All the way from Connecticut.
Some owners want their homes to be assessed at a higher rate because that could increase the asking price if they sell, Nadeau said.
“Hopefully, people want to see their property values increase because that’s why we buy homes in the first place,” she said.
It is any wonder why we saw people falling over themselves to “invest” in a use asset during the bubble? The value of a property comes from the discounted cash flows of a property to its substitute (rent). This bubble has everyone still out of whack on why homes are to be bought. In the long run, they should be cheaper than rent.
I was going to ask this question by email, but I’m not up on the navigation of blogs so here goes…
I just got a job down in Ventura county (I currently live in South-Eastern Washington, which surprisingly has the same living costs except for maybe the housing). The job is government and going to be pretty stable if I do well. Of course, one of the things I’m looking at is housing and real-estate.
I’ve gone to a couple sites that have properties listed, (and that’s how I happened across your site), and I have a mixed bag, from site listings to what the bloggers around that area are saying.
Essentially, to get in the market with something decent, it’s gonna be about 250K-300K. I’ve found some houses that actually stride around the 250K mark. Being that I’m newly graduated and, therefore, new to the market, I’m probably going to have to save up two years to make a downpayment (I’m going to lend myself to the 30-year plan and not some of these zeroish plans that are on the sites). Assuming my income level is the same, after that down payment, the mortgage payment will be 1,500, or roughly 1/3-2/5 of my income.
So do I have enough at that point to get in or should I wait and see? This may seem like a dumb question, but again, I’m green on the real-estate market.
Thanks,
Matt
Hey Matt,
I have lived here in VC for about 8 years. Welcome to town. Where exactly are you looking and what are you looking at in the 250K range? If there is anything in that range, you might be afraid to live there.
BTW, there is a local VC “bubble blog” http://exurbannation.blogspot.com/ you might find interesting.
Well the one I’m looking at now is this guy:
http://www.prudentialcal.com/L.....rBar=false
And so far, for me, the biggest crime this house has against it is the 60s yellow and the geriatric decor of the house, but that’s easily fixable. Granted, I don’t know the area too well and part of the two year grace period will be spent getting to know the area.
Matt
Matt,
You won’t get priced out of the market if that’s your question. We are on the downside of the biggest housing bubble in world history.
At the very least (and prudent) live there for at least 6 months before you buy anything. That way you can get to know the area. I’m with J-dog that there is likely going to be few places that you would want to live in VC for 250K.
BTW, list price means nothing here. Everything is a short sale, and people just want to get offers. They list it for 250, but that doesn’t mean they don’t owe 500 on it and the bank isn’t going to let them walk without a foreclosure. Be prepared to wait if it’s a short sale. Several months, even if anything comes through at all.
Chuck Ponzi