patrick.net

Sorry. No offense but I hate HOA or any home association of any kind. That is why renting in this is much better option than buying. IMO.

Yes I agree! When one of my friends from med school who owns a 2br 2ba here told me his HOA fee was mid 500s...my jaw nearly dropped. It's a nice building, but it doesn't have a pool or anything! Just a small gym and doorman. Really I think the location is the selling point, but a HOA fee that high really shocked me!

CaffeineAddict

A major leg down in home prices coming soon. Just my opinion.

Yeah man! Id take the worst land lord over the best HOA any day.

Just rent for now, and enjoy your career path. Sounds like you are on your way.
Don't jump into anything where you have a HOA on top of mortgage, tax insurance, and the frequent assessment charges for pea brained upkeep and over maintenance those buildings will impose on you.

By time you are making the salary that would commiserate with something more substantial i.e. a house you will really like. Prices will even be more cheaper I'm sure. Rent save and plan in the mean time and enjoy good beer and fresh fruit with your dinner.

And never make decisions based on your perception of what the Joneses are doing.
Chances are they up to debt to their eyeballs and rock them selves to sleep in a fetal position.
But of course they would never tell you that.

In this short-sale market, agents, not banks price the listing...although HAFA was supposed to fix that by forcing terms up front. Banks simply "approve" the short-sale of the property. Despite "net amount" guidelines banks must follow when reviewing offers...agents don't care and simply want to get a %$#$ offer. So, you'll see crazy pricing; some high, some low. Some very low because the agents trying to stop a sale on the courthouse steps. Without acceptable ranges detailed by the banks, agents are pricing dynamos. Now, who hurts? The buyers. Be careful...what looks like a great deal has NOT been approved by the bank and do not be surprised to see the bank's counter-offer come back well above even the agent's formal list price.

IMHO...your capital appreciation will not outpace your purchase related and ownership expenses until you're well into your scheduled fixed salary under Obamacare. :) Watching your net-worth decrease with all the student loan debt will make you wish you went into Psychology instead.

... and for when you do buy, the smart money says nothing over 25% of your monthly income.
Regardless what slick chart the bank or the FHA people send you. I've seen it as high as 38% in reference material that has been sent to me in loan disclosures in more than one place.

Get a Single family home definitely. They are on land, that is going to be real value as we run out land to develop.

Now is a good time to buy if you can find the house that fits your criteria.
Get as much house for the least amount you can. Aim high have a base of what you want and what your needs are, a minimum that you want. And put a price on that minimum price you want to spend. Have a max but to even consider that max price there has to be plus plus.

Here were my conditions...

Does it meet your space requirements?
Does it offer amenities(pool jacuzzi ect...) that you weren't looking for?
Does it have a good sized lot?
Does it have room to grow and is it an area where you can build more if you want?

and in my town another factor was detached units that have income potential.

Does it have In law quarters or detached building?

It took me three years to finally find it, but I found a house that had all of these feature except for a pool. Which I really didn't want anyway. I live a mile from the beach after all.
I figured for what I got, I would have paid about what I'm paying now in 1999.
Even if does go down more, my usage options are limitless.

I don't get these people looking for 1400 sqft on a 3000 sqft lot.
That house is an example of the phrase "it is what it is".

Yeah I remember in the 80's when Real Estate wasn't selling, there were tons of commercials saying Stop giving money to the Greedy land lord.
I remember one in particularly a greasy fat guy with gold on every finger counting his money.
As the bank comercial pleaded for you to call and save money over renting.

And they were right. I think I was paying $700 or so for 2br apartment, and the average mortgage on a 3br house was less than that with taxes and insurance.

Tenouncetrout says

Yeah I remember in the 80’s when Real Estate wasn’t selling, there were tons of commercials saying Stop giving money to the Greedy land lord.

I remember one in particularly a greasy fat guy with gold on every finger counting his money.

As the bank comercial pleaded for you to call and save money over renting.
And they were right. I think I was paying $700 or so for 2br apartment, and the average mortgage on a 3br house was less than that with taxes and insurance.

Really! Wow! How far we have come to screw the system by excessive debt. God Bless us!