Been wondering the same thing actually.1.Crazy to even think about right now.
2.Wait 3 months
3.Wait 6 months
What is everyone’s take? This is in AZ, Tucson to be exact.
I think we would be crazy, I just want the groups opinion.
I live in Tucson and have been watching housing prices and availability for the past year or so. I feel the pricing trend of the new tract housing usually is a pretty good indicator on the trajectory at the moment. I can see these prices maintaining or climbing for at least through the end of they year, unless eviction freezes are continued. If not, I feel the inventory is going to increase here in about 6 months and as long as there isn't a huge influx of refugees from California, prices should drop a little.
Thats my humble take on it though and I'm hoping I'm right cause that would put us in a damn near perfect position to buy at that time.
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Price/interest rates always balance out. Currently high price low interest. 1970s low price high interest rates.
^ That's very true, I didn't think of it like that.
My biggest dilemma now is I have too many options. I work online for myself so location doesn't matter. Buying in Texas would be the smart choice, staying in CA would be the fun choice...
1.Crazy to even think about right now.
2.Wait 3 months
3.Wait 6 months
What is everyone’s take? This is in AZ, Tucson to be exact.
I think we would be crazy, I just want the groups opinion.
If you’re buying a house in Texas for 1 million, I’ll give you an example;Texas is only smart if you buy a house for cheaper than here. People sell their $1M house here and go buy a $1M house there and get creamed on the property taxes. It’s still a savings vs. CA, but not a tremendous one.
If you’re buying a house in Texas for 1 million, I’ll give you an example;
View attachment 943911 View attachment 943912
1.15 million. 10k/yr in taxes.
How much do you think he needs to make a year to afford that house? I’m guessing their income is enough that the state income taxes of California would slaughter the savings of property taxes. Texas has 0% state income tax... mic [emoji441] drop.
My wife and I are based in LA for work, but would never consider living in CA for just that reason... It’s a ridiculous amount of money to pay for the sunshine tax.
Wouldn’t taxes go up after sale? 10k is based on the 800 valuation it looks like. Unless I’m seeing it wrong taxes would be closer to 14k.
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If you’re buying a house in Texas for 1 million, I’ll give you an example;
View attachment 943911 View attachment 943912
1.15 million. 10k/yr in taxes.
How much do you think he needs to make a year to afford that house? I’m guessing their income is enough that the state income taxes of California would slaughter the savings of property taxes. Texas has 0% state income tax... mic drop.
My wife and I are based in LA for work, but would never consider living in CA for just that reason... It’s a ridiculous amount of money to pay for the sunshine tax.
Depends a lot on your situation. We just moved into our new home on Saturday. We signed papers and put money down to begin the build back in Jan 2020, before we knew about what a shitshow 2020 was going to be. Knowing what we know now, we still would have done the same thing. Yes, prices are high, but we've been looking for the right house on the right lot for over 3 years. Interest rates are loooow. Yep, the market will tank at some point. It's cyclical, so it will come back again at some point too. Does the current state of affairs in our country scare the shit out of me? Yep. But, I'm not gonna live my life in fear of what could be. I don't regret our decision one bit.
If you have found THE perfect house in the perfect area that you have been dreaming about, my advice would be to pull the trigger.
Pic of our kitchen since the rest of the house is boxes. Lol. Ugly black Keurig is going away once our fridge with Keurig comes in from backorder. View attachment 943856
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Wouldn’t taxes go up after sale? 10k is based on the 800 valuation it looks like. Unless I’m seeing it wrong taxes would be closer to 14k.
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If you’re buying a house in Texas for 1 million, I’ll give you an example;
View attachment 943911 View attachment 943912
1.15 million. 10k/yr in taxes.
How much do you think he needs to make a year to afford that house? I’m guessing their income is enough that the state income taxes of California would slaughter the savings of property taxes. Texas has 0% state income tax... mic drop.
My wife and I are based in LA for work, but would never consider living in CA for just that reason... It’s a ridiculous amount of money to pay for the sunshine tax.
Thats correct... When we lived in Flower Mound, TX we appealed our property tax assessment and had it reduced due to inflated values used by the county. I think the broader issue is total cost of living, even if you swap housing cost 1 to 1, you are still going to see an approximate 25-30% decrease in your overall living expenses from CA to TX. At least we did.The taxes are based on tax assessed value, not sale price.. The home value for a sale, and the tax assessed value are independent trajectories. The tax assessor and assessor used for your lender on the purchase of a home are not related in any way. Go on Zillow and look at houses that have sold in 2019 and then look at their 2020 tax assessed value. They may have gone up some, but nowhere near the value of the home.
The taxes are based on tax assessed value, not sale price.. The home value for a sale, and the tax assessed value are independent trajectories. The tax assessor and assessor used for your lender on the purchase of a home are not related in any way. Go on Zillow and look at houses that have sold in 2019 and then look at their 2020 tax assessed value. They may have gone up some, but nowhere near the value of the home.
1.Crazy to even think about right now.
2.Wait 3 months
3.Wait 6 months
What is everyone’s take? This is in AZ, Tucson to be exact.
I think we would be crazy, I just want the groups opinion.
But if you buy an 800k valued home for 1.15 million the new assessed value will be 1.15. Unless you’re saying that Texas does it differently?
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I’m saying sales prices and the tax assessed value are completely different. They don’t base property taxes on the sales price. It goes off of the assessed value from the tax assessor. They are not related in the way most people think. Sales price does not affect property tax. That’s not just Texas. It’s everywhere.But if you buy an 800k valued home for 1.15 million the new assessed value will be 1.15. Unless you’re saying that Texas does it differently?
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Here's my experience. My buddy moved to Az 5 years ago and has been renting at $1400/month, waiting for the next crash. $84,000 in rent waiting for houses to go on sale. I've been in my house 18 months and value has gone up $30,000. He pays $1400 a month plus utilities. My house has been paying me $1000 a month, after paying mortgage and utilities. We both are not living beyond our means.
I’m saying sales prices and the tax assessed value are completely different. They don’t base property taxes on the sales price. It goes off of the assessed value from the tax assessor. They are not related in the way most people think. Sales price does not affect property tax. That’s not just Texas. It’s everywhere.
Huh?You can wax poetic on and on about this concept but the guy's buying 350k homes with 5% down caught in their own feedback loops won't listen. I see it all the time. Meanwhile 1/4 by 1/4 goes by and and they lose more ground.
Huh?
If you’re buying a house in Texas for 1 million, I’ll give you an example;
View attachment 943911 View attachment 943912
1.15 million. 10k/yr in taxes.
How much do you think he needs to make a year to afford that house? I’m guessing their income is enough that the state income taxes of California would slaughter the savings of property taxes. Texas has 0% state income tax... mic drop.
My wife and I are based in LA for work, but would never consider living in CA for just that reason... It’s a ridiculous amount of money to pay for the sunshine tax.
I’m saying sales prices and the tax assessed value are completely different. They don’t base property taxes on the sales price. It goes off of the assessed value from the tax assessor. They are not related in the way most people think. Sales price does not affect property tax. That’s not just Texas. It’s everywhere.