Why did I forget to plan to go see Beauty and the Beast tonight? Damn it. Now that the midnight showing has been replaced with the 7 PM showing and the theater is 30 minutes away.
In the DC metro area you rarely find something decent under $800k unless you want to live in a rundown shoebox or live a multi-hour commute each way from work. "Average" single family houses in northern VA over a million are becoming common.
Those numbers always sound high, but to the uninformed such as me, what kind of mortgage does that turn into?
I was curious so I did the math. Just $5700 with 20% down. I have never been so happy to live in a flyover city.
No, they are high. But again, it depends on your means. It depends on your down payment, the length of the mortgage, your interest rate, your property taxes, and other insurance fees and premiums. It means you need $160k if you want a 20% down payment. $80k for 10%(and so on), and then you will have mortgage insurance you will have to pay. Oh yea...and closing costs. Mine were about $30k on a house that cost roughly $260k. It makes me cry to think about. We have houses here in Houston that have annual property tax bills of $250k. Mine's like $6k. Edit: I just looked and saw one with a tax bill of $350k. So divide that by 12 and tack it on to your mortgage.
Two houses in my neighborhood $1.2Mil House 30 Year Fixed, 3% Interest Principal and Interest: $4,660 Property Taxes: $299 Homeowners' Insurance: $307 Mortgage Insurance: $691 10% Down Payment You pay $5,956 per month $850k House 30 Year Fixed, 3% Interest Principal and Interest $3,225 Property Taxes: $557 Homeowners' Insurance: $213 Mortgage Insurance: $478 10% Down Payment You pay $4,473 per month For reference, 1 & 2 bedroom condos (depending on location) around here start around $250k
In addition, on an $800k house taxed at 2.5% which is average here that's an extra $1600/month on top of principal and interest.
Oh, no, there won't be another bubble. Politicians, consumers, and banks have all changed the bad practices that got us in that last mess. Right? Because they dance instead of march?
Earlier this week, I put in an offer on the first day they were doing showings for a house, 10% over asking. Their realtor said that they got 19 offers that day and didn't even bother with telling me mine had been rejected. I don't think it's a bubble so much as a correction back to where things should have been. Investors are just starting to come back from the sidelines, and I know that I'm trying to lock in a mortgage before the interest rates get raised. It doesn't help that I'm looking to buy in a neighborhood that doesn't much care for people of my income level. Shoes on, but pants off, so he's got at least one digit of wiggle room.
That was Houston about 5 years ago. People were throwing offers at houses 20-30k above asking without even looking at the houses first. The biggest issue they found was that they wouldn't get the approval for a mortgage that far above the appraisal value. So they either had to lower the price of the house or come up with an extra 30 grand in cash. Just because the market is dictating a house's value, doesn't mean thats what its actually worth. Its weird.
Nobody gives a shit about whatSt. Patrick's Day means. It's an excuse to wear goofy shit and get wasted starting at 8 am. Faye Regan's tits:
Mary Mother of Jesus, Faye Reagan certainly isn't Irish, but God bless her and her eternal soul, I think we can make an exception for this weekend