1st time home buying

[Junger]

You're both in grad school and soon to be married...how long do you plan to be in the same area?  Do you plan to have kids, if so does the school district matter to you? Do you plan to do some work on the house or do you want new construction?

 

Basically, what's driving your decision to buy a house now?

 

There's nothing wrong with renting, as long as you're continually saving and investing the difference between the rent vs. mortgage (and other home ownership costs such as insurance, real estate taxes, maintenance, etc).

 

The biggest mistake is buying a house without the right reasons, because you may end up finding a dream job in a different area after grad school, and then you're handcuffed with a home in a depressed market where you either short sell or eat the loss.

 

Wait for the next housing correction and when you have that stash of cash, swoop in on your dream home in that buyer's market after you're settled on long-term life decisions (kids, job, school etc).

 

[Montanaro]

There are many good job opportunities in town for my field and just as many for her but that doesnt mean a position in DC or Pittsburgh wouldnt be an option to consider.  We have investigated school districts and have knowledge of the good schools (few and far between). 

 

We rent now obviously but the rental market is worse than the housing market here.  Paying a mortgage and associated costs is cheaper than almost all rental options outside of sardine can pseudo dorm rentals.

 

 

[deaknh03]

2 hours ago, Fishing Rhino said:

Find one on Cobbetts.  Then I can go up there with the Nitro again.

I wish Tom, that place is out of my pay grade.

[Junger]

44 minutes ago, Montanaro said:

We rent now obviously but the rental market is worse than the housing market here.  Paying a mortgage and associated costs is cheaper than almost all rental options outside of sardine can pseudo dorm rentals.

 

 

Interesting, I guess it's because it's a college heavy town. 

 

Well, if you're set on buying a home, sign up for immediate alerts.  

 

https://www.coldwellbanker.com/homes-for-sale/list/morgantown-wv/by-city/Morgantown,WV-16752/detailed

 

I used Coldwell Banker's website and customized it for a specific neighborhood in the DC area, and as soon as something got listed I got an email. I actually bought my house 3 days after it listed using that tool. I think there are other realtors like Redfin that have that tool, but I haven't looked at houses in 12 years =]

 

Also, sellers look for strong financials. If you found your dream home, don't be afraid to put down $10,000 or more in good faith money, it will show the seller you're really committed to the purchase and closing.  Don't give them a reason to sit on your offer and wait for others.

 

Good luck!

[Montanaro]

Viewed one today that we really like!  May be some competition but will probably put in offer tonight.  Is move in ready but has room for easy improvements to improve value for future.

[Redlinerobert]

I work primarily in Silicon Valley.  This home I listed 5 days ago, will probably be sold by Monday, at well over asking price.

 

http://www.mlslistings.com/property/ml81679950/723-toyon-ave-sunnyvale-ca-94086/

[Choporoz]

Opened that link and only saw the pic...thought, "nice enough...not really my style, but nice"...then scrolled back and noticed asking $....choked on my Sprite....still choking...figured, 'well, maybe there's an entire bass lake on the lot...or at least a few thousand feet of waterfront'....ha!..from the drone pic, it doesn't look like there's less than a few feet in any direction before you hit another house.  Sorry if anyone offended, but I'm just in a bit of a daze right now

[12poundbass]

17 minutes ago, Choporoz said:

Opened that link and only saw the pic...thought, "nice enough...not really my style, but nice"...then scrolled back and noticed asking $....choked on my Sprite....still choking...figured, 'well, maybe there's an entire bass lake on the lot...or at least a few thousand feet of waterfront'....ha!..from the drone pic, it doesn't look like there's less than a few feet in any direction before you hit another house.  Sorry if anyone offended, but I'm just in a bit of a daze right now

Scratching my head too. You take that house and move it around my area it would go for $700k? I've seen houses in an area I work and if you had that same house in my town $200k less. Area matters and different strokes for different folks.

[J Francho]

Why would you be scratching your heads or shocked?  It's in Silicon Valley.  Location.  A nice house isn't worth as much if it's in a crummy location.  Never mind that this house is in a super prime location.

[Choporoz]

Because even though I live surrounded by five of the six 'richest' counties in the country, there's no planet I've ever imagined on which that house is worth a third of that ....to me.  I guess, though...maybe I should rethink...I mean it does have a vegetable sink and a remote control awning, after all

[J Francho]

Again, it's not about the house itself.  It's the location.

 

My advice to the OP, talk to the neighbors if you can.  Go to the local businesses, and see what the vibe is.  Check out the school's ratings.  Visit the local fire department.  I ended up with a very reasonably priced home, in a good district, with a friendly and diverse neighborhood that is a family/fun atmosphere.

[flyfisher]

Also drive through the neighborhood at weird hours and times and days.  All of the houses we were serious about, I checked out he neighborhood to see if there were kids playing, loud neighbors etc...didn't find anything but i figured it was worth a few dollars in gas

[Redlinerobert]

Location makes up 100% of the final price of a home.  Not what it costs to build.  This home is very close to the new Apple Campus.  The market here is nuts. 

 

My suggestion, buy in the best neighborhood you can afford, even if it's a smaller house.  This being your first purchase, if you can get a fixer upper that needs cosmetic upgrades like paint, carpet, etc, and if you are handy with fixing things or have friends that can even better.  You'll buy at a good price and with the upgrades enjoy the appreciation that such repairs will bring you.  Good luck with your purchase. 

 

If you have any specific real estate questions, feel free to pm me.  Happy to answer any questions.

[Montanaro]

We actually found a house in a very nice neighborhood on top of a large hill.  It is a smaller house that has had renovations but has room for more so we can increase value and put our own stamp on the house. 

 

The issue is that there is a risk it may not appraise for agreed price when looking at comparables...even though it is much nicer overall than others we looked at in area.  Seller agreed to come down on price if appraisal is low as they seemed to really love the letter we attached to our offer.

[J Francho]

Good luck!

[fishballer06]

Keep your head up. My wife and I are closing on our first home next Friday. To say the home buying process is a breeze is a flat out lie. 

 

We both have very busy schedules, and we have a baby on the way in March, so we needed something move in ready with minimal-no renovation needed. We had to pay a little more to get something in that type of condition, but we like the place we're getting. It's a beautiful house, has a 1/2 acre of land, and ample parking for an item such as a boat...!

 

My best advice is consider the taxes of where you're moving. We looked at multiple places that were within out budget, and then figured out that the taxes were $500-600 a month... The house we're buying is only around $200 a month in taxes, which is a big difference for our budget.

[A-Jay]

12 minutes ago, fishballer06 said:

Keep your head up. My wife and I are closing on our first home next Friday. To say the home buying process is a breeze is a flat out lie. 

 

We both have very busy schedules, and we have a baby on the way in March, so we needed something move in ready with minimal-no renovation needed. We had to pay a little more to get something in that type of condition, but we like the place we're getting. It's a beautiful house, has a 1/2 acre of land, and ample parking for an item such as a boat...!

 

My best advice is consider the taxes of where you're moving. We looked at multiple places that were within out budget, and then figured out that the taxes were $500-600 a month... The house we're buying is only around $200 a month in taxes, which is a big difference for our budget.

 A Baby & a House ~ Double Congrats ~ ! 

A-Jay

 

[Redlinerobert]

On ‎10‎/‎11‎/‎2017 at 12:58 PM, Choporoz said:

Because even though I live surrounded by five of the six 'richest' counties in the country, there's no planet I've ever imagined on which that house is worth a third of that ....to me.  I guess, though...maybe I should rethink...I mean it does have a vegetable sink and a remote control awning, after all

Nice.  One of my NFL clients moved to that area. 

[BrianinMD]

On 10/11/2017 at 2:36 PM, Choporoz said:

Opened that link and only saw the pic...thought, "nice enough...not really my style, but nice"...then scrolled back and noticed asking $....choked on my Sprite....still choking...figured, 'well, maybe there's an entire bass lake on the lot...or at least a few thousand feet of waterfront'....ha!..from the drone pic, it doesn't look like there's less than a few feet in any direction before you hit another house.  Sorry if anyone offended, but I'm just in a bit of a daze right now

Would love to see your reaction to the townhouses in my area which start at a little over 1 million...

 

Goofy think is they actually sell as fast as they build them.

[bassh8er]

We sold our house in May and it sold within 3 days of being listed and we did for sale by owner.

 

Our next door neighbor sold their house within 4 hours on initial list; good luck is all I can say.

[Montanaro]

Finally closing on a house!  After a month saga of our bank completely fudging our application twice due to incompetence...while under contract...we chose to switch lenders and they did everything in 2 weeks and kept the sellers on board.

 

Apparently our original lender felt culpable enough to fully refund our appraisal with an extra $75 dollars....

[A-Jay]

4 minutes ago, Montanaro said:

Finally closing on a house!  After a month saga of our bank completely fudging our application twice due to incompetence...while under contract...we chose to switch lenders and they did everything in 2 weeks and kept the sellers on board.

 

Apparently our original lender felt culpable enough to fully refund our appraisal with an extra $75 dollars....

Congratulations !

 

 And it does seem that there just has to be some drama.

 

Guess it adds to 'the story'  . . . .

 

A-Jay 

[Bankbeater]

If you have only looked at 10 houses you aren't finished yet.  When my wife and I bought our house we were looking for 4 months.  Just look at it as being able to save up more money for the down payment. 

[DogBone_384]

On 10/5/2017 at 9:12 PM, 12poundbass said:

They say building a house is a major stresser! That's our plan in the spring. On top of that my dad and I are going to build it. We'll see what happens. 

 

Great advise as usual A-Jay. No matter which situation you always manage to come through.

We built a modular home in 2000.  Couldn't be happier with it.  We toured the 'factory' before committing and went with one of their catalog houses that fit our lot w/o a variance hearing.  The punch list for the whole project was a decorative grate on the back door broke and a shutter blew off on the ride down from NH.  

 

If we build another house, that'll be our first choice.

 

Best of luck whether you buy or build.  It IS stressful, but worth it in the long run.

[Montanaro]

Closed today and moving stuff in now.  Ive got my own fishing shed/garage!