When did you buy your first house?

[bryjcom]

23 years old in IL in 2005. No co signer other than my wife.

$200,000 price tag with property taxes of $4500 a year. I was considered the "ghetto" of Geneva, IL

[GilpinGuy]

23 years old in IL in 2005. No co signer other than my wife.

$200,000 price tag with property taxes of $4500 a year. I was considered the "ghetto" of Geneva, IL

Holy crap...

[bogie]

2009 was the year of the obama first time buyers credit and I was 29. I took advantage of the snake oil and bought the house I live in now in Broomfield. Interest rates were about 4.7% on my 30 year loan.

I refinanced in February of this year at 2.5% on a 15 year loan. My principle and interest basically flip flopped, my payments only went up $200, and I shortened the term by like 12 years? I won't stay in this house that long, but at least I'm building equity instead of losing so much to the bank. Hopefully the market doesn't tank.........

[bryjcom]

Holy crap...

Yeah.....I know!

My father in law has a nice house but nothing like a mansion. Maybe 3000 square feet. Might be worth around $500K He pays..... Wait for it.... $16,000 a year in property taxes!!!!

Complete and utter corruption and payoffs is to blame....


I told him he could get a nice house out here and pay $16K a year in mortgage payments.

[newracer]

Bought our first house in 2001, sold it earlier this year, close on our new house on the 27th.

[Great-Kazoo]

Now is the time to buy, interest rates will never be lower.

Bought our first house in 2001, sold it earlier this year, close on our new house on the 27th.

Guess you'll won't be buying mine then

[nynco]

Word of advice for anyone, unless you are paying cash, don't buy a condo. There was a law passed a little while back that is causing all condos to plummet in price. Basically if a certain percentage of condos in a complex are not owner occupied, then any unit in that complex no longer qualifies for federal loans. Which means that it restricts the buyers for that unit. Which drives down prices and then makes the units more attractive to investors. Which makes it impossible to fix that situation. Buy a condo to rent it. But do not buy one and expect it to rise in value at all. Well that is until the rescind that law.

[Great-Kazoo]

Word of advice for anyone, unless you are paying cash, don't buy a condo. There was a law passed a little while back that is causing all condos to plummet in price. Basically if a certain percentage of condos in a complex are not owner occupied, then any unit in that complex no longer qualifies for federal loans. Which means that it restricts the buyers for that unit. Which drives down prices and then makes the units more attractive to investors. Which makes it impossible to fix that situation. Buy a condo to rent it. But do not buy one and expect it to rise in value at all. Well that is until the rescind that law.

In the 30 + years we've been home owners, yet to hear anyone say they made money on condos. Condos and townhouses have always been bad investments

[Irving]

This week and I was 30. Qualified on my own but bought with wife. This will be a rental as soon as possible. I feel like a chump compared to my parents generation. Buying in the 80's with high interest rates and being younger than I am and having at least one kid.

[nynco]

In the 30 + years we've been home owners, yet to hear anyone say they made money on condos. Condos and townhouses have always been bad investments

Right now if you are paying cash, condos are good for rentals. Buy a 3 bed 2 bath for 50K rent it for 1200. Yes that is possible right now.