Not even close. Real estate has gone way below national standards here in Michigan. That is why I am finding these houses that are cheaper than cars.
We were in line to have about 20-25% equity in our house, then the bottom dropped out of real estate here. It all circles back to the auto industry and flagging economy as a whole.
I would love to have a house that is paid in full. Doesn't have to be a huge mansion, just a little house to feel secure in.
I love having 4 bedrooms and 1700 sq. ft., but there is a lot of appeal to these little bungalows...cheap price, less insurance, lower utilities, less maintenance and upkeep.
Unfortunately, when we were house shopping, we didn't have a crystal ball that worked so we could see what was looming.
*nodnod* They keep profiling the Detroit area on NPR, talking about all these incredibly cheap houses - places going for as little as $1,000, even. It's just incredible! I'm not sure I'd believe it was true if I didn't also see these places you're listing.
I have to agree, the idea of paying off your house in full in 10 years - with mortgage payments of just ~$500/month!!! - sounds absolutely incredible.
It looks like we bought at the absolute peak out here, and while I don't have any hard numbers, it's fairly likely that we're a little upside-down on our place now. We got our refinance locked in just before stuff hit the fan, tho, so that was fortunate. We neglected our crystal ball, too, but I'm still glad we took the gamble.
I might have a different tune if homes were listed for those kinds of prices around here, tho. WOW. *drool*
If you ever want to see what a $900 house looks like, go to realtor.com and look up the city of Flint, MI. Or even Detroit for that matter.
Not that you would ever WANT to live in one...you would have to battle the rats for blankets at night, and you would have to chase crackheads out of your living room in the morning.
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We were in line to have about 20-25% equity in our house, then the bottom dropped out of real estate here. It all circles back to the auto industry and flagging economy as a whole.
I would love to have a house that is paid in full. Doesn't have to be a huge mansion, just a little house to feel secure in.
I love having 4 bedrooms and 1700 sq. ft., but there is a lot of appeal to these little bungalows...cheap price, less insurance, lower utilities, less maintenance and upkeep.
Unfortunately, when we were house shopping, we didn't have a crystal ball that worked so we could see what was looming.
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I have to agree, the idea of paying off your house in full in 10 years - with mortgage payments of just ~$500/month!!! - sounds absolutely incredible.
It looks like we bought at the absolute peak out here, and while I don't have any hard numbers, it's fairly likely that we're a little upside-down on our place now. We got our refinance locked in just before stuff hit the fan, tho, so that was fortunate. We neglected our crystal ball, too, but I'm still glad we took the gamble.
I might have a different tune if homes were listed for those kinds of prices around here, tho. WOW. *drool*
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Not that you would ever WANT to live in one...you would have to battle the rats for blankets at night, and you would have to chase crackheads out of your living room in the morning.
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I would love to have a house that is paid in full.
I hear you, I wouldn’t be worried right now if I was on that happy boat
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