Tag: Asking Price

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House Hunting Week… Whatever

Have I told you how much I hate living in an apartment? What, no? Well I cannot believe that because I really hate it and I usually tell everyone how much I hate it. From the lack of water pressure to the crappy dishwasher and walking up three flights of stairs. I will really be happy to be out of this apartment.

The housing market, she no good for me. She real good for seller. A while back I wrote about a house I wanted to buy only to find out there was a contract signed the day I looked at it. This was the house on a 1/2 acre with a giant antenna in the back yard. It was listed at about $135,000. One might get $130,000 for a house in this neighborhood for that much if it is in absolute pristine condition, this house was/is not.

This house has a flat roof and it had a leak at one point. I would say half the walls and ceilings in the house will need to be replaced. Not to mention pain, carpe, wood root along the outside and kitchen needing remodeled to name a few. Were talking a easy $30 to $40K in work is needed and I think I’m underestimating that number. Yet the house sold for $130,000! Some person, who must be on crack, has more money than sense actually bought that house for near the asking price. I’m guessing that that they would need to sell the house near the $200,000 mark to get their money back.

This hasn’t just happened once, this has happened twice. Another house on the same street in a similar situation. Not nearly as ba, they were asking about $120,00. A little lower but still needed lots of work. I offered $105,000 would go up to $110,00. Someone came in and offered the asking price. It’s insane I tell you. INSANE!

The popular thought is that people from California are selling their homes for a half million dollars. FInding that the Phoenix market is turning into California’s market, they come here where’s it’s cheaper. Thus people have plenty of money to spend more on our cheap houses, even if they need work. What’s $30K when you just made $200,000 on your last house?

As for me, my lease is up 31 October. Seems like a long ways away, but I’m getting worried.

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House Hunting Week 2

I’m being very careful this time around, not jumping into anything unless I’m very sure it’s what I want. I looked at two house this week.

This house, being a HUD home, was foreclosed on.

  • The interior was pretty dated, probably was built in the 70s.
  • For a HUD home, it isn’t in bad shape but does need work.
  • The house is good size at ~1500 square feet, but the kitchen is smaller than my apartments!
  • The yard is probably a 1/4 acre, but oddly shaped.
  • The landscaping isn’t too bad. Mostly dead grass and no rocks.
  • Asking price is $85,000

Although it seems cheap, it gets bid on. Bids are due on this house by the end of next week. My concern is that I could get outbid by a contractor who can do the fix up work cheap that I can (which is apparently happening with the HUD homes around here). Even though it’s the fixer upper that I’m looking for the kitchen needs more work than I think I’m prepared (or know how to) do. Not to mention the yard is oddly shaped.

This house didn’t have any lot size info on the MLS, only saying it was on a culdesack. To make a long story short, the house was pretty nice inside but the lot was very small.