House Hunting - HELP!!!

We hear all over the place that now is the time to buy...we thought we would jump on the band wagon. With the $8,000 tax credit, low interest rates, and such a buyers market we would be crazy not to finally buy our own home. I never dreamed this would be such a hard decision. This is when it would be nice if you could have your crystal ball to look into the future to tell you if your home really will be worth a lot in the future, will we like our neighbors, is it a great place to raise kids, etc. etc.

This is probably why we have not posted in a while, because we have been pretty consumed with all of this. At first we were thinking of building. Omar is able to receive a discount with specific home builders due to his occupation. Also it is a great time to build because builders are slashing prices. But being picky, the home that we really like is out of our price range right now and we decided that maybe the area that we would end up living in is a little bit further than we would like (although it has great schools, growth, and other things). Who knew there was so much to think about.

So we heard about all of the foreclosures and short sales that were supposedly going on. We started doing our own searching and we actually happened across a real estate agent whom we like and fits the credentials that we were looking for (thanks to all my research - you know how I am). So we have been house hunting. We spend hours each day browsing through the MLS system and driving around neighborhoods to find homes. We have only been in maybe 10 homes now and have pretty much narrowed it down to 2 homes. But then again we are not sure...we are both the type that we know this is an important decision and want to be sure about our decision...so let us know what you think!

House #1 - N. Pearl St
This home is in Springfield Historic District and is a bungalow (I have always wanted to live in one of those). It was built in 1910 has 2,361 square feet with 4 bedrooms and 2 full baths. The home is exactly the price range that we are looking for and is currently appraised for approximately $100,000 more than the selling prices. The lot size is huge it is .21 acres with plenty of room for a pool if desired and even gardens. This is a Short sale, has double porches, the exterior has beautiful craftsmanship detail, original wood floors, fireplaces in almost every room including the master, upper deck overlooking extra deep lot, newly renovated kitchen and bathrooms, exposed brick wall in kitchen and family room, off street parking, and a 1/2 block from a large park. When we saw this home I was not sure if i could necessarily see ourselves living there. We would be able to move it pretty much right away, but there is some work that needs to be done and some iffys. We saw some stuff on a window that may possibly mean termites and one of the upstairs bedrooms had some of the drywall that fell from the ceiling so we are not sure if there is water damage. We could see that the home could probably use about $50,000 worth of work to better shape. The kitchen is to die for and has an original island. Also, both bathrooms are brand new and upgraded. All bedrooms are upstairs and so all the rooms share 1 bathroom so we would need to probably add another bathroom at least for the master. All bedrooms are large and have fireplaces. It is a really nice home in an area that is beginning to be revitalized and rid of the crime that used to be prevalent. The schools are top-notch (the high school is #4 in the country!). We have talked with different neighbors that shared the neighborhood is really close with one another and have a lot of get togethers. Many of the neighboring homes are worth way over $300,000 once restored. The home is about a 30-45 minute drive to my work.









House #2 - Hampton Rd
This tri-level home is a 4/3 (meaning the middle level is the front entrance). Built in 1964 it has 1,754 Square feet on a corner lot. It is located in Mandarin about a 20-30 minute drive to my work. It has a formal living and dining room and kitchen upstairs. Bedroom, a den, full bath and storage room downstairs. Freshly painted and Brand New Carpet installed. The master bedroom upstairs is right next to the other 2 bedrooms and has a small full size bathroom and a TINY closet. The kitchen has the original appliances and the whole thing needs to be updated, but at least is a decent size. The yard has a round about for parking and also room for an RV. The backyard is nice-sized and has a cement porch (not covered). We thought of maybe turning the den into the master bedroom and that 4th bedroom next to the den into a large master closet and bath. This home is priced a little higher than we were wanting to pay and is not a short sale or foreclosure. The home really is ready for move-in.