The starter homes are still out of reach...

[Higgins909]

My house plans seem to be fairly screwed. I'm over in the area of Austin. Plan was to get a 160k-200k house. Jarrell was the town. There were some nice houses for 220k 2-4 years ago. But it's too much for me to afford as a single person. Supposedly I can afford a 180k house as it is. But right now the cheapest houses are about 210k and they're not even built. Then I noticed a closing cost and that made it even worse. I thought I heard before the seller pays that, but now I'm not sure. Someone I know bought a new house for 160-170k and it's a copied house and there are a couple of them going for 240k right now... Maybe a year and half?

I had a plan to get a 2nd job early this year which never happened. Couple months ago or so I was looking into starting a Lawn Care business, bought some tools. I ran the numbers and it could be quite profitable... If I could make the time quotas. With my tools (small mower) and lack of experience, it would be about what I'm making now. Then there's all the struggle of trying to startup and seasonal.

Is the housing market going to get better anytime soon? I'm being told no... Was it Samsung in Taylor, Tesla, etc...

 

[Tactical Panda]

I’m in the market for my first house as well, with a similar budget in mind. My bank said that with the market as crazy as it is right now, buyers have been offering to pay closing costs to “sweeten the deal” so much that it’s becoming an expectation. In the Dfw area, 200k will barely buy you a double wide in a lot of cases.

 

[Bozz10mm]

Nationally, the median price for a new home today is around $400k. I can't imagine the monthly payments. Must be around $3000-$3500. It's a sellers market right now. Big companies are coming from out of state and offering huge sums for houses, sight unseen.

 

[Axxe55]

I'm not aware of your specific circumstances, but if you are not opposed to a longer commute back and forth from work, maybe looking at houses and properties further out, the prices might be lower for the same size houses. Maybe get in touch with a realtor.

Another option, look at just buying some bare property and building a house? Or even just buying some land, purchasing a trailer house, then building a house to your liking at a later date after the land and trailer are paid off.

 

[baboon]

The thing to remember is they aint making any more property! Own property will always be worth something! The #1 rule of real estate is location! When you get a loan get one you can pay down against the principle & throw every spare dollar you have at it! Everything associated with home ownership goes up!

Buying my first home was the most stressful thing I ever did. Lots of times I cussed everything associated with ownership! Shit breaks & needs fixing! Try not buying in a HOA, those folks are nazis!

 

[Darkpriest667]

My house plans seem to be fairly screwed. I'm over in the area of Austin. Plan was to get a 160k-200k house. Jarrell was the town. There were some nice houses for 220k 2-4 years ago. But it's too much for me to afford as a single person. Supposedly I can afford a 180k house as it is. But right now the cheapest houses are about 210k and they're not even built. Then I noticed a closing cost and that made it even worse. I thought I heard before the seller pays that, but now I'm not sure. Someone I know bought a new house for 160-170k and it's a copied house and there are a couple of them going for 240k right now... Maybe a year and half?

I had a plan to get a 2nd job early this year which never happened. Couple months ago or so I was looking into starting a Lawn Care business, bought some tools. I ran the numbers and it could be quite profitable... If I could make the time quotas. With my tools (small mower) and lack of experience, it would be about what I'm making now. Then there's all the struggle of trying to startup and seasonal.

Is the housing market going to get better anytime soon? I'm being told no... Was it Samsung in Taylor, Tesla, etc...

I bought a house in Jarrell for 179 in July of 2020. I just sold it for 270 and it closes the 30th of this month. There is no way you're buying a house in CenTex for under 250k ever again dude.

 

[Axxe55]

The thing to remember is they aint making any more property! Own property will always be worth something! The #1 rule of real estate is location! When you get a loan get one you can pay down against the principle & throw every spare dollar you have at it! Everything associated with home ownership goes up!

Buying my first home was the most stressful thing I ever did. Lots of times I cussed everything associated with ownership! Shit breaks & needs fixing! Try not buying in a HOA, those folks are nazis!

^^^^This is excellent advice.^^^^

Location. Location. Location is everything.

Buying a piece of property where you would like to live, gives you the option to build at a later date as well when finances are better. Land has value.

 

[Vaquero]

Paradise.

 

[Bozz10mm]

I bought a house in Jarrell for 179 in July of 2020. I just sold it for 270 and it closes the 30th of this month. There is no way you're buying a house in CenTex for under 250k ever again dude.

Just curious who bought it. Was it an individual or a company/conglomerate?

 

[Darkpriest667]

Just curious who bought it. Was it an individual or a company/conglomerate?

I refused to sell it to a conglomerate. I sold it to a veteran couple (young) with a 4 year old child. They got it through a VA loan. I actually sold it to them for less than what it's appraised at.

 

[toddnjoyce]

Frustrating, it is. Housing prices aren't going to go down, they will keep going up and in 3-5 years, they will stabilize and return to 'normal' growth rates. First time buyer, I'd really recommend developing a relationship with a realtor and start talking about REO, pre-foreclosure, and foreclosure properties on a 5-15yr old house. Yes, you may have to do some work to them, but when those start coming back on the market now that foreclosures are happening, it's your best chance.

 

[SQLGeek]

There is no way you're buying a house in CenTex for under 250k ever again dude.

Especially with companies continuing to build in the area at breakneck speed.

I don't envy you OP but I understand where you're coming from. FWIW, I had to move halfway across the country to a place I could afford at the time to buy a home. I was priced out of my hometown but truth be told, it was the best decision I ever made.

I'm not sure what the answer is these days other than to move to where housing is relatively cheaper. For all the space in this country, I fear home ownership in populated areas is something that's becoming similar to Europe.

 

[Darqhelmet]

If companies and hedge fudges can buy single family homes we are truly screwing our self’s and our child. Shouldn’t be allowed, no individual or individual family is going to be able to keep pace with out of state hedge funds or “investors”. Hell China is buying most of our farms and we just sit around slack jawed.

 

[SQLGeek]

I'd really recommend developing a relationship with a realtor and start talking about REO, pre-foreclosure, and foreclosure properties on a 5-15yr old house.

I like this advice for the most part but I wonder how difficult it would be to secure a loan for one of these properties.

 

[glenbo]

I wish some conglomerate would make us a big offer, we'd take it and be gone as soon as I could get everything packed and loaded.

 

[toddnjoyce]

I like this advice for the most part but I wonder how difficult it would be to secure a loan for one of these properties.

WellsFargo FAQ on financing an REO:

Many REO properties qualify for financing. You can finance your REO purchase through Wells Fargo or a lender of your choice. Home inspections on foreclosed properties may be required for certain types of financing; speak with a home mortgage consultant for additional information.

If you have sufficient cash to buy a home, be sure to determine whether your needs are better met by using financing or buying with cash.

Our home mortgage consultants can help you to understand your financing options.

Buying a foreclosure | What you need to know | Wells Fargo

Interested in buying a foreclosed property? We can help by providing useful information and tips.

reo.wellsfargo.com

 

[baboon]

One of the best feeling in the world is paying a 30 year note in less the 20 years! The money you save in interest on that loan is crazy! Next best feeling is making a major upgrade in living conditions & it being paid for!

 

[SQLGeek]

Just because it's possible doesn't mean it's easy. Wells Fargo was a massive PITA when I attempted to secure a loan from them. And that was on a conventional loan through a corporate relocation program.

 

[Darkpriest667]

Just because it's possible doesn't mean it's easy. Wells Fargo was a massive PITA when I attempted to secure a loan from them. And that was on a conventional loan through a corporate relocation program.

Wells Fargo almost never gives direct mortgages, they typically buy loans.

 

[GasGuzzler]

As a newlywed living in Lewisville and working in North Dallas we bought our first house in Nocona for $30K when the same house in Lewisville would have been $140K. Yeah it was tough driving 200 miles per day (and gas was not $3 per gallon) but it worked for a while until I could find a closer (and better) job (that I still have 20 years later). Kept that house four years and sold it for $48K. My next move was to a house that needed a lot of updates but was sound. Bought it under market because so then used the cash out of the first to fix it up. Still here and sitting on a pile of equity now. The longer you wait the tougher it gets.