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Buying a House

I’ve been looking for a house for a few months, and a couple weeks ago I found one that I liked enough to make an offer.  After weeks of back-and-forth, we have a signed offer letter.

I wanted to stay in Arlington.  I didn’t really care what part of Arlington.  I want the place to be dog-friendly.  The house satisfies all requirements, and has a few nice-to-haves too. You can read the basics on the house on Zillow.

I was happy renting, but the house on Stowecroft has been losing its appeal.  There has been very little maintenance over the last 10 years.  The windows . . . it’s hard to tell whether they are open or closed.  Peeling paint all over etc.  So when house prices started to droop and mortgage rates stayed reasonable, I decided it was time to start the search.  This is the right cycle for me to buy.

Of course, there is a bit of anxiety about the current economic climate.  So far mortgage rates have been staying low (if a bit volatile).  I hope they stay low for a few more days.

Now the multi-step process begins.  House inspection tomorrow, then purchase and sale, and hopefully, closing in November.

Comments

Comment from Michael Ruderman
Time: September 30, 2008, 9:36 am

Interesting juxtaposition of posts, this and the previous one. My own pet theory of who was supporting (last night’s defeated) bailout bill was those who felt they had a personal stake in the financial markets. To coin a phrase: “It’s a scare when Wall Street loses money, but it’s a crisis when you lose money.” A mortgage application is a significant stake in the market…let us know how it goes.

Comment from Wayne Pitcher
Time: September 30, 2008, 12:34 pm

Congratulations Dan! For your sake, may the decline in the housing market end shortly after you close! Except out here in the Bay Area, where continual price drops are much appreciated by those of us who wish to buy a home someday. 😉

Comment from dunster
Time: September 30, 2008, 11:47 pm

I think the reasons for approving the bailout are as varied as the reasons for opposing it. There are a million pet theories about what caused it, and at least a thousand about how to get out of it. History will have a field day with this one.

I’ll cheer for you a bit longer, Wayne – but it won’t get much better than this!

Comment from Wayne Pitcher
Time: October 1, 2008, 4:18 pm

Actually, Dan, I anticipate further home price decline in the Bay Area. According to the S&P/Case-Schiller Housing Index, prices in the Boston area have been trending slightly upward since March, while those in the San Francisco area are still dropping. MDA Dataquick reports that foreclosure resales in the Bay Area range from 8.6% of resales in San Francisco county to 61.3% in Solano county!! I think the peak came earlier in Boston and San Francisco still hasn’t hit bottom. Besides, we have a lease until April, so we won’t be moving until at least then. 🙂