Reply #40: That's true -- A2 is a LOT more pricey than Saginaw is [View All]

[5thGenDemocrat]

This used to be a city of 100,000 (c 1960). Just under 60,000 live here today. As you can imagine, that leaves a lot of extra housing available. Grandma G bought this house in 1951, used it as a rental for ten years, then sold it to mom and dad in 1961. The family has lived in it ever since.
When mom died, our family lawyer suggested we get an appraisal and the sibs could sell it to me at the appraised price. The appraiser came over, looked around and said "Do you want a high appraisal or a low one?" I replied "Well, I'm buying it -- so I guess I want it low." He said "$14,000." All that to note that my experience in home buying isn't nearly typical.
My friend, Mike B, is currently looking around town to find a three-bedroom home to put his SO and her kids in. There's no shortage of options and I'd say the majority of the places -- quite livable if not fancy -- run between $35 and $50K. These are in decent neighborhoods and might need some updating, but aren't dumps (for the most part). And we've looked at dozens of places over the past month or so. There is no shortage of homes at that price.
John
Of course, Saginaw has an unemployment rate of over ten percent (disregarding the "official" numbers, probably a LOT higher). And, what with GM and Delphi's current situations, that's probably going to get worse before it gets better. Thank goodness the sibs and I own two natural gas wells in northern Michigan, or we too would be up the creek (economically) without the proverbial paddle. I'm sure glad I bought this place when I did. At least I have a (pretty nice) roof over my head and don't have to make mortgage payments or pay rent.
It also gives me a place to throw the annual FUNDAY bash, which begins 153 days, 16 hours and 41 minutes from now.