My wife and I watch Flip This House and always see houses that some young couple buys, fixes, and then tries to resell for a tidy profit
I've seen a few episodes where they buy a Craftsman style home for "only" $600,000 dollars, put another $100,000 into it then try and sell it for $800,000.
The first thing I do is wonder what do they do to be able to get a loan on a $600,000 dollar home? Our Craftsman home was built in about 1929. Ours cost us about $60,000, the average price of other similar homes in our town. Is it really "location, location, location?" Is the housing market really that insane in other areas of the country (we live in Missouri)?
2006-09-18 12:47:08 · 4 answers · asked by jdnmsedsacrasac1 4 in Home & Garden ➔ Decorating & Remodeling
A good question.. and a timely one.. I have expressed concern for some time now that housing is getting so expensive and wages have not increased comparably to match the price of houses and it is going to make the NEW home buyer in a very precarious predictament... where I live now, the home foreclosures are up 53% and this is serious. I do not know what the answer is right now or what the answer is going to be but I can see an evern bigger crisis coming
2006-09-18 12:53:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
actually i think its only that crazy in places like in CA, where there is a high demand for housing... I know in OK they still are selling houses at pretty low prices, but then again, the wages over there are low too
2006-09-18 12:50:15 · answer #2 · answered by cbeverly4u 2 · 0⤊ 0⤋
I think in many cities its out of control.
My wife and I cound NOT buy anything within about an hour of here. And we have good credit and she has a good job.
2006-09-18 12:51:10 · answer #3 · answered by kurticus1024 7 · 0⤊ 0⤋
I've often wondered what the definition of 'affordable' is to some of these people that talk about 'affordable' housing.
2006-09-18 12:53:48 · answer #4 · answered by Tigger 7 · 0⤊ 0⤋