Are any of you living where real estate costs are not crazy? Every night Vince and I look at real estate listings here, in Brownwood, where Chad lives and it’s entertaining . . though kinda sad. I guess sad because I feel so bad for people who are just starting out wanting to buy a first home. I think of young folks who have been renting and thinking about buying. They probably can’t even think about buying now. We are so lucky because we bought this house just when things were getting a bit weird – houses were starting to sell as soon as they hit the market, but before the prices when crazy. Chad keeps saying “sell this house . . you could make a lot of $$” but then I remind him that we’d have to pay some crazy amount to buy another one or, I guess we could move in with him. 🙂
Vince wants to build a shop and because of the building costs, it would be outrageous. He keeps thinking he can find a piece of land with a small house and a nice shop but he doesn’t factor in the craziness going on right now.
Friday we were in town and the realtor we’ve been talking with called and said a place had just been listed not far from our house . . listed less than an hour earlier. It had a bit of acreage, a small house and a small shop. She said “You could rent the house, put another $20K into the shop and have what you want.” We were headed home so we drove past it. There was already someone there looking at it. It sat very close to a highway, the shop was too close to the house – Vince wouldn’t feel comfortable being there working if the house was rented to someone and, we are not the landlord type. It was more like a detached garage (and the only garage). By the time we got home and before I called her to tell her we weren’t interested in that one, she texted me and said it had a contract . . not even two hours after it was listed.
Friday night Vince found a house for sale by owner. It was about 1,400 square feet, not far from our house at all and it had a two car garage as well as a little storage building in the back. Vince could use the garage for his shop and we could clean out the three storage buildings and store the stuff in the house for now. We drove over on Saturday morning just to drive by it. It was one of those neighborhoods where cars are parked on the street, kids are playing and chasing balls into the street so you don’t see the kids til they’re right in front of your car, and the houses are almost right on top of each other. We decided that wouldn’t work for us. There was something I saw when we passed the house and I wanted to see if it was the same in the pictures so Saturday night I went to look at the pictures online and the price had increased by 20% and on Sunday morning there was a contract. So, the went up for sale Friday morning, Saturday the price increased and Sunday it had a contract.
It’s great for sellers . . not so great for buyers. It’s not a big deal for us because we probably don’t need to buy anything anyway.
When I was getting insurance for this house when we were buying it, our agent was telling me his figures showed we should insure it for $XX. He said the cost to rebuild this house was more than we were paying. I told him . . why would I pay more for that much insurance when, if the worst happened, we would go buy another house somewhere and not even rebuild this one? Now . . what I said is crazy. We might ought to reconsider upping the insurance but we won’t. I think insurance is a bit of a gimmick. It seems to go up every year and we never have claims. In Texas, we considered not even having it because the fire insurance was so high but that was because the risk was so high. I would have been so worried all the time if we hadn’t had insurance but this whole housing cost and building materials cost is truly wild.