As most of you know I've been searching for a house for awhile now. I took a 2 week break and today front page of the local news paper they had realestate stuff talking about how it went up another 13%
Welp today I checked out the listings for 3 different counties and found that prices in deed did go up AGAIN.
Ruling out all really bad areas and baltimore "higher tax there" I've found that houses are now getting to the point where you CANNOT find one for under 200K unless it's 50+ years old and needs a lot of work.
I'm going over the option of buying land and building a house on it. since I can buillt a house for 120-150K "from what I've been pricing" not a big house but big enough.
However once again land prices have went up.
as of tonight most .5 acre and up lots start out at $150K keep in mind half of them are NOT CLEARED 1 acre is going for up to 200K
.12 acre is in the 20-50K range.
so as it sits condos 1 bedroom 150-170K range 2 bedroom 170-200range
townhomes 230+ range
normal houses 200 for a pretty crappy house 250+ for anything worth while 280+ for a garage.
I think the avg cost of a house on forsellbyowner is somewhere around 400K
The house I live in right now cost us 220K it's a 5 bedroom 4 bathroom with 2 car garage home on 2.5 acres all the houses around us were 180-250K range right now the cheapest one is listed at 649K and the higest is well over a million.
heres some local listings just copy/pasting keep in mind this from for sale by owner.com and most homes are listed cheaper then any on the market since theres no middle man.
"my area"
random places around the state.
So whats going to happen? theres no way the next generation is going to beable to afford a house unless they make 60+ K a year or are married and both people make good money.
It seems like every normal person under 30 is not going to beable to afford to buy anything at all unless they get A. lucky and find a cheap home or B. get lucky and hit the lotto.
Can things stay the way they are? I'm guessing all the younger people would move away and only older or very high paid people would live in this area.
I can't see spending 200+K on a condo with 1000-1200 sq ft.
Once rates go back up I doubt houses will drop value however they might not gain any value either way can you picture spending 250-300K on a 2 bedroom 1.5 bathroom house with a 10%APR?
or better yet 200K @ 10% for 1 acre of land!
Sigh I guess they're just weeding us youngins out.
BTW as a lot of you know I was in the process of being a police officer.
their take home pay at first is about $2100 a month.
NO WAY IN HELL could any new police officer buy anything with out working a 2nd job 20-40 hours extra a week.
another reason why I was turned off of being a police officer I love the work and I think they're great guys/gals but...... you just can't live here and be one with out working day in and day out none stop. and most of them do. in or out of uniform.
*shakes head what to do what to do*
Welp today I checked out the listings for 3 different counties and found that prices in deed did go up AGAIN.
Ruling out all really bad areas and baltimore "higher tax there" I've found that houses are now getting to the point where you CANNOT find one for under 200K unless it's 50+ years old and needs a lot of work.
I'm going over the option of buying land and building a house on it. since I can buillt a house for 120-150K "from what I've been pricing" not a big house but big enough.
However once again land prices have went up.
as of tonight most .5 acre and up lots start out at $150K keep in mind half of them are NOT CLEARED 1 acre is going for up to 200K
.12 acre is in the 20-50K range.
so as it sits condos 1 bedroom 150-170K range 2 bedroom 170-200range
townhomes 230+ range
normal houses 200 for a pretty crappy house 250+ for anything worth while 280+ for a garage.
I think the avg cost of a house on forsellbyowner is somewhere around 400K
The house I live in right now cost us 220K it's a 5 bedroom 4 bathroom with 2 car garage home on 2.5 acres all the houses around us were 180-250K range right now the cheapest one is listed at 649K and the higest is well over a million.
heres some local listings just copy/pasting keep in mind this from for sale by owner.com and most homes are listed cheaper then any on the market since theres no middle man.
"my area"
20080360 Chesapeake Beach, MD Condo/Townhome 0 3 / 2.50 $258,900
20208053 Chesapeake Beach, MD Single Family 0 3 / 2.00 $449,000
20220701 Crofton, MD Single Family 0 4 / 3.00 $305,500
20222301 Crofton, MD Condo/Townhome 2050 3 / 3.00 $334,000
20085136 Crofton, MD Single Family 0 4 / 2.50 $499,000
20065732 Davidsonville, MD Single Family 0 4 / 2.50 $719,900
20080371 Davidsonville, MD Single Family 0 4 / 3.50 $749,900
20066737 Edgewater, MD Single Family 0 4 / 2.50 $355,000
20065521 Edgewater, MD Single Family 0 3 / 3.00 $739,000
random places around the state.
20221908 Abingdon, MD Condo/Townhome 1049 2 / 1.00 $149,900
20195078 Abingdon, MD Single Family 3130 4 / 2.50 $285,000
20010055 Abingdon, MD Single Family 4000 3 / 3.00 $674,900
20013101 Annapolis, MD Condo/Townhome 2100 3 / 3.00 $329,000
20211820 Annapolis, MD Single Family 0 3 / 1.00 $439,000
20217491 Annapolis, MD Single Family 0 3 / 2.00 $470,000
20217697 Annapolis, MD Single Family 0 4 / 2.50 $674,000
20140715 Aquasco, MD Single Family 2554 3 / 2.00 $359,000
20219840 Arnold, MD Single Family 0 4 / 4.00 $429,900
20212381 Arnold, MD Single Family 6000 5 / 5.00 $1,095,000
20218119 Baldwin, MD Multi-Family 2850 4 / 4.00 $395,000
20059136 Baltimore, MD Foreclosures 0 0 / 0.00 $0
20217696 Bethesda, MD Condo/Townhome 2160 3 / 3.50 $465,000
20078369 Bethesda, MD Single Family 0 3 / 2.00 $599,900
20219829 Bethesda, MD Single Family 0 3 / 3.50 $675,000
20140530 Bethesda, MD Condo/Townhome 0 3 / 3.50 $700,000
20079870 Bethesda, MD Single Family 0 5 / 3.50 $879,000
10093929 Bishopville, MD Single Family 3100 4 / 3.00 $410,000
"bowie is kinda in my area"
20219675 Bowie, MD Single Family 0 3 / 1.00 $255,500
20220993 Bowie, MD Condo/Townhome 0 3 / 2.50 $330,000
20218057 Bowie, MD Single Family 0 4 / 2.20 $337,000 20220742 Bowie, MD Condo/Townhome 0 4 / 3.50 $360,000
20219568 Bowie, MD Single Family 0 4 / 3.50 $398,990
20213677 Bowie, MD Single Family 0 4 / 3.50 $435,000
20079426 Bowie, MD Single Family 0 4 / 3.50 $469,900
20078655 Bowie, MD Single Family 5212 5 / 3.50 $565,000
20212109 Bowie, MD Single Family 0 4 / 3.50 $570,095
20220536 Bowie, MD Single Family 0 4 / 3.50 $649,000
20218031 Boyds, MD Single Family 0 4 / 2.50 $639,900
20207642 Braddock Heights, MD Single Family 0 4 / 1.00 $339,900
20059162 Brentwood, MD Foreclosures 0 0 / 0.00 $168,000
20048515 Brooklyn Park, MD Commercial 7000 0 / 5.00 $800,000
20075616 Brookville, MD Condo/Townhome 0 3 / 2.20 $399,900
So whats going to happen? theres no way the next generation is going to beable to afford a house unless they make 60+ K a year or are married and both people make good money.
It seems like every normal person under 30 is not going to beable to afford to buy anything at all unless they get A. lucky and find a cheap home or B. get lucky and hit the lotto.
Can things stay the way they are? I'm guessing all the younger people would move away and only older or very high paid people would live in this area.
I can't see spending 200+K on a condo with 1000-1200 sq ft.
Once rates go back up I doubt houses will drop value however they might not gain any value either way can you picture spending 250-300K on a 2 bedroom 1.5 bathroom house with a 10%APR?
or better yet 200K @ 10% for 1 acre of land!
Sigh I guess they're just weeding us youngins out.
BTW as a lot of you know I was in the process of being a police officer.
their take home pay at first is about $2100 a month.
NO WAY IN HELL could any new police officer buy anything with out working a 2nd job 20-40 hours extra a week.
another reason why I was turned off of being a police officer I love the work and I think they're great guys/gals but...... you just can't live here and be one with out working day in and day out none stop. and most of them do. in or out of uniform.
*shakes head what to do what to do*