Originally Posted by homewithtwinsmama
I like the 512k house. I agree that its overpriced and think you might be able to get it down in this market, by getting your agent to look at the comps for the last four months and talking to the other agent. What I really like is it looks like it needs no work. Kitchen and baths look great. Best of all, that yard is ideal for kids. Nice and big, already fenced, room for a garden by the looks of the pictures already in process... If I could get it down in price that would be a winner. That said, I got a four bedroom that was a bit overpriced (I really wanted and needed to move into this neighborhood) for 80K less in Columbia. To me how a house looks is far less important than does its space and floor plan work for my family needs and is the yard level and ready for kids to play. The back yard and back porch sold me on my house. I say the porch is "my favorite room" because in fine weather I live out on it.
I don't think you have seen my house since we re- did the kitchen, have you?
I think your kitchen was still in process last time I was there, but mostly done (maybe?).
We are pretty particular about certain things and not so much about others.
1) Neighborhood/street: beautiful and/or quaint, safe, friendly
2) Architecture: something somewhat interesting, or at least "clean" i.e. open, 9'+ ceilings (love the '20s)
3) gut feeling: a lot of homes make us feel depressed, luckily we have the same gut when it comes to houses
We'd renovate/add on for the right neighborhood/lot and house character. Which is why I am still loving this tiny thing with the closet bedroom!: http://www.redfin.com/MD/CATONSVILLE.../home/17221040
Esp. if we could get it for 325 or less (which it should be at 1100 sq feet!!) in 5 or 6 years we'd just add on 800 sq feet or so. We drove by it today and love the neighborhood.
The 512 is officially out of the question. I'm learning about conforming limits or whatnot. Jumbo limits in the area are almost 500k for 2009, but it seems the 417k or up rules on money down are the same everywhere (I guess, I don't understand it all). We'd have to put at least 50k down, but possibly 75-100, with next to no equity left in our condo (thanks to the real estate crash) that would have to be all from savings, which is not that healthy! So we are now looking for 440 or less, and really thinking of going 350 or less to free up money for renovations/addition, etc.