculous. I smell bubble. Hopefully in 2 or 3 years when all these intrest-only ARM loans go to 15%, I'll be able to pick up a nice place with a "low" fixed APR of 9% or so.

[AtomicLabMonkey]

A 10 second search on Yahoo real estate found at least 50 2+ bedroom homes under $200,000.

LINK



Monthly payment of $1284 with a 7% fixed interest rate, which is above the Nevada average.

CHEAP.

You guys still have it good, so quit yer bitchin. That is all.

[MikeSTI]

Originally Posted by AtomicLabMonkey

A 10 second search on Yahoo real estate found at least 50 2+ bedroom homes under $200,000.


You guys still have it good, so quit yer bitchin. That is all.

yummm can you do that but add a 3 car garage

really I dont think many of those where even homes...........use unless you like the kind that are carried on the "Wide Load" trucks

[MattR]

Scott would look great in the pink house

[sperry]

Originally Posted by AtomicLabMonkey

A 10 second search on Yahoo real estate found at least 50 2+ bedroom homes under $200,000.

LINK



Monthly payment of $1284 with a 7% fixed interest rate, which is above the Nevada average.

CHEAP.

You guys still have it good, so quit yer bitchin. That is all.

That's a double-wide. It's not technically even a house.

[khail19]

And it's much harder to get good financing on a manufactured home, even after it's been converted to a 8 point foundation. I'm going through the whole deal right now since we're trying to buy a second house and rent out the condo. The cheapest homes that are actually in the Reno/Sparks area in a decent neighborhood are between $240G and $300G. If you want to live in Fernley or Stead you can buy a nice house for $180G or so. Even on our 2 incomes it's going to be a stretch to make a $1300-$1500 house payment.

[AtomicLabMonkey]

Originally Posted by sperry

That's a double-wide. It's not technically even a house.

There are others in the list which are not. And that was a 10 second long search; if you actually looked & searched for real around the area I guarantee you would find decent houses. If you upped the price limit to 250g, it would be even better. My whole point is that it is still relatively affordable; you might not get your dream house the first time you buy, but at least you will be able to buy something. You guys should jump on something while you still can. Buying any property is permanently out of our reach in this area - we are locked out of any ownership at our income level. With median home prices at $500,000, we will never be able to afford anything here.

[sperry]

Originally Posted by AtomicLabMonkey

There are others in the list which are not. And that was a 10 second long search; if you actually looked & searched for real around the area I guarantee you would find decent houses. If you upped the price limit to 250g, it would be even better. My whole point is that it is still relatively affordable; you might not get your dream house the first time you buy, but at least you will be able to buy something. You guys should jump on something while you still can. Buying any property is permanently out of our reach in this area - we are locked out of any ownership at our income level. With median home prices at $500,000, we will never be able to afford anything here.

Having lived in both places in this discussion, I will admit that SLO is certainly worst than Reno, but you have to realize that Reno is not as affordable as you imply.

1st, the homes that you're referencing are all outside of Reno proper. They're in places like Sun Valley (the largest trailer park in the world... check the Guiness Book) or other examples of awful places to live. Neighborhoods like those don't even exist in SLO.

2nd, the prices you're referencing are asking prices. Houses around here tend to go for $50k to $100k *more* than their list prices.

3rd, those "houses" you'er referenceing are either mobile homes or pre-fab homes. $200k is *way* too much for *any* house that is around 1000 sq. ft. Hell, 3 years ago that $200k house you listed would have sold for $75k to $100k.

So, like I said, it's not so much the prices here, it's the unwarranted appreciation created by all the Bay Area people that sold off their $1mil homes and move here willing to pay $450k for just about anything of moderate quality, because they still pocket $400k on the deal. Meanwhile, salaries around here are no where near high enough for locals to buy at prices created by that inflated demand.

Hell, my roommate paid like $330k for his house less than a year ago and I heard a similar model in the neighborhood just sold for $600k! He'd sell his to pocket the cash, but then he won't be able to buy a new house since prices have gone up so much in a year.

At this rate, unless the housing bubble here bursts, or unless I get a huge raise or a wife that makes as much as I do, I too am locked out of home ownership.

[Pat R.]

Originally Posted by sperry

...Sun Valley...

AKA "Sanford & Son Valley"

http://www.barbneal.com/wav/tvthemes/sanford.wav

[AtomicLabMonkey]

Originally Posted by sperry

$200k is *way* too much for *any* house that is around 1000 sq. ft. Hell, 3 years ago that $200k house you listed would have sold for $75k to $100k.

Dude, all I know is that I could afford a $200k house on my salary, and I get paid far less than just about any kind of engineer of comparable experience. I might not have much money to spend on anything else besides the house payments & bills, but I could do it. If you only get 1000ft^2 for that, so be it - it's just a question of how bad you want to own a house. Like I said, it might not be the best house in the world, or exactly the area that you want to be located, but it's do-able.

[dknv]

Originally Posted by AtomicLabMonkey

..if you actually looked & searched for real around the area I guarantee you would find decent houses. If you upped the price limit to 250g, it would be even better.

It's a tough spot to be in (non-owner) right now. Just for grins, I've been looking on & off over the past 6 months, and houses in the $200-250k are pretty limited.

I can find one or more things 'wrong' with just about every one at this price I see - admittedly being picky - but I don't want to live in Cold Springs or Fernley & commute 45 minutes to work each way (sometimes alot more with bad winter weather); I want something bigger than a 1 or 2bd / 1.5 ba house that may or may not have a garage; and I don't want to live in a neighborhood where I have to worry about the kid walking home or going to one of the tougher schools. Sigh....

[tysonK]

Yah, one of the bad things about Reno is it's not really that BIG.

It seems like there is a lot to choose from but in reality there are only a few nice areas. And when we say nice that's 350k and above.

Then you drop down a couple notches to neighborhoods like mine that are on the verge of being a "ghetto".

My roommate moved out so he could buy a house with his sister and he lives in a tiny place off california st(near downtown reno, Austin) and he is paying double to live there. ON top of that he just got robbed also. His house is behind the YMCA, ouch.

And then you have the Commute Areas which is commitment. I would consider living in Fernley I don’t mind the drive too much, but I might actual be able to find a nice warehouse job out there.

And then there are the dregs like Sun Valley and the like.

I'll admit there are some decent houses in the Sun Valley/Stead Housing Developments. Actual houses not mobile homes. But they are surrounded by trailers and awfulness.

A house down my street was appraised at 260k and is asking 280k starting. Damn. Me and my brother got lucky and the house we are my parents decide to refinance instead of selling to my brother which means a smaller payment for me, BUT now I have to look at saving for house of my own. Which really blows unless one of my job prospects comes to fruition.

So I’m with Scott hoping to bubble will pop just in time for me to buy something, or find a girlfriend who is total baller who is willing to go in on a house.

Life Sucks.

I’m moving to Nebraska.

[bruspeed]

Originally Posted by tysonK

So I’m with Scott hoping to bubble will pop just in time for me to buy something, or find a girlfriend who is total baller who is willing to go in on a house.

Life Sucks.

I’m moving to Nebraska.

Couldn't have said it better.

[ShawnS]

Originally Posted by tysonK

So I’m with Scott hoping to bubble will pop just in time for me to buy something, or find a girlfriend who is total baller who is willing to go in on a house.

I already have this covered. However, anything in our price range is quickly taken away due to the bidding wars that last only a matter of days, even less. Which is why I will continue to rent like Debbie.

[sperry]

Originally Posted by AtomicLabMonkey

Dude, all I know is that I could afford a $200k house on my salary, and I get paid far less than just about any kind of engineer of comparable experience. I might not have much money to spend on anything else besides the house payments & bills, but I could do it. If you only get 1000ft^2 for that, so be it - it's just a question of how bad you want to own a house. Like I said, it might not be the best house in the world, or exactly the area that you want to be located, but it's do-able.

In addition to the comments above, why would I want to own a POS house? Owning a house just to own a house is retarded. If I were to buy one of those 1000sqft $200k shitboxes, then I'd be paying $1500/mo for a place that's too small, run-down, has no garage, and will probably get broken into. Meanwhile, if the house is appreciating, so are all the other houses in Reno, so if I decide to sell it to move to a better place, I still can't afford a nice house because they've gotten more expensive faster. Or worse, I buy the POS and then the bubble bursts and now I'm upside down so I can't even sell it and go back to renting!

I'm not gonna buy anything that's in a shit neighborhood, under 1500sqft, or w/o a large 2 car, or 3 car garage. It's not worth it to me. I'll rent a condo w/ and attached garage for $1500/mo first.

[dknv]

The one upside is the tax benefits. That little questionairre on my tax program this year tells me if I had a mortgage this year it would have provided another $3,250 in deductions.

[AtomicLabMonkey]

Originally Posted by sperry

In addition to the comments above, why would I want to own a POS house? Owning a house just to own a house is retarded.

The biggest reason is that paying rent every month is simply pissing money away into the wind... you might as well just set it on fire for all the good it's doing you. At least if you're making a house payment instead, you're building up equity. If you're going to be in an area for a long time, then after a set period it becomes a real financial advantage to have bought something vs. just continuing to rent. Play around with one of the rent vs. own calculators... fun with numbers.

http://realestate.yahoo.com/re/calculators/rent.html

[NevadaSTi]

Hey guys,

I took advantage of the whole overpriced market. When I was married, we bought a large 2080 sq.ft. house out in lovely Silver Springs. We picked it up 1.5 years ago for $139k. We just sold it at the end of February for $200k. Not bad. For my taxes last year, I wrote off $7,958 in interest for the mortgage payments.

Moral of the story, buy a house if you can afford it. Don't buy a mobil home, they depreciate just like a car. Don't buy out in the middle of no-where. Its not worth it, I put 112 miles a day on my Nissan Maxima. Thats about 30k miles in one year, so I put about 45k miles on the car in 1.5 years. When you look at it that way, it wasn't worth it.

My two cents.

[sperry]

Originally Posted by AtomicLabMonkey

The biggest reason is that paying rent every month is simply pissing money away into the wind... you might as well just set it on fire for all the good it's doing you. At least if you're making a house payment instead, you're building up equity. If you're going to be in an area for a long time, then after a set period it becomes a real financial advantage to have bought something vs. just continuing to rent. Play around with one of the rent vs. own calculators... fun with numbers.

http://realestate.yahoo.com/re/calculators/rent.html

I think you missed my point. If you can build equity faster than the market around you then sure, it's a benefit... but the cheaper houses build equity slower than the more expensive ones, so when it's time to cash in, you still can't afford to move!

Look at my roommate. His house as gone up in value like 80% in the last 10 months. However, he can't move because the cost of houses like his have all gone up that much.

You don't truely build equity until you own property that you're not living at. Paying a mortgage isn't much different than renting until you can afford to move to a new house and rent out the old one.

Also: here are my numbers on that calculator you posted

LINK

Assuming the market flattens out like I expect, I'll *lose* $64,000 in 5 years if I buy a $350,000 home.

[SlickNick112]

Originally Posted by tysonK

So I’m with Scott hoping to bubble will pop just in time for me to buy something, or find a girlfriend who is total baller who is willing to go in on a house.

Life Sucks.

I’m moving to Nebraska.

Well the way things have been going with real estate, Heidi and I were able to get into our house (3 bed 2bath, 2 car garage) last may for $207,500. Last week in our neighbor hood a smaller 2 bedroom sold for $270,000 and change. Heidi and I will be moving to Washington in December, and there is a possibility that we could make over $100,000 in just about a year and a half.

I'm moving to Washington with my total baller girlfriend.