Friday, November 18, 2005

The Housing Market

As I read article after article about the housing market getting ready to pop, or mortgage rates going up again, or people getting nailed by adjustable rate mortgages I realize just how lucky I was when I bought my house.
Bebe and I looked for a while before we decided where to buy. We new that being close to the city was out of the question, it was just too expensive, and that buying resale was going to cost us more than we wanted. If we were going to get a realistic investment that was most likely outside of the housing bubble, we knew that a starter home in a new community was the right choice.
We decided on the KB Homes Rivers Edge development in Cherokee County, north of Atlanta. It was further way from the city than I would have liked, but it was near my work, and Cherokee County is set for a great 15-20 years of growth. The development it really close to the highway, and we've got ample shopping nearby, so it fit us nicely.
Once we decided on the home, we have the Charleston model, we moved on getting the mortgage. This was a pain in the ass, and I'm not looking forward to it again. We held out ground, and with some help from my parents and Bebe's parents, we put together enough money to cover closing and moving expenses. I would have liked to have put some money down, but that was really an option, and the longer we waited, the more the house was going to cost us. We ended up getting a 5.75 fixed 30 yr APR, which is f'ing great. I'm really happy about that. In addition, the base price of our home has went up just over ten grand. By the time the development is completed, the base price of our houses should be right in line for what we paid after getting all our options.
Bebe and I got hardwood floors, and spent most of the other option money in the master bathroom and kitchen, the two places most likely to give us a return on our investment. Other than that, we got a few other minor options like a vaulted ceiling in the master bedroom, and an upgraded light in the dining area.
I like my neighborhood. It's all young couples starting out or older couples who've recently downsized their houses because the kids are all gone, or they are set to retire. There really isn't much in-between, but it adds a nice mix to the neighborhood. The houses are very moderately priced, so I don't think there will be much of an issue with resale, since we'll be selling at a price that is right in line with what a house our size and with the options we have, should go for.
I feel bad for people who waited, or people who purchased houses out of their ranged because of weird mortgages. On the other hand, it's good for me though since most of the foreclosures will start happening right when I'm ready to sell, so I'll probably get a great home at a great price.
Anyway, we're going to start decorating the house for the holidays soon, I'll be sure to put pictures up.
We're going to Charleston to be with my parents for Thanksgiving. It will be fun. My Pops and I have sort of a tradition of putting up the lights the day after Thanksgiving now, so that'll be fun, as long as it's not too cold. It'll be nice to see my brother and my cousin again. Should be good times.


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1:31 AM  

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