California homes sales crashing... so goes the nation

a reply to: Quetzalcoatl14

Yes it is and there is a shift, in where and how people can afford to live. Its not just California, they are just high profile, but it happening in a lot of places. I understand the business side of it, prime location etc. build luxury homes get maximum dollars.

The taxes where we live are crazy high in respect to how they used to be. Seems even here they aren't building moderately priced neighborhoods anymore, you have to move out of the metro areas, or go into an older less desirable area to find homes you can afford. More people just rent apartments or live in condos, lofts etc. Now they are building million dollar town homes in an area that honestly is still pretty shady. But I guess people are buying them or they wouldn't be building them. I'm trying to move out into the mountains, get a decent house and some land and tele commute, makes more financial sense everyday. Most people cant do that especially people in the service industries they usually need to be where the population is, but their housing options are becoming limited more and more.

a reply to: JimNasium

Did the value of the job you had triple in the same time frame?

I'm not talking about are you making triple I'm asking if that same job now pays 3x more or did the housing cost triple?

Not sure it's crashing it's just that there's no inventory and salaries don't scale well to housing here.

I bought my townhome in Carlsbad, CA in 2012 for $285,000....it's now been appraised at $555,000....to say that the home market is crashing is silly. Is it a bubble? Absolutely but even my friends who were seriously upside down in 2008 are well over $100K in equity now.

a reply to: wills120

the interest rates have a lot to do with it

a 30 year lown with 4.7% interest rate on a 555k house is incredibly costly.. the rates will go up as well unless Trump has his way

originally posted by: toysforadults
a reply to: wills120

the interest rates have a lot to do with it

a 30 year lown with 4.7% interest rate on a 555k house is incredibly costly.. the rates will go up as well unless Trump has his way

Very true. I've been looking to move and with even that much equity my costs go up substantially.

a reply to: wills120

move quick, with the recent GDP reports the rates are going up, maybe even close to 3% by the end of the year

gold should be losing value as well unless demand is up, if demand is up there may be other things happening behind the scenes, gold is a good indicator

a reply to: toysforadults

Sorry but this is just a Cali thing nobody wants to buy into an area where they have to wonder if next week a massive earthquake or a wind generated wildfire because of piss poor land management.

Around here the county is fighting small houses and barns people are putting everywhere. People are putting up pole barns and finishing the interiors.

We just put a nice one at the farm and will be finishing it for a hunting cabin.



Barns

a reply to: MisterSpock

This is why Northern Californians want to break away and for their own State

I hope they get to. They're underrepresented.

California is a model by which to judge the wisdom of the Electoral College.

a reply to: poncho1982

North of SF is like a different country culturally to the rest of the state

a reply to: scraedtosleep

Cali will be a prime example of the movie idiocracy
Where only big. Business will have the money and power.
Might sound good on paper , but its destroying the middle class life style

a reply to: toysforadults

There is this young guy making a documantairy about the reasons for US gun control. He speaks with US congress men and does his research quite thorough. His conclusion will answer the question why the USA is going downhill.

Look for....Targeted ... Exposing the gun control agenda.

originally posted by: Bloodworth
a reply to: scraedtosleep

Cali will be a prime example of the movie idiocracy
Where only big. Business will have the money and power.
Might sound good on paper , but its destroying the middle class life style

You must have missed my earlier post.

I live just outside of the California state capital on a fixed income of less than $3000 @ month. I don’t have any roommates (unless you count the cat), I bought my home in 2012 and have a fixed 30 year mortgage at 3.75%.

My home is now worth more than twice what I paid for it.

My income may not be “Middle” by most standards, but my lifestyle is better now than when I was working.

Retirement is gooooood!!

originally posted by: Bhadhidar

originally posted by: Bloodworth
a reply to: scraedtosleep

Cali will be a prime example of the movie idiocracy
Where only big. Business will have the money and power.
Might sound good on paper , but its destroying the middle class life style

You must have missed my earlier post.

I live just outside of the California state capital on a fixed income of less than $3000 @ month. I don’t have any roommates (unless you count the cat), I bought my home in 2012 and have a fixed 30 year mortgage at 3.75%.

My home is now worth more than twice what I paid for it.

My income may not be “Middle” by most standards, but my lifestyle is better now than when I was working.

Retirement is gooooood!!

And if you get a good pension its practially highway robbery

I have bought and sold my fair share of houses in life all over the USA. I have also been to California in 2017. My thoughts are: It is awful out there. People are probably moving away on purpose. It's over crowded, no privacy, too expensive to buy anything, earthquakes, annoying water shortages, wild fires everywhere daily, people with outrageous pompous attitudes, no shopping bags or straws, drink deposits, constant pressure to be thin, too many liberals, smokers everywhere, crazy people are rushing around pressuring normal drivers to have an accident. Real estate prices were out in orbit, and not based on reality. A person could sell a $9 million dollar property in San Francisco, buy the same house on actual acres of land in South Carolina for $450,000 and put the rest of the money in the bank to live off the interest for the rest of their natural lives.

originally posted by: frugal
I have bought and sold my fair share of houses in life all over the USA. A person could sell a $9 million dollar property in San Francisco, buy the same house on actual acres of land in South Carolina for $450,000 and put the rest of the money in the bank to live off the interest for the rest of their natural lives.

True, but SC isn’t anywhere near as nice a place nor as modern to live compared to other cheaper places out west. Soon though SC will be bought up by rich people from NY, property is still dirt cheap in SC, and they are slowly catching on.