Rehab house... my agent took me to one of those. Truth is, it looked like Dr. Frankenstein's House. It was mismatched add-ons that didn't connect properly to what must have been, at some time, an original structure.
That being said, I think it's still the wrong point in the cycle to be buying a house. People sitting on the properties still have way outsized and way out of date ideas about what houses are "really worth" and when they think they're going to return to those values; if they can't get twice what the house is worth by any sane metric, they'll sit on it until they can. (Or at least that's their current plan.) With foreclosures still rising as of the end of February, I'm still standing by my prediction that late fall would be the earliest good time to buy a house.
But the listing above is the first thing I've seen in a long time that even vaguely tempted me to go look at it.
Edit: Frak, that listing worked a couple of days ago. They must have either sold it or pulled it off the market. Sorry.
Yeah, I am discovering that there is a balance that needs to be struck. The house we just made an offer on was purchased last year, and it looks like it was a flip opportunity. Are they making a profit? Yes. Should they make a profit? yes. According to the realtor, the opportunity we have gives us the lowest price per square foot as any house in the area, and it has more square feet than most houses in the area. This comparison goes as far as University City, where the properties are all over the place. Foreclosures are rising, but so are the purchases
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The black mold motif was particularly charming.
Best luck, of course.
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That being said, I think it's still the wrong point in the cycle to be buying a house. People sitting on the properties still have way outsized and way out of date ideas about what houses are "really worth" and when they think they're going to return to those values; if they can't get twice what the house is worth by any sane metric, they'll sit on it until they can. (Or at least that's their current plan.) With foreclosures still rising as of the end of February, I'm still standing by my prediction that late fall would be the earliest good time to buy a house.
But the listing above is the first thing I've seen in a long time that even vaguely tempted me to go look at it.
Edit: Frak, that listing worked a couple of days ago. They must have either sold it or pulled it off the market. Sorry.
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