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    #16
    Gambler: great going getting your loans paid down. I suggest you work with an experienced realtor in your selected community. Buying a home is truly market driven, only worth what a willing buyer and seller negotiate. Mortgages are negotiable, it takes some effort but because the the way amortization tables work, you will save yourself Big Bucks over the long term. Even if you are buying new construction, it's imperative to have a licensed home inspector review construction, plumbing, electrical, flashings, water table etc. the expensive parts that go wrong. Don't fret the small stuff like paint color or appliances that don't last as long as the mortgage.

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      #17
      Considering that in the past 8 months, you've paid off 180K worth of student loans, I don't think home ownership, even in California, is going to pose any major challenge for you. At that rate, you can pay off a 700K home in about 4 years.
      Steve

      * Despite the high cost of living, it remains very popular.
      * Why should I pay for my daughter's education when she already knows everything?
      * There are no shortcuts to anywhere worth going.

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        #18
        Originally posted by snafu View Post
        Gambler: great going getting your loans paid down. I suggest you work with an experienced realtor in your selected community. Buying a home is truly market driven, only worth what a willing buyer and seller negotiate. Mortgages are negotiable, it takes some effort but because the the way amortization tables work, you will save yourself Big Bucks over the long term. Even if you are buying new construction, it's imperative to have a licensed home inspector review construction, plumbing, electrical, flashings, water table etc. the expensive parts that go wrong. Don't fret the small stuff like paint color or appliances that don't last as long as the mortgage.
        I think the thing that I'm worried about, is the housing market getting worse. I guess it's kind of like the feeling of buying a stock and watching it go down. But I have a lot to learn about the housing market, and it's probably at least six months before I buy the house. But thanks for the advice.

        g
        PS: I'm typing this post using Dragon NaturallySpeaking, which I bought today. It's actually pretty amazing. And no I don't own stock in the company. LOL

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          #19
          Originally posted by gambler2075 View Post
          I think the thing that I'm worried about, is the housing market getting worse. I guess it's kind of like the feeling of buying a stock and watching it go down.
          I think there is a huge difference between buying a house as your primary residence and buying a stock as an investment. One is bought with the hope of making a profit (the stock). The other is not (the house).

          I've said it many, many times. Your home is not an investment. We bought our house in 1994. We paid what we felt was a fair and affordable price for us. After that, we didn't care what happened to the value of the home. If it went up a lot, we weren't going to sell it to realize the profit. If it went down, we weren't going to sell it to cut our losses.

          Think of a house more like a car. I know when I buy a car that the value is going to decline year after year after year. I'm totally okay with that because I didn't buy the car to make money. I bought it for practical purposes. Same goes for a house. We need shelter. We want to be in control. We want to set down roots in our community and have a stable environment, not be moving around every couple of years. If, when we ultimately sell the house, we've made money, that will be a nice perk, but if not, that's okay too.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

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            #20
            Well, count your blessings that housing costs have come down a bit. We sold our 1400 sq. ft. house on .16 of an acre with 2 bedrooms and 2 bathrooms for $600K in 2005 in Pasadena.

            I am hearing that the same house we sold is now worth about $400K-$450K.

            Dawn

            Originally posted by gambler2075 View Post
            Paid off another 25K$ of my loans, now down to 25K$. Hoping to pay off the rest this year.

            I looked at a couple of homes in SoCal and wow, have home prices gone up since I grew up there... Looking at 700K$ for the 4BR/2.5Ba/2600SF, new homes that I was looking at.

            I've never bought a house before so all the terms were completely foreign to me. Looking at putting 300K$ down, max, which would apparently put the monthly payment at 3.5K$ for a 30year fixed at ~4.something percent.

            Ugh, I need to read Home Mortgages for dummies or something

            g

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