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What do you consider a great deal?

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Linda Strasberg, "L Strasberg"

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July 20 - US
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sunnyview

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I love a great deal, but when I bought the last time I settled for a good deal due to the specific needs of my family. I got a great neighborhood, a PITI almost the same as rent, good upward potential for the area moving forward, terrific schools and nice neighbors. For me, a great deal would have been the same house for about 10% less, a PITI less than rent and a walkable attic, but no deal is perfect and my family is very happy. I bought an ugly duckling well under market to try to protect myself from the remaining market drops. The plan has worked so far so I guess sometimes a good deal is enough.
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July 20
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Pasadenan

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I'm still waiting for Linda to give me that "great deal".
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October 02
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Pasadenan

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"Would anyone consider a large lot including house...$39.9k" -

Is that your mom standing behind you in the white fur coat and red gloves?

I've stated before, a large lot for me is 640 acres minimum.  I would even pay $120k for a 640 acre lot with a 2 story house, if the temperature is reasonable, the noise level is not too high, trees and water are present, utilities are available, and reasonable stores are within at least 30 miles.

But you state it needs "lots of work"?  What kind of work?  A complete new foundation?  Removal of dryrotted and termite damaged wood?  New roads to get to the site?

And you are expecting multiple bids?

Clearly you have not given enough information.  Sounds like a very bad deal to me, especially since the lot is so small.


A "great deal" is when Linda gives me $4 million for my present house.
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September 29
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BMFPitt

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I couldn't resist answering a really good question

You seemed to resist it for about 2 months.

My criteria, in order:
1) It would have little to no potential for price declines past the price I pay.
2) The PITI+Maint+Repairs is cheaper than rent by 10% or more.
3) I wouldn't need to do any major work to get it the way I want it.
4) Interest rate is at or below medium-term inflation expectations.

So other than #4, my house doesn't fit any of these, but is close enough.  I still wonder what kind of deals I might have had by waiting til 2011.
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September 29
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Lady Chattel

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Hola GRI, you have been missed.


A good deal to me: a home I would actually live in that is affordable, and in my area those two things don't go together....yet.   If the price on a avg home is down 35% yet is still priced above incomes then can that really be considered a great deal?  I rent in an average neighborhood and yet the prices are still not akin to incomes........why buy when rent is WAY cheaper. 
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September 29
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REALTOR_GRI

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I'm w/Lady Chattel and lets add interest rates at 4% fix 20 yrs with down payment assistance
Hi All!!!
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September 28
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sunnyview

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LOL By the way, I think your new avatar photo looks great!
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September 25
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Linda Strasberg, "L Strasberg"

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When mortgage payments move closer or equal to rental payments, renters are motivated toward home ownership... not only for the mere fact that most prefer to own a piece of the American Dream, but to also benefit from the potential tax advantages. 

I couldn't resist answering a really good question *)
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September 25
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dthree1

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I consider anything to be a good deal when the cost if owning the place is close to or less then cost of renting the place.  I however would not by a place unless it is somewhere I would want to live in long enough to ride out any short term losses.
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August 21
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mysql

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Right now, I'd say a house that appraises for 20% above asking price. Mostly because I believe the market will be decreasing by that amount in the next year.
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July 24
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Linda Strasberg, "L Strasberg"

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Would anyone consider a large lot including house that needs work priced at $39900 +++ Highest and Best...Cash...A Deal?
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July 24
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Wei Hwung, "EclaTek"

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I was one of those trying to outsmart the market …I do better now as long as I buy low and sell high most of the time. All my family loves our house. It's a great deal for the sentimental value.
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July 24
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Lady Chattel

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1999 or prior pricing.........Next......
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July 21
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Linda Strasberg, "L Strasberg"

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Sunny:

Thanks for posting! 
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July 20
 

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