Is it me, or are home prices high

[BHC Vic]

Prices for what the houses actually are is insane and really makes me question why my wife wants to stay here so bad. The lake house is much newer and much nicer. Nicer finishes, newer better materials, everything. That house was less than half of the price of our chino home. It was less than the corona house which was newer than the chino house and maybe nicer depending on how you look at things. So I guess really it's what someone thinks location is worth and I'm sure that number will be different for everyone.

 

[Cole Trickle]

I know it's frustrating... I still look on Zillow all time time in Orange County & Corona, but if I punch in 300k Max, then that eliminates about 99% on my screen, it makes me laugh.

There is currently a 650 sqft 1 bedroom/1 bath condo in Corona @ Green River for sale. No garage (1 carport) & it looks like an apt complex, just selling the units as condos? No clue, but they're asking 250k. I also saw a 419 sqft studio in south OC recently for 229k. So 20% down on those (roughly 40-50k) make a mortgage payment extremely low, but the units are so dam small, I can't get myself to do it....Other than that, I saw a few townehomes for 400+k.... Otherwise, the commutes start to get really really long for the nicer homes in the IE, off the 15.

Dude you missed the boat.....

Why in the world didn't you jump into the market 8 years ago when you could have bought a nice condo for 300K in south OC?

You had a huge opportunity and could have bought and then refinanced to 3.5% interest rate and been dialed for life.

Sooner or later you are gonna have to stop talking and start doing.....You are going to end up a 60 y/o single guy living in an apartment because you can't buy a house for 250K and super models won't date you?

 

[Cole Trickle]

The reason I say home are too much is the "rule of thumb" for how much you should buy is 2.5 times your annual salary. So given at 100k a year we are looking at 250k. Find me a decent starter home for 250 in oc. Ok I know what you are thinking. Its oc should be 3-4 times your salary. Well that puts me at 300-400k. Still cant touch a decent starter home. So obviously I dont make enogh or home prices are too high. Well making 100k a year should be plenty.

lol...That rule have thumb has never worked for OC or coastal real estate.

 

[bruddah]

Prices for what the houses actually are is insane and really makes me question why my wife wants to stay here so bad. The lake house is much newer and much nicer. Nicer finishes, newer better materials, everything. That house was less than half of the price of our chino home. It was less than the corona house which was newer than the chino house and maybe nicer depending on how you look at things. So I guess really it's what someone thinks location is worth and I'm sure that number will be different for everyone.

Very true Vic, being originally from SD and now being in the bay area for almost 7 years it blows my mind what people are willing to pay for places here. It is one of the main reasons my wife and I are planning to move back down to So Cal next year. Everything is relative and while the prices are high in the bay area so are the wages so when we look at homes down south they now seem attainable. We are in a lucky position where we can stay with our companies and live and work from wherever in the state but not everyone is able to do that. Houses in our neighborhood sell for around $600-900/sqft for an absolute shithole that was built in the early 1900s and are on the market for 2 weeks or less everytime.

 

[mbrown2]

Also I started,this thread not to say I cant do it. It was more of home prices are high and if people don't think so I think you are in denial about it that was all

So it really does not matter what people think...they are in denial. Yeah, prices are high....next question

I don't think anyone is sitting around saying prices are low...

Still really not sure what you want out of this thread...but good luck either way.

 

[milkmoney]

I will tell you what is funny about home prices. When a home shows up here at a good price , I show my wife the pics and she says. Oh I like that. Then she ask what the price and I tell her.
Her response would make u guys laugh. She thinks that last house for 195k was expensive.
This is what you get when u have a country girl raised poor.
[emoji202][emoji12]

 

[LargeOrangeFont]

welcome to southern california AKA "the rat race"

200k down on a 600K home will not be a 1900 payment, once you factor taxes and insurance.

you don't want to sell at the top of the market to buy at the top of the market unless you absolutely NEED to. Like I mentioned earlier... keep saving, stay in the condo... buy your next home in a down market and rent the condo.

It will feel like $1900 after the tax deductions for the mortgage interest unless they buy where the effective tax rate is close to 2%.

 

[LargeOrangeFont]

Prices for what the houses actually are is insane and really makes me question why my wife wants to stay here so bad. The lake house is much newer and much nicer. Nicer finishes, newer better materials, everything. That house was less than half of the price of our chino home. It was less than the corona house which was newer than the chino house and maybe nicer depending on how you look at things. So I guess really it's what someone thinks location is worth and I'm sure that number will be different for everyone.

It is the 3 Ls of real estate. The jobs are here, income is higher, more opportunity, more infrastructure, better education etc. etc. etc.

The only reason it is inflated here is because people are willing to pay.