383Duster
Well-Known Member
glad to here small town Texas is still like this….I can assure you it’s not like this in the big chittys…..
Considering relocating to Texas
- Thread starter MopaR&D
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glad to here small town Texas is still like this….I can assure you it’s not like this in the big chittys…..
^^^ I agree. Tx. labor is stupid high compared to Missouri where I lived 37 years. Wages in Missori are low compared to Tx and thus rural land there is cheaper by 10 fold. I call em "way overpaid and under worked". Check county millage rates, check and see if a county has enough property fora tax base. All that an affect your property ta in a county. Here inTx. if you have 5 ac. or more Youc an run some goats and get a farm exempt on it all but 1 ac. with your home, appraised separate. Tax on ag is nothing. Seniors get a tax discount also.
But like aid,our county is full...move on Pilgrim!! LOL
But like aid,our county is full...move on Pilgrim!! LOL
MopaR&D
Nerd Member
I did see that but it was the 42% I was referring to, not sure where @MOPAROFFICIAL got that number maybe he meant 4.2% which is still higher than what that site shows.
@HSDemon thanks for the detailed explanation showing the whole picture. Can't say I'll be looking to buy a house until a year or 2 after I move. Iirc the small and nice but 70-year-old house I'm currently renting on a <1 acre lot is worth like $350k for some perspective. You can't find any decent house for sale in any decent location on the Front Range for less than half a million, no thanks! I'll take higher property taxes if it means I can actually afford to buy a home in the first place.
Btw before the fed raised interest rates people were competing so much for properties in Colorado that most houses in the $500k-1mil range were selling for $50k OVER asking price... and you had a matter of days to make a decision or someone else would grab it up. Ridiculous.
383Duster
Well-Known Member
@HSDemon
Btw before the fed raised interest rates people were competing so much for properties in Colorado that most houses in the $500k-1mil range were selling for $50k OVER asking price... and you had a matter of days to make a decision or someone else would grab it up. Ridiculous.[/QUOTE]
sounds like you are describing Dallas….except homes from $300 on up were involved also…
There will be a correction on the prices… there always is. Maybe in a year or two when you’re ready to buy the prices will be back realistic
Good luck
Btw before the fed raised interest rates people were competing so much for properties in Colorado that most houses in the $500k-1mil range were selling for $50k OVER asking price... and you had a matter of days to make a decision or someone else would grab it up. Ridiculous.[/QUOTE]
sounds like you are describing Dallas….except homes from $300 on up were involved also…
There will be a correction on the prices… there always is. Maybe in a year or two when you’re ready to buy the prices will be back realistic
Good luck
That is one of the reasons I decided NOT to take the job in Decatur. It is commuting distance to Ft Worth, therefore subject to the bidding wars from outsiders and the home prices skyrocketed in the timeframe it took my HR department to move forward with my transfer.
I grew up about the same distance from Oklahoma City as Decatur is to Ft Worth. It is a good distance to be away from a major city. You can still shoot deer off your back porch but you could also get t an international airport in 45 minutes.
I really, really wanted that promotion but I have one coming where I am at. I feel like I am behind enemy lines here in California. I can't afford a house here but I live in Forest Service housing on the Forest and the compound abuts a designated wilderness area and it's cheap rent. I can afford 2 houses in Oklahoma so I am going to sit tight until I can make the perfect timing on a move. That is why I would suggest @MopaR&D get some money together and wait for the coming crash. It's going to happen. If you are EVER wanting to buy a house I think the coming burst of the bubble is going to be the perfect time. I have friends that bought in 2009 -2011 and 5 years later they had over 100K in equity. You can't get that in the stock market.
I see housing cooling but the talking heads are not seeing the bubble burst like 2012. Another reason the housing market has been so hot s Fed. buying up mortgage bond like crazy. They fueled the fire. There is still a shortage of housing US wise, interest rates will rise this year and probably decline next year once the inflation is controlled and maybe before we it a long recession but a bumpy landing?? Maybe interest rates have been way too low for way too long?? But I am no economist and they usually never agree with each other anyway.
Rent money is just down a rat hole. Buying an overpriced house is silly.
Rent money is just down a rat hole. Buying an overpriced house is silly.
Treblig
Well-Known Member
That would be a big plus for me!!! I would spend all my money but.....Oh well!!
MopaR&D
Nerd Member
The current economics are a mass of shyte, don't want to go down that rabbit hole too much here lol. I'm currently in no position financially to consider buying a home so it'll be at least a year before I can start thinking about it seriously. I agree if housing market bubble bursts that would be the ideal time to buy obviously but I also think that's not quite turning out to be the case, more just a leveling-off but I'm also not an economist.
I'm going to apply all over the state to begin with then narrow down my options based on the actual offers I get. Thankfully I now have 2+ years *relevant* professional experience in addition to my master's so my odds of having employers interested in me are a lot better than 5 years ago. But when I do get offers I'll check back here and get your Texans' opinions before making a decision.
I'm going to apply all over the state to begin with then narrow down my options based on the actual offers I get. Thankfully I now have 2+ years *relevant* professional experience in addition to my master's so my odds of having employers interested in me are a lot better than 5 years ago. But when I do get offers I'll check back here and get your Texans' opinions before making a decision.
I inherited a tax exemption on agricultural land from the previous owner, and I went through the hoops and kept it. This land is exempted as agricultural for hay production. So, I don't even have to have animals here...^^^ I agree. Tx. labor is stupid high compared to Missouri where I lived 37 years. Wages in Missori are low compared to Tx and thus rural land there is cheaper by 10 fold. I call em "way overpaid and under worked". Check county millage rates, check and see if a county has enough property fora tax base. All that an affect your property ta in a county. Here inTx. if you have 5 ac. or more Youc an run some goats and get a farm exempt on it all but 1 ac. with your home, appraised separate. Tax on ag is nothing. Seniors get a tax discount also.
But like aid,our county is full...move on Pilgrim!! LOL
Yes even timber can qualify. There are some details involved.
IMHO the housing market will cool down and prices may drop a bit, but it will be nothing like what happened in 2009-2010. We are in a recession, no matter what anyone says, but we are going into a recession from one of the best economic times this country had seen in a long time, so a lot of people made a lot of money and have it saved up, be it in liquid or hard assets. So, I do not believe the recession will impact as many people as it usually does, as recessions usually last a short time and many people have enough to survive till everything goes back to normal. In 2006-2008 there was a housing glut, the inventory of houses was through the roof when everything collapsed. Now we are in the opposite situation where we have a housing shortage. So, even with a recession and higher interest rates, people still need a place to live. Also, there is no more of the BS that you could buy a house for literally nothing down, and with little to no employment or income verification, that ended after the crash of 2009-2010. If you buy a home you need 20% down, you have skin in the game. If the market slows or crashes, when you have 20% + in your property you are much less likely to abandon it, like people did in 10-12 years ago, people that had nothing in their home... IMHO do not expect housing to prices to crash, I expect prices to drop a little but not to crash, except maybe in some areas of California where home prices go up to stupid levels, and then crash every so often, there are other places where this happens and those may get affected too.
I used the VA home loan and didn’t pay anything down. There is also other programs like the FHA and BIA (for Indians). Also, on my next housing purchase it will be a quitclaim deed transfer which will require no down payment. There are ways to not pay a down payment or a small one. Fannie Mae requires only a 3% down payment if you qualify.
Yep, bought my place in Lakeside Jan 2009 and currently valued over twice what I paid for it.
Now if I would have bought a place when I first got stationed here in 1989….
mopowers
Well-Known Member
Only problem with taking out an FHA loan is the PMI you commit to for at least 5 yrs. For a $400k loan, that's almost 700 a month just for PMI.
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My parent-in-laws moved to Coronado in 1984. My MIL says they almost bought a house there a couple of times. They never stopped renting though.
I never thought I would spend most of my 20 years here in San Diego, only did one three year tour out, if I had only knownMy parent-in-laws moved to Coronado in 1984. My MIL says they almost bought a house there a couple of times. They never stopped renting though.
Those programs have always existed, but they have never truly been an issue. Before the housing market crash around 2009 getting a housing loan was a joke. I was living in Miami at the time and I bought a house around 2005. I went to get mortgage from this lady that was a mortgage broker. As I was filling in the paperwork she would tell me to inflate the amount of money I made, the amount of years I had worked at the company I worked at, I mean it was a joke. I got pissed off at her and told her that I made enough to afford the house, I was putting down 20%, that I had good credit, and I did not need to lie on the application to get a loan. She explained to me that by putting inflated numbers it was easier to get a loan and to get a favorable rate, and that no one was going to check that anyways. I replied that no one will probably check it as long as you pay on time and nothing happens, but I asked her what if the **** hit the fan, and you could no longer pay the loan? At that point someone might go back and check your application, and easily find out that you lied on it, and lying on a mortgage application is fraud. Then what? Was she going to go to jail for me? After that one she shut up, and just let me put down the correct information. I ended up with the loan I needed and with a good rate anyways, but that is how it was pre-housing collapse.
This crap where banks were not to check on these loans and the sub-prime market all started with government polices that were supposed to help minorities get homes. The feds were basically telling banks that they were being racist, and by coercion, basically forced these policies on banks, where they were no longer in a real position to deny people mortgages. Obviously the banks and the hedge fund managers made it even worse, but it all started at the government level. Anyone back then could buy a house or 2 or a dozen, and many did. I had a neighbor in Miami that had come in floating on a truck tire inner tube with a piece of wood on top of it attached with rope from Cuba, a little over 6-7 years ago. He sat all day in his house with his wife and did nothing. When he came into the USA he was told that he could just go and buy homes, rent them for a little while, and flip them, as the market at the time just kept going up, and make a fortune. I am not aware that this guy ever worked in the USA, and he owned a dozen homes that he was renting and flipping. I moved out of the neighborhood just as the market was crashing, but I bet that it did not go well after that for my neighbor. Being waaaay under water on a dozen homes, worth well into the millions, with tenants that were unemployed and could not find work, was not a good thing... The house I bought in 2007 for $460K, I sold at the end of 2011 for $250K, that is how bad it became, and in the middle of the crisis, circa 2009-2010 that $460K home was selling for as low as $150K...
Go for it boy! Make the best of it! The only way you're gonna find out is if you take the plunge! I say do it!
MopaR&D
Nerd Member
Have you seen the movie The Big Short? It's all about the housing market crash of 2009 and shows what was going on 'from the inside'. Very entertaining and funny but also depressing, it shows exactly what you describe. Everybody was lying and no one cared until the sh*t hit the fan, in a BIG way.
My parents bought a house in Monument, CO in 2007 and sold it in 2010, don't remember the numbers but I'm pretty sure they lost money on it.
jos51700
Green Bearing thread connoisseur
Imma say this: with the general economic situation mirroring 2008 in many ways, I would consider staying put until the recession passes.
You don't want to be low man on the totem pole when the axe starts swinging....
MopaR&D
Nerd Member
Duly noted. I'm keeping that in mind but I'm not going to stop applying and then just keep hoping and praying I get a significant raise and miraculously meet a woman who's wife material around here after searching for the past 6 years.
I want to hit up the property management company I'm renting my house from and ask if rent will go up if I renew my lease in January. If it is that's all the more reason to get the heck out of here. I've been living check-to-check for the past 3 months and it's pissing me off. I haven't had the money to do anything with my cars except take my Duster to one track day last month and it's really getting me down. I'm getting a 10% pay raise starting this pay period but that takes me from $60k/year gross to $66k/year gross, wowww
now maybe I'll be able to buy name-brand groceries instead of generic lmao. 
jos51700
Green Bearing thread connoisseur
Duly noted. I'm keeping that in mind but I'm not going to stop applying and then just keep hoping and praying I get a significant raise and miraculously meet a woman who's wife material around here after searching for the past 6 years.
I want to hit up the property management company I'm renting my house from and ask if rent will go up if I renew my lease in January. If it is that's all the more reason to get the heck out of here. I've been living check-to-check for the past 3 months and it's pissing me off. I haven't had the money to do anything with my cars except take my Duster to one track day last month and it's really getting me down. I'm getting a 10% pay raise starting this pay period but that takes me from $60k/year gross to $66k/year gross, wowww
$60k ain't much where you're living, that's for sure
There are people that would fall down laughing at what I live on, especially when I was back in Missouri. If I had not have wood it would have been a quick death.
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