<p>Thanks UCSD, we’re fairly local (LA). We think son should buy, it’s a sellers market and he’ll most probably be employeed in SD for at least 4 years before heading to grad school. Hate to see him throw out that rent money. Tired of living like a student, decent rentals are over $2500/mo.</p>
<p>We will loan him down payment and maybe coinvest a bit. Seems to be much more for $350K than $250K. </p>
<p>Any thoughts on a neighborhood a young black man would like?</p>
<p>the thing that amazes me is this whole 3-4 year projection thing of keeping a home… like, i plan on staying at the house i buy for a long long time. I mean, maybe i’m completely different from everyone, but I can’t imagine moving that soon. Just like i drive a car till it no longer functions, whereas a majority of people seem to get a new one every three years… and this is something that costs tons and tons more than a car does… i just don’t get it… I mean, my parents are still living in their first house… my grandparents in theirs, and so forth… so to me, this is a big big undertaking, because i plan on living there for a long while.</p>
<p>The issue is that the home is many people’s biggist investment. As you grow and your family grows you’ll need different things. You probably won’t think about school district now but will need to later. Lot’s of young people want to live in active inner city neighborhoods and move on to suburbia when they have more kids and more money. </p>
<p>Real estate is a part of a strong portfolio and people like to keep a certain % of their money in RE.</p>
<p>Since you sound so jaded I hate to say this, but many get caught up in the wanting more, wanting bigger as the years pass.</p>
<p>apparently i’m not like lots of young people because i dont want to be near an inter city neighborhood, nor any place loud or with tons of people… i just want a quiet place to relax, and with a decent sized yard in the back for my volleyball net in the summer 
i also don’t like fancy big houses or fancy cars, i just like to keep it simple :)</p>
<p>Good for you. If you plan to stay awhile, and there’s absolutely nothing wrong with that (I did), look for a place where you can add on possibly down the road. About ten years after buying we added another 60% to the home without impacting house payment too much. The reason, we looked at bigger homes, walked through the new construction (before drywall was up) and found lots of half arsed jobs. Alot of future structual problems that were going to be covered by wallboard. Newer isn’t necessarily better. </p>
<p>Keep looking, be flexible and you’ll find something you like. Maybe a fixer? Not all fixers require an intimate knowledge of all things construction. As long as the roof is good and foundation solid, you can swing most things. luck.</p>
<p>Fendergirl, Opieofmaybery makes a good point. I’d bet that any number of people you know who have lived in their original homes for a very long time actually did a lot of adding on to the original structure. Lots were probably larger years ago and I’d guess double lots were easier to find. Also, job changes involving significant geographic moves are far more commonplace today than they were 20 or so years ago and back. </p>
<p>Our good friends that have been married over 50 years are in the same house they bought when they were in their 20’s; at that time, it was two or maybe three rooms, though on a double lot. They added on over the years as children came; now it’s four bedrooms, two full bathrooms, full living room and dining room, office area, two car garage with extended carport, outdoor swimming pool, screened in patio and barbeque area, etc. I keep trying to talk them into putting in a circular driveway so parking isn’t such a hassle when I visit as they always have so many guests in and out all the time, but, they aren’t having any of it…</p>
<p>Bottom line, you will want something different in five to 10 years than you want right now, and then in another 10-15 years something different still, and so on. Plus, if offered a wonderful professional opportunity you will want to grab it and go for that lifestyle change, etc.</p>
<p>Very goods posts in this thread from the usual suspects. My two bits; go to the state government web sites for the states (and muncipalities) that you think you might want to live in. Keep in mind that most homebuyer programs have rather severe income restrictions. The exception for a relatively high income are for purchasers who select homes in areas which are typically designated to be in some form of economic distress. But don’t be fearful of that. Some so-called distresses areas, like Jersey City or Englewood New Jersey, are actually quite hot and attractive to first-time homebuyers. Jersey City is now referred to as “the Gold Coast (at least the neighorhoods that front Manhattan)” and Englewood has some of the toniest residences in the state. My guess is that there are similar circumstances in other metropolitan areas.</p>
<p>Have you or your partner/investor served in the Armed Forces?</p>
<p>LakeW - the income restrictions are loosening, at least in my state (and county) - just to give one example. EG, ~$60K income for a single; ~$72K for a couple. Might work for a starting out single, anyway. There are home price limits, too, which used to be quite restrictive as in “you can’t buy a falling down shack for that price.” Now the price cap here is ~$300K which is above the median home price for the area.</p>
<p>OTOH, interest rates are so reasonable right now that the reduced interest rates of the first-timer programs are not quite so exciting. Ditto down paymenet requirements. But every situation is different.</p>
<p>So fendergirl, you should check into the first-time programs to see how helpful they might be.</p>
<p>Hey fendergirl, I saw this thread but didn’t realize it way you who started it! I know some local realtors and would be happy to keep my eye out for more cute little houses as well. What school district are you looking in? Can pm me if you’d like. If you look into Lower Milford Township you might find something more affordable. I agree with the posters that said not to plan for your first house to be your forever house. We are on house number 4 and I’m not making any promises that it’s the last. I also agree about taking the realtor’s estimate about how much house you can afford with a grain of salt. We thought they might be right about how much house we could afford but only if we decided not to eat or furnish the house.</p>
<p>I think the housing market in my section of the Lehigh Valley is pretty flat right now but a lot of mcmansions are being built on spec and when they are done within the next year, the older houses might sell for less. The problem is that the avg house sale right now is something like $360,000. Not too many houses on the market under $200,000 unless you get further out into the country. But it’s pretty country and not a bad commute.</p>
<p>yeah all of the ‘cheaper’ stuff is either way in the country or into down town areas which are like row homes and such, which I don’t want either. </p>
<p>I work in Fogelsville but I am kind of leaning towards the coopersburg area to live… I really like it’s location. i think its a bit pricey though, but probably just as pricey as the rest of the lehigh valley. I don’t think I’ve ever seen a house listed for under 200k there. (Which is where the house that I found is located) </p>
<p>Actually, now that I think about it, isn’t coopersburg in lower milford township?</p>
<p>what part of lehigh valley are you in?</p>
<p>i think i pretty much have everything to furnish my first house, with the exception of a kitchen table and i’d probably want a bigger bed/new mattress( which is the one thing I really want to splurge on when I move. I am so tired of sleeping on my hard icky bed that has two egg crates on it… my parents got a new mattress set last year for like 1500 dollars and its the most comfortable mattress i’ve ever been on, i mean, it better be for 1500 bucks. I don’t think i need one quite that much, but something that is a step up from what i have now :)) everything else i still have from my apartment or my room here. i’m sure eventually as i got more money I’d want to replace things, but i think i have a pretty good start.</p>
<p>Warning: Most likely boring to anyone except Fendergirl!</p>
<p>oh my Fendergirl. We have to talk! Lower Milford Township, the borough of Coopersburg and Center Valley are the three areas that comprise Southern Lehigh School District. Many Lower Milford homes have Coopersburg zips, but one could also live in Upper Saucon township and have a Coopersburg zip. otoh, there are families that live in LM township that have Berks county (out towards Zionsville) or Emmaus zips. I know of one neighborhood where half the kids go to East Penn schools (Emmaus) and half go to Southern Lehigh Schools. It’s quite confusing. The borough of Coopersburg is not IN Lower Milford township, it is it’s own entity and has a mayor and a police officer or two, zoning rules, etc. Lower Milford and Upper Saucon Townships each have it’s own system of government. </p>
<p>As far as avg. home price, SL usually has the highest in the county but part of that (I think) is that the new houses that are being built are often half-million dollar homes and most of them are in Upper Saucon township. Lower Milford township is fighting sprawl as best they can and there are probably some good deals on the far western end and maybe in the borough of Coopersburg. And now to send you a pm!</p>
<p>kirmum:</p>
<p>I sent you a PM on the subject.</p>
<p>i found a much more affordable home online today, i’m going to drive to see it this weekend.</p>
<p>nevermind that last post, apparently it’s sold.</p>