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re: Starter homes under 450k in a decent neighborhood
Posted on 5/5/23 at 12:15 pm to LNCHBOX
Posted on 5/5/23 at 12:15 pm to LNCHBOX
quote:
You financed $405k on your own 3 years into your professional life? I guess I'll take your word for it.
My wife and I yea.
We refinanced and got rid of pmi like 5 months later. (told lender our house was worth the amount it took to make the refi 80% LTV and they accepted that).
quote:
How big of an outlier was your household income at the time?
IIRC we had a combined income of like 170 gross
This post was edited on 5/5/23 at 12:19 pm
1
Posted on 5/5/23 at 12:16 pm to thegreatboudini
quote:
I'm north of Austin too. It's brutal. $ per sq ft is honestly unbelievable. I don't know how people are getting approved for these homes, much less being able to actually afford them.
So there are no starter homes available
Now have a conversation about that. A starter home is a lower end home that needs some TLC and personal touches.
Not granite everything and no work done.
Posted on 5/5/23 at 12:18 pm to JohnnyKilroy
quote:
My wife and I yea.
We refinanced and got rid of pmi like 5 months later. (told lender our house was worth the amount it took to make the refi 80% LTV and they accepted that).
So I have to assume yall both have high paying careers and had little to no debt when you graduated, likely didn't pay for your wedding either. You sure you accomplished this without help?
If so, congrats on being the most extreme minority.
Posted on 5/5/23 at 12:19 pm to LNCHBOX
quote:
Unless of course this was a "starter" home for established professionals that have been renting for several years.
I think this is where the divide is.
Some people just haven't bought a home before due to a number of circumstances over the years, even though they are established professionals.
So they're older than 30 and thinking "starter home" when really it's just their first home they're purchasing.
Posted on 5/5/23 at 12:22 pm to SidetrackSilvera
quote:
Ma and Pa staked us to a starter home in suburban Tempe, and I got a job drillin' holes in sheet metal.
I wonder if anyone gets this reference.Posted on 5/5/23 at 12:22 pm to GaryPotter
quote:
So there are no starter homes available
I live in 1,189 sq ft 3bd 2ba built in the 1970s. I would consider this a starter home in the greater Austin area.
North of Austin in the town of Jarrell is where the starter homes are thriving. It's amazing how many earth tone homes they jammed into there.
Posted on 5/5/23 at 12:22 pm to LNCHBOX
quote:
You financed $405k on your own 3 years into your professional life? I guess I'll take your word for it. How big of an outlier was your household income at the time?
We bought our “starter” home the year my wife got out of school. We rented the 4 years she was in grad school. 390k home.
ETA: I was 29 and she was 26 at the time
This post was edited on 5/5/23 at 12:26 pm
Posted on 5/5/23 at 12:24 pm to GaryPotter
quote:
(told lender our house was worth the amount it took to make the refi 80% LTV and they accepted that)
You just told them "my house is worth such and such" and they just said okay and wrote it down and said thank you Mr Gary Potter, based on your word we'll get the pmi removed pronto?
Hmm ok
Posted on 5/5/23 at 12:26 pm to Epic Cajun
quote:
We bought our “starter” home the year my wife got out of school. We rented the 4 years she was in grad school. 390k home.
So you added 33% to the working time and dropped the home price by almost 15%. Ok
Posted on 5/5/23 at 12:28 pm to JetsetNuggs
quote:
We're all pieces of shite for wanting to own a home
You people really choose to misread things.
Posted on 5/5/23 at 12:30 pm to thegreatboudini
quote:
I live in 1,189 sq ft 3bd 2ba built in the 1970s. I would consider this a starter home in the greater Austin area.
I would tend to agree.
Depending on where that house is located the value will change but to the avg person that is a starter home.
The system duped all the college kids into 100k degrees that don't pay anything now they have them thinking they need to start out in 450k homes.
Posted on 5/5/23 at 12:30 pm to LNCHBOX
quote:
So you added 33% to the working time and dropped the home price by almost 15%. Ok
I also paid for 6 years of graduate education out of pocket during those years, okay
Posted on 5/5/23 at 12:31 pm to GaryPotter
quote:
Someone doesn't understand what a starter home is.
I think I may have misunderstood your point. I thought you meant buying houses at 450k plus is upper class level.
Posted on 5/5/23 at 12:31 pm to Epic Cajun
quote:
I also paid for 6 years of graduate education out of pocket during those years, okay
With no family help I'm sure.
Posted on 5/5/23 at 12:32 pm to DavidTheGnome
quote:
You just told them "my house is worth such and such" and they just said okay and wrote it down and said thank you Mr Gary Potter, based on your word we'll get the pmi removed pronto?
That wasn't me that claimed that
Dolt
Posted on 5/5/23 at 12:32 pm to DavidTheGnome
quote:
You just told them "my house is worth such and such" and they just said okay and wrote it down and said thank you Mr Gary Potter, based on your word we'll get the pmi removed pronto?
Hmm ok
Most unbelievable part of the whole story
Posted on 5/5/23 at 12:32 pm to LNCHBOX
quote:
With no family help I'm sure.
Post undergrad? Zero help, unless you want to act like her parents paying for our wedding was “help”.
Posted on 5/5/23 at 12:33 pm to Epic Cajun
quote:
unless you want to act like her parents paying for our wedding was “help”.
How is it not? Next you're gonna tell me the undergrad stuff they paid for magically doesn't count too.
Posted on 5/5/23 at 12:37 pm to GaryPotter
The problem with that is that almost any house in a half decent area is going to have finishes that were once higher end. Solidly middle class good school neighborhoods don’t have crap countertops or white appliances or whatever.
Junky apartments have granite and stainless and decent flooring now.
Finding a dated solidly built home in a very established neighborhood is still the best move for a young couple, but most are turned over or torn down at this point and if not you’re paying a premium for something with terribly dated finishes. It’s legit tough if your goal is to live in a good area of a large metro.
Junky apartments have granite and stainless and decent flooring now.
Finding a dated solidly built home in a very established neighborhood is still the best move for a young couple, but most are turned over or torn down at this point and if not you’re paying a premium for something with terribly dated finishes. It’s legit tough if your goal is to live in a good area of a large metro.
Posted on 5/5/23 at 12:37 pm to yaboidarrell
No shortage of starter homes under $450K here.
2,400 SF 4/3 with a bonus garage/shop for $375K.
1,800 SF 3/3 Condo for $337K.
2,012 SF 4/3 for $410K.
1,900 SF 3/3 for $415K.
All of those are in good neighborhoods with good public schools.
2,400 SF 4/3 with a bonus garage/shop for $375K.
1,800 SF 3/3 Condo for $337K.
2,012 SF 4/3 for $410K.
1,900 SF 3/3 for $415K.
All of those are in good neighborhoods with good public schools.
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