How much is your mortgage?

jd1212

Fri, Jul 01 2022, 2:04 pm

amother [ Darkblue ] wrote:

Do you mean under 200k?

My house was 189k. Baltimore. I have 3 kids, but my neighbor has 7 and they are fine.

In Israel, there are families with many more kids than I have living in a much smaller space...

Sorry, under $2k mortgage payment. Wow

amother

Darkblue

Fri, Jul 01 2022, 2:12 pm

jd1212 wrote:

Sorry, under $2k mortgage payment. Wow

lol ok. Same answer for myself then. My payment is way under 2k. Baltimore has very low property tax and if you are willing to live in a smaller house, semi-detached, there are houses to be bought with a very reasonable mortgage. There are of course very expensive houses here too.

amother

Maize

Fri, Jul 01 2022, 2:33 pm

Quote:

I live in Baltimore. Agreed. I bought my house for 210k 6 years ago. I have 5 bedrooms, 4 bathrooms, playroom, home office, and tons of storage (walk in closets, small room off of bedroom, storage rooms in basement). All with a front porch and decent size back yard and 2 car garage.

My mortgage, taxes and insurance is under $1300 (mortgage alone is about $800 a month). We refinanced about a year and half ago, when the rates were crazy low. We only had to add a little per month in order to shave off 5 years of our mortgage.

amother

Cinnamon

Fri, Jul 01 2022, 3:12 pm

amother [ Maize ] wrote:

Quote:

I'm looking to buy now and prices are WAAAAAY up. Houses are selling above asking price within days of being listed. Houses that were 250k five years ago are going for over 600k now.

amother

Sapphire

Fri, Jul 01 2022, 3:14 pm

amother [ Darkblue ] wrote:

Baltimore County has low property tax. Baltimore City is about double. And water in Baltimore City is more than Baltimore County. Insurance is more in the city. That’s why houses are cheaper in the city than in the county-the city has more fees taxes are higher and more “issues”. The frum areas of the city have much less crime than the other parts, almost none at all Baruch HaShem. People should move to Baltimore, it’s a great place, but go in with your eyes wide open…
Also many places cross over the city and the county. And duplexes/semis, like all houses, are going up and up in price. (Like everything else)
With regards to room-some people are fine having 10 kids in a 2 bedroom apartment, some move to a house with one baby. It’s all about personal preferences.
Rent is also going up and up. Pickwick city is $$$, and you pay for water, $75+ a month. Pickwick county is cheaper rent and water is free. But rent in the county is also going up.
Getting off my soapbox now…
I don’t know how much our mortgage is and I don’t know how much we make a year. I have ballpark figures but I don’t know exact numbers.

amother

Darkblue

Fri, Jul 01 2022, 3:24 pm

amother [ Cinnamon ] wrote:

I'm looking to buy now and prices are WAAAAAY up. Houses are selling above asking price within days of being listed. Houses that were 250k five years ago are going for over 600k now.

It really depends on where you are looking and for what. A house on my block just sold for 170k and it needs about 20k to fix it up, which will take the new owner a few weeks to do. It only needs cosmetic improvements and a bit of plumbing and HVAC work, but she is getting it done now. There is another house on my block for sale soon, the owner is in hospice and the daughter wants to sell it. We asked her (the frum people on our block) to tell us before she puts it on the market and we will find a buyer. I'm the one who found the newest buyer on our block... and this up and coming house will need cosmetic improvements also but should sell for under 200k as well. And BH our block is awesome, quiet, and in the city.

amother

Sapphire

Fri, Jul 01 2022, 3:54 pm

amother [ Darkblue ] wrote:

There are definitely areas in the city that will go for that. Older houses, semis, fixer uppers. And location makes a difference. How close to northern parkway, Reisterstown, Glen, etc. but even the houses that are going for under 200, a couple years ago were probably not more than 150. When the eruv was extended to include more of summit park, overnight the prices shot up. I think what will happen is people will move into the old neighborhoods, like where people have been moving out of, in order to stay in the eruv. It’s happening on menlo and those streets.

amother

Gladiolus

Fri, Jul 01 2022, 5:41 pm

amother [ Whitewash ] wrote:

Wow! We should move there. We are a family of 6, we qualify for snap when we made $46k, but now that we make $50k we no longer qualify.

Never mind. 63k is more than the Max for food stamps. We qualify because of parsonage. My husband is a rabbi and the shul pays the mortgage directly. So without the parsonage, our income is only $29,400 for a family of 4.

amother

Maize

Sun, Jul 03 2022, 12:43 am

Quote:

I'm looking to buy now and prices are WAAAAAY up. Houses are selling above asking price within days of being listed. Houses that were 250k five years ago are going for over 600k now.

Yes and no. My house is in Baltimore City in the Upper Park Heights are. We bought for 210k 6 years ago. Yes the prices have gone up and it's valued at about 350k now. So yes the prices have gone up. But no, not everything is 600k now. Really depends where you want to live.

A house sold on my block about a year ago for 155k. They doubled the size of the house, which was large to start. Another house around the corner was sold about 8 months ago for mid 200s. I will say that one is a large stand alone house, but it did need a lot of work.

Yes city taxes and water are more than in the county, but the houses are cheaper too. And I love my area!

amother

Aubergine

Sun, Jul 03 2022, 12:50 am

Yeah, prices are way up, but I'm not complaining.

I recently put my house on the market. It's going for more than 1.5 million. For reference, I paid 245k when I bought the property a little over a decade ago. I built it up, and with the added footage and general price increase, the value has skyrocketed.

It's a gorgeous house with 6,000+ square feet in a very hot area. In the first 24 hours of listing, there were three showings, with more to come.

I don't know where people have money from, but I'm really not complaining, as I'm currently on the receiving end. I wish everyone should be.

amother

Jasmine

Sun, Jul 03 2022, 12:54 am

amother [ Aubergine ] wrote:

Don’t you need to buy another house though? How is it a win to sell your house when the market is high, if you need to buy something else ?

amother

Aubergine

Sun, Jul 03 2022, 1:01 am

amother [ Jasmine ] wrote:

Don’t you need to buy another house though? How is it a win to sell your house when the market is high, if you need to buy something else ?

We're buying out of the area. The house we want to put an offer on is a little over a million. Same size house, bigger property. More private, more amenities. It's out of the cholent, so it's cheaper.

amother

Raspberry

Sun, Jul 03 2022, 1:16 am

amother [ Aubergine ] wrote:

How much money did you put into the house?

amother

Tanzanite

Sun, Jul 03 2022, 1:25 am

amother [ Aubergine ] wrote:

Are you selling in forshay and going to montebello?

amother

Bone

Sun, Jul 03 2022, 7:19 am

amother [ Lily ] wrote:

What if the value of your house goes down and you sell for less then you bought it?

Not mistaber bederech hateva. We bought the house for less than market value at the time and real estate prices have skyrocketed since then. As I wrote before, our house is worth four times what we paid for it. That's number one. Number two, we have no intention of selling our house. What I wrote was just an explanation of what would happen if we did sell the house, I.e. that the bank would get its investment back.