Housing Issues

Waski_the_Squirrel

Resident of the least visited state in the nation.
I haven't mentioned this before, but I've been told that I need to be out of my rental place by spring. The landlord is tearing the place down. The trouble is that my small town is really short on housing. Right now, oil activity is really taking off in the area. Other towns have no housing at all, and that is working down our way. In Williston, ND, rents are jumping to ridiculous levels that are driving people away. Teachers and other non-oil workers can't afford to live in places like that.

So, I've been pretty scared about it, and probably not thinking clearly. My plans for house buying included one more year of saving money and it just won't happen. But, maybe it's for the bet. I'm being forced into buying and the housing situation will be far worse next year.

So, last night i looked at a house. It's a 1-bedroom house, but on a nice lot. Outside, it doesn't look like anything, but inside, it's a really nice house. Really surprisingly nice, actually! The owner isn't done with the renovations, but I think that will work in my favor when I negotiate a price. I cleaned out an investment that I'd forgotten I had in the midst of the panic, so I should have a down-payment a bit better than a year in advance. The location is perfect for me: close to school and actually on the same street as some friends. There is also a decent basement that I could fix up to make an unofficial guest bedroom for Ma and Pa Squirrel and other guests. I think I would actually use a greater percentage of this home than I do my current, larger one.

It bothers me to have unused rooms. If I buy this house, I won't have those! It will be more squirrel-sized, and I'll be safe no matter what happens with oil. Of course, I'll also be locked into this town, but maybe that's just as well.
 
Not sure what it's like up there; but in general this is the time to buy. The market might drop just a tad more, but it's pretty close to bottoming out.

Right now in most of the country, you can buy a house for less that the materials to build it would cost. Obviously, that is unsustainable. Once the demand for new housing picks back up, housing prices will see a fairly steep increase.

Bottom line...Mr. Squirrel should buy very soon. ;)
 
Sounds like a good option for you. If you are positioned to do it, I'd go for it! Can't wait to see your pictures!
 
Guard Dad said:
Not sure what it's like up there; but in general this is the time to buy. The market might drop just a tad more, but it's pretty close to bottoming out.

Right now in most of the country, you can buy a house for less that the materials to build it would cost. Obviously, that is unsustainable. Once the demand for new housing picks back up, housing prices will see a fairly steep increase.

Bottom line...Mr. Squirrel should buy very soon. ;)
Prices are way up right now and are about to inflate to ridiculous levels. We have a new girl in school whose father got a job in Dickinson. They can't find housing in Dickinson, so they are living in my town 90 miles away and he drives. Oil activity is moving here very quickly. Further north in the oil patch, people are charging as much as $1000 per month for a trailer hookup.

The house is overpriced, but they all are. The good thing about this one is that I will be able to pay it off in a few years and then won't care so much. I'm also strangely excited by the idea of moving into a smaller place.
 
Waski, that is great news!!! I have heard that RE in ND is different than most everywhere else (i.e., prices rising due to high demand due to oil industry), so if you get this one, that will be awesome!!! Also, don't feel badly about being locked into the town...if you need to sell in the future, I predict the demand will still be there. I LOVE real estate (have my license here in GA, but it's inactive), so I love love love hearing stories like this.

That's funny about your being excited about moving into a smaller place. :D Please do keep us posted!
 
This sounds truly awesome, and I am so happy for you! Please don't feel "locked in" because that mental idea might bring you down. You are making a great investment and opening lots of doors. Good luck to you! :cheer1
 
One thing to consider as well. The oil boom going on there is going to be around for quite some time. If by chance you do take an employment offer elsewhere, you could rent your house out for some good rental income. I think this is a really good time for you to buy.
 
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