we're gonna start building our new house in March....we have the land picked out...here are the blueprints for the house i want... http://www.eplans.com/house-plans.hwx/Q/Plan.HWEPL02586?searchId=111873160&offset=0
the land is right in our same territory, we're a little spoiled now, cuz we live 3/4 mile away from the KH, and when we move, we'll be about 4 miles away. (darn, haha)
Nice, where are you building?
A suburb of York, PA...Dallastown
Ah, it's probably half the price of anything in north Jersey.
haha, oh absolutely, around here most newlyweds are able to buy a house right off the bat, that doesnt happen too often in NJ/NY.
Newlyweds...Try people who even make decent salaries. If you didn't buy a house before the late 90's in this area, you are screwed. I make more than twice as much I did in 1999 and I was in a better position to buy a house then. How ridiculous is that!
wow, that is frustrating, move to PA! haha
Mortgage rates are really good now tho. Historically low.
Who cares though, when you can't get anything below $300K that's any good.
Because say it's 5% down and a 7% rate over 30 years. It'll be about 1900 a month for a 300k house. Less than that per month, if more money down, which will also mean a better rate. I'm just giving a hypothetical that for what rents are in NJ, it's not much more for owning a house.
Btw, I don't own house. Just giving a general idea of the "numbers." It's hard to ignore the actual price of the home. But, when it comes to NJ, you gotta see what it is in terms of monthly payment, so it doesn't seem as harsh. haha
1900 a month isn't realistic to expect for a total monthly payment in NJ on a 300k mortgage. PITI, man, PITI
taxes are ridiculous
I didn't factor that in, because I'm not a mortgage broker and there's so many different scenerios and mortgage programs, such as getting 2 different loans, etc. Just gave the base numbers, 'cause I don't even know what taxes are up there. But, it can be bought for around 2000 a month, not including PMI and taxes.
this is in hackettstown, which has lower taxes than most surrounding areas:
Purchase Price: $300,000.00
Rate: 6.00%
Term: 30 Years
Down Payment: $0.00
Yearly Taxes: $4,800.00
Yearly Insurance: $720.00
Income Required (33% Ratio): $82,132.73
Income Required (36% Ratio): $75,288.33
Monthly Payment: $2,258.65
add PMI in there (if you can't get a good First Time Home Buyer mortgage, and it's even worse)
renting is so much cheaper. :(
i'm sorry, that was 0% down, and 6% interest.
here's 5% down, and 7% interest
Purchase Price: $300,000.00
Rate: 7.00%
Term: 30 Years
Down Payment: $15,000.00
Yearly Taxes: $4,800.00
Yearly Insurance: $720.00
Income Required (33% Ratio): $85,676.73
Income Required (36% Ratio): $78,537.00
Monthly Payment: $2,356.11
What about 10% down?
if you're putting 10% down, that means you've been saving, so you probably have pretty good credit. so i figured in a 6% interest rate
Purchase Price: $300,000.00
Rate: 6.00%
Term: 30 Years
Down Payment: $30,000.00
Yearly Taxes: $4,800.00
Yearly Insurance: $720.00
Income Required (33% Ratio): $75,592.36
Income Required (36% Ratio): $69,293.00
Monthly Payment: $2,078.79
getting better!
PA just passed a law called "Act 1" lowering property taxes (but raising income taxes, so renters get screwed). I don't know if NJ did something similar, but they may have. It might be worth a google for you if you're looking to buy. I think the rates go into effect in the 2008 school year.
that's how far behind PA is...they just passed there first act, lol.
NJ did similar. But the added tax is found in sales tax. The rich get richer and poor, poorer.
It also relates to what we were talking about earlier - Republicans v. Democrats. Rep are known to lower taxes and Dems are known to raise them; all these laws changing taxes were passed very close to the mid-term elections, don't you think?
Yeah. Its still a lot. Plus you have to factor in oil for heat, much bigger electric bill, taxes, etc. The mortgage alone is $800 more than what I pay for my rent. I'll have to settle for waiting awhile.
Yeh it is. No argument there. I was just more or less just trying to explain that it's actually a good time for buyers despite how bad the prices look. For instance, people bought way lower priced homes in the 1980s.. buuuut probably had like an 18% mortgage rate. So, it's all relative. See historical mortgage rate chart here - http://www.thompsonsrealty.com/Mortgage_Rate_History/page_1708965.html
So, prices are high, but rates are good and at an all time low, despite the slow rising. And also, not every house listed at 300k is selling for 300k. List prices are very deceiving right now in this market, unless for a change the seller was actually smart enough to list it for what it's is worth and should sell for, instead of playing a waiting game to see if a buyer will give him that price.
