I can't explain it, but housing prices in Brownwood average approximately $20,000 more in Brownwood than they did back in Cherokee County, Texas. In Jacksonville, a good three-bedroom, two bath house might run you $69,000-$79,000. In Brownwood, you're looking at $89,000-$99,000. Some run as much as $105K to $125K... and these are 1,500-2,000 square foot homes. All are more than 30 years old.
To get into one of these homes, provided the bank can get the FHA loan to go through, will cost anywhere froom $8,000-$12,000 to close (down payment and closing costs included). Some of these homes have foundational cracks, the brick veneer on many of them is cracked, one of the homes even had rotting wood problems.
I think this market is inflated, but no one believes me. There is no reason these prices should be this high. There is no influx of people moving in (the rumor about Camp Bowie reopening has been proven to be just a rumor), no new-home construction, and the credit market is almost frozen. Oh, yes, credit.
Despite a solid payment history, a decent income and good references, the bank sees us as high risk. Perhaps one day I'll be able to have a 6-figure income with less than 10K/year in expenses. Maybe then, they'll see us as a viable mortgage customer. Of course, this is the same bank that wouldn't open a checking account for our mission unless we agreed to a $10/month service charge. Banking and real estate stink!
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