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House values in your area
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EverettB Premium Member
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PostPosted: Thu Jul 16, 2009 10:35 am    Post subject: Reply with quote

ubercrap wrote:
My wife and I bought last year at less than 1x just my Laughing annual gross income

You are in an excellent financial position at 1x your salary.

I think 2x is excellent too, depending on your overall life style.
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PostPosted: Thu Jul 16, 2009 10:35 am    Post subject: Reply with quote

Fish wrote:
EverettB wrote:
Fish wrote:
Here's a site that gives you an idea of current home prices on a map.

http://www.zillow.com/


Take everything on that with a grain of salt. I've noticed the values can be random unless you live in housing tract and everything is one of 3-5 models. Even then, it doesn't know if the housing tract 2 blocks over is 15 years older and therefore worth less (or more).

It says this big house a couple miles away from me up in the hills went up $500K this year but every other house went down... maybe because it's listed on there for sale? I don't think so.


That's why I wrote "gives you an idea". You can't believe everything you read on the web. Wink Laughing

Yes, just drilling it in for those who skim. Very Happy
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notchback
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PostPosted: Thu Jul 16, 2009 10:52 am    Post subject: Reply with quote

Foxx wrote:
i paid 60,000 for my house 6 years ago,.. the house next door just sold for 95,000.
i'm ok with that.
Laughing
I'm with Frank on this one. We paid $145,000 in 2003. The house next door (same size house on 3/4 acre versus our 2.3 acres) just sold for $240,000. We were appraised at $305,000 back in 2007 and I don't think it's gone down more than about 10% from that number.
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PostPosted: Thu Jul 16, 2009 11:03 am    Post subject: Reply with quote

notchback wrote:
Foxx wrote:
i paid 60,000 for my house 6 years ago,.. the house next door just sold for 95,000.
i'm ok with that.
Laughing
I'm with Frank on this one. We paid $145,000 in 2003. The house next door (same size house on 3/4 acre versus our 2.3 acres) just sold for $240,000. We were appraised at $305,000 back in 2007 and I don't think it's gone down more than about 10% from that number.

With that tiny lot, the folks next door can't keep more than a dozen cars or so. Crying or Very sad
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PostPosted: Thu Jul 16, 2009 11:14 am    Post subject: Reply with quote

EverettB wrote:
ubercrap wrote:
My wife and I bought last year at less than 1x just my Laughing annual gross income

You are in an excellent financial position at 1x your salary.

I think 2x is excellent too, depending on your overall life style.


The suspension of realistic lending standards created the problem ...3 and in some cases 4x notes were written here...its good to see that others here can still consider home equity in their net worth.I consider mine to be a substantial write off,and a cheap roof over my head...my equity vanished last year but with an interest only note,I never paid in to the home to begin with..
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PostPosted: Thu Jul 16, 2009 11:39 am    Post subject: Reply with quote

While the suspension is true and got much worse, it's not a recent thing. When we bought our house in 1997, they told us we qualified for a house that was 4x our salaries.

In 2007 it was 6x.
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PostPosted: Thu Jul 16, 2009 11:43 am    Post subject: Reply with quote

EverettB wrote:
While the suspension is true and got much worse, it's not a recent thing. When we bought our house in 1997, they told us we qualified for a house that was 4x our salaries.

In 2007 it was 6x.


So this is what you can afford??

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Corwin
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PostPosted: Thu Jul 16, 2009 12:32 pm    Post subject: Reply with quote

EverettB wrote:
While the suspension is true and got much worse, it's not a recent thing. When we bought our house in 1997, they told us we qualified for a house that was 4x our salaries.

In 2007 it was 6x.


It really depends on your market. We just purchased a home at about 4x our salaries in December. Of course there's not much in our area that isn't 4x or more our salaries. Gotta pay to play! Laughing
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ubercrap
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PostPosted: Thu Jul 16, 2009 1:39 pm    Post subject: Reply with quote

EverettB wrote:
While the suspension is true and got much worse, it's not a recent thing. When we bought our house in 1997, they told us we qualified for a house that was 4x our salaries.

In 2007 it was 6x.


I've read about 10x income or more, "teaser" payments that exceeded the monthly gross, etc... and other ridiculous stories. Can we say built in foreclosure? As I understand it, the recent housing bubble actually had its roots in the late 90's but didn't hit overdrive until 4-7 years ago (depending on area). As some have pointed out to me, places that didn't appear to be in a bubble during this time actually were. The bubble kept values steady where there would have been declines.
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PostPosted: Thu Jul 16, 2009 2:03 pm    Post subject: Reply with quote

Corwin wrote:
EverettB wrote:
While the suspension is true and got much worse, it's not a recent thing. When we bought our house in 1997, they told us we qualified for a house that was 4x our salaries.

In 2007 it was 6x.


It really depends on your market. We just purchased a home at about 4x our salaries in December. Of course there's not much in our area that isn't 4x or more our salaries. Gotta pay to play! Laughing


Ahhh, yes, the old "it's different here." In some ways that is true, I suppose. Where one's income grows high enough, I see no reason a greater and greater percentage couldn't safely go towards housing costs because the remaining money still measures up well compared to other day-to-day living costs (provided you keep spending in check). So, really it is a comparison of salary/housing costs/all other costs of living (food, clothes, cars are more similarly priced across the country than housing). Since I don't make very much money, 4x income is not prudent for me, but may be for somebody making much more money-if they keep the rest of their spending in check.
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PostPosted: Thu Jul 16, 2009 7:17 pm    Post subject: Reply with quote

Corwin wrote:
EverettB wrote:
While the suspension is true and got much worse, it's not a recent thing. When we bought our house in 1997, they told us we qualified for a house that was 4x our salaries.

In 2007 it was 6x.


It really depends on your market. We just purchased a home at about 4x our salaries in December. Of course there's not much in our area that isn't 4x or more our salaries. Gotta pay to play! Laughing

Good point, our 1997 house sold for 5x our 1997 salaries in 2007. For 2007 salaries, this probably was 4x income.
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johnnypan
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PostPosted: Mon Dec 14, 2009 8:37 pm    Post subject: Reply with quote

johnnypan wrote:
Housing prices jan 07 to housing prices today in your area...market is so low in sacramento the investors are flooding the lower (100k to 120k)some houses are getting twenty bids a weekend,while the higher prices (200k and up)arent being touched.It seems there is a lot of cash players out there who still think real estate in CA is a good investment if its priced right. Its frustrating to me,Im looking for a second home but I need a mortgage to do it while the sellers rightfully hold out for cash deals...


Heres the old thread when i was looking for a second house....
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