So disgusted!

christy Posted: Jul 14, 2004 05:49 PM

So disgusted!

I own a condo, (for which I am grateful)...however, looking at prices of houses makes me realize that if I ever wanted to buy a descent house and put 20% down I would need at least 100,000 saved up! So, let me ask you all, how is this possible? Looks like I will be in my condo for a long time!

MrsTC Posted: Jul 14, 2004 06:10 PM

Re: So disgusted!

the answer to that is simple:

move out of the New York metropolitan / LI area!

sept20yay Posted: Jul 14, 2004 06:12 PM

Re: So disgusted!

I have a few other answers...

Win the lotto!

OR

Rob a Bank!

kdelace Posted: Jul 14, 2004 06:27 PM

Re: So disgusted!

i know exactly how you're feeling! my husband and i live in an apt in long beach and want to buy a house so bad. We no where near 100,000 saved up and crap houses start at 300,000. even if managed to buy one of them, we would have no money left to renovate. its ridiculous!!!!

christy Posted: Jul 14, 2004 07:06 PM

Re: So disgusted!

maybe if we all chip in we can buy a house together!

luvsun27 Posted: Jul 14, 2004 08:10 PM

Re: So disgusted!

Have you thought about putting less than 20% down? You can still avoid paying PMI if that's your concern.

I also own a condo...and now I'm selling it (1 year after buying it) for a profit. Still...I don't have 20% to put down on a new house...so I'm only putting down 10%. House prices are crazy....

swags1016 Posted: Jul 14, 2004 11:28 PM

Re: So disgusted!

Honestly with the way the market is now, most people do not put down 20% unless they are selling another house and upgrading. Most mortage companies do not even expect you to put down 20% any more. PIGGY BACK LOANS!! Gotta love them!

lorimari Posted: Jul 15, 2004 08:02 AM

Re: So disgusted!

Hi Christy ~

We did not put 20% down on our home. We put down I think 10-15% and then took out a home equity line of credit for the remaining 5-10% to avoid paying the PMI.

Also - there are so many programs out there for buyers. Just hook up with a good mortgage broker and you'll be able to afford a house. Plus you are lucky that you own your condo b/c you will definitely make some money on it and can use that as some of your downpayment.

februarybride Posted: Jul 15, 2004 09:29 AM

Re: So disgusted!

I can't agree more! DH and I own a townhouse, but we do want to move at some point into a detached home. The way prices are we are never going to move. The houses we want are way over $600 and I'm not talking about a mansion! Even if we put 20% down the mortgage is still going to be so high.
Guess we better get comfy here