Question for the real estate crowd...

[Color Me Badd Fan]

Tim, in Vegas its a different housing market, as you would expect. I'm not sure what Raleigh is like, but here new homes have been super cheap. A lot of homes on the pre-existing market are so far under water that either they're priced too high (so the people can pay off their mortgage) or they're short sales, which means that 30 offers come in right away and the bank won't tell you what the highest offer is.

Also, the "older" homes in Vegas are total garbage for the most part. I can't think of a neighborhood older than 10 years that I'd want to live in around here, with the exception being some of the casino owners' neighborhoods from the 60s.

I would (and did) buy a new home about 18 months ago. The price was good, and the builder ended up throwing in lots of extras for "free." That way he can keep the base price stable but also adjust the "value" of the house with the market. It also helps that most of the homes built in my neighborhood have about the same value.

BUMP

Falafel is mostly correct on this point and its largely true in my neck of the woods. I bought about 21 months ago and I found the same thing. People were either asking too much money or they were short sales which were a pain in the ass.

But there's also the third route- foreclosures!

The tidal wave was just beginning to hit when we were buying. The foreclosures already on the market depressed the prices and allowed us to buy a new, custom home for about 2/3 of the price it would have demanded about 2.5 years before. Prices have come down further since October of 2008, but it's not anything that's debilitating.

Still right now is a great time and there are lots of new foreclosures to look at.

[pellegrino]

Tim, my only advice about a family buying in the triangle is to avoid any of the newer areas (built in the last 7 years) of Wake county. You're probably aware of the fact that they have overbuilt and are not able to provide adequate public school services for the huge influx of people, ironic given that Wake schools were considered some of the best in the state through the 90s. Now, they're overcrowded and they don't have the funds to build schools and won't for a long while. I remember reading an article on the N&O a couple years back that estimated the school system would be under duress until approximately 2020. Take it for what it's worth. If you plan on making this a house to raise kids then school systems play an important part in the decision.

[Sizzle]

BUMP

Falafel is mostly correct on this point and its largely true in my neck of the woods. I bought about 21 months ago and I found the same thing. People were either asking too much money or they were short sales which were a pain in the ass.

But there's also the third route- foreclosures!

The tidal wave was just beginning to hit when we were buying. The foreclosures already on the market depressed the prices and allowed us to buy a new, custom home for about 2/3 of the price it would have demanded about 2.5 years before. Prices have come down further since October of 2008, but it's not anything that's debilitating.

Still right now is a great time and there are lots of new foreclosures to look at.

This was the route we ended up going as well. We looked for about 18 months and the majority of the homes were either short sales (and in not great shape) or people had built at the height and were trying to recoup their overpriced value for the home. We ended up building and, with just the lot alone saved almost 50% of what the value of the lot was 3 years ago. We probably didn't get quite as much house as we could have for the money we spent had we gone the short sale/foreclosure route, but we also got exactly the house that we wanted with tile, carpet, paint, appliances, etc. and didn't have to make those adjustments afterward.

One other thing to consider though is the yard. We are putting that in and it is a lot of work and a lot of money. Absolutely worth it, but definitely extra cost to factor in if you are building.

[Uncle Ted]

man, that would be nice. Out here there haven't been near as many foreclosures; and, at least in Austin, the builders are still sitting on their overpriced new, never-lived-in houses.

Your mileage may vary...

It seems that home prices in Texas didn't fluctuate as much like other areas of the country. Some possible reasons for this are given here. In addition, Texas has been experiencing good population growth lately from people moving to the state, even from Oklahoma.

[Babs]

Your mileage may vary...

It seems that home prices in Texas didn't fluctuate as much like other areas of the country. Some possible reasons for this are given here. In addition, Texas has been experiencing good population growth lately from people moving to the state, even from Oklahoma.

yeah, prices in Oklahoma bubbled even less (being, after all, the land that even the Indians didn't want). We were able to sell our house for 20% more than we paid for it at the 'peak' of the market, then we bought in Hyde Park where prices are 30+% off of what they were two years ago. But prices here are still crazy high, imo.

[Uncle Ted]

yeah, prices in Oklahoma bubbled even less (being, after all, the land that even the Indians didn't want). We were able to sell our house for 20% more than we paid for it at the 'peak' of the market, then we bought in Hyde Park where prices are 30+% off of what they were two years ago. But prices here are still crazy high, imo.

We looked all over around Lake Travis about a year ago to relocate there. We are lake people and Lake Travis is very nice. They were crazy high compared to other parts of Texas, IMO as well.

Congrates on the successful sell of your home in OK and welcome to Texas.

[Babs]

We looked all over around Lake Travis about a year ago to relocate there. We are lake people and Lake Travis is very nice. They were crazy high compared to other parts of Texas, IMO as well.

Congrates on the successful sell of your home in OK and welcome to Texas.

hey, Ted...you know that other thread where somebody was complaining about ethanol-laden gas? Well, I said in there that I hadn't been able to find any ethanol-free gas in Texas. I asked the gas attendant at a shell station today, and he said that's because all gas in Texas is required to be an ethanol blend. Is that true? I find that really hard to believe since Governor Perry is basically spearheading the effort to end corn subsidies.

Anyway, I sure hope it's not true because my gas mileage has been crap since I moved down and I'm thinking it's the gas.

[Uncle Ted]

hey, Ted...you know that other thread where somebody was complaining about ethanol-laden gas? Well, I said in there that I hadn't been able to find any ethanol-free gas in Texas. I asked the gas attendant at a shell station today, and he said that's because all gas in Texas is required to be an ethanol blend. Is that true? I find that really hard to believe since Governor Perry is basically spearheading the effort to end corn subsidies.

Anyway, I sure hope it's not true because my gas mileage has been crap since I moved down and I'm thinking it's the gas.

Perry did try to reduce ethanol in gas based on the argument that it was driving up food (corn) prices. I don't think anything came of it. If we have to use it, I would like to see the 50+ cent per gallon tariff/duties on Brazilian ethanol be lifted to force the corn huskers to get competitive on their brew. Since the EPA mandate corn prices have shot up and the midwestern farmers are not only making good profits but also get a huge tax break on the ethanol they product. My brother that works for USDA tells me the tax breaks and subsidies on ethanol are crazy: something like $1.40 per gallon of ethanol.

You can find ethanol-free gas in Texas. There is a station a little to the north of me that I sometimes fill up at that has it. Check:

http://www.buyrealgas.com/Texas.html

http://pure-gas.org/index.jsp?stateprov=TX

[Babs]

yeah, I had checked buyrealgas (didn't know about the other site). I decided to post when it populated fewer stations in the entire state of Texas than in Oklahoma City alone. Anyway, I finally resorted to searching blogs and forums, and the official unofficial word seems to be that there is no ethanol-free gasoline available in Travis County. (There is no shortage of dismay regarding the matter.) The closest around is rumored to be in Bell County, but I'm not sure I want to drive up to Temple every time I need to fill up.