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| 11/23 |
| 2003/6/18-19 [Reference/RealEstate] UID:28759 Activity:very high 57%like:28757 |
6/17 Bay Area housing price drop: http://list.realestate.yahoo.com/re/story.html?s=n/realestate/real/20030618/20030618201 It's about time. \_ Hey genius, they're talking about a 1249 sqft 3BR going for around $450k. You think that's cheap in some way? I've lived in apartments bigger than that. Poor clueless fool, the permanent long term trend is 4 steps up, 1 step down. If you couldn't afford to get in earlier, you won't be getting in later unless *your* finances change dramatically for the better. Hoping that there's some dramatic crash in the housing market before you buy will only cost you more when/if you finally do. Your own link doesn't even say what you claim it says. It's the 18th. Shouldn't you be writing a check to your landlord in another 10 days? \_ which is why many people don't buy until they get in late 20s early 30s. At that point if they are ina field that makes real money they are probably making significant amouts at thier job, and if married they probably have 2 incomes. That is a dramatic change. Wanting to wait till the market drops a bit if you suspect that at it will soon doesn't change anything. I mean if you think you will be able to get more for your dollar in a year it makes sense to just rent for 1 more year. \_ then there's no reason to gloat or hope for a housing collapse. all it means is bidding against other people for the tiny number of houses on the market being sold by those who are forced to sell due to forced moves such as job transfer or divorces. no one else is going to take a loss. housing stock will shrivel to nothing if the prices collapse. \_ Uh, oh, someone woke up on the wrong side of a mortgage this morning. \_ paying off my 15 year in 8 years. thanks for caring. \_ He never said they're cheap. He just said they dropped, which they did. \_ Not unless you consider the one small town mentioned in the article as "the Bay Area". \_ I'm the op and I don't pay rent. I own 2 houses in southern cal where the price has been rising steadily. You sound bitter. Did you buy silicon valley property at a bad time? If so, don't worry. It's just a matter of time before it goes up. Peace to you. \_ I'm up $150k on my home thanks. I'd never buy in the always insanely over inflated SV market. If you're an LA home owner why do you bother posting falsely about pricing in the Bay Area? You're a renter. I doubt you even own the welcome mat outside your door. \_ "always insanely overinflated" is an impossibility; if it's "always" overinflated, that must mean it always goes up as much as everything else. -tom \_ WINNER OF THE PEDANT AWARD, 2003! \_ Doesn't matter where you buy in CA, the price will double (at least) every 12 yrs (historically speaking). \_ do you have a reference for this statement? \_ Silicon Valley is not the Bay Area: http://www.dqnews.com/RRBay0503.shtm \_ dont bring facts into this. i hate that. we're having a very nice little flame fest without any facts and then you come along. \_ yermom. There. Now it's an official flamefest. \_ i feel all warm n fuzzy now. \_ that's what your mom told me \_ Damn it, it's "yermom" not "your mom." RTFM. |
| 11/23 |
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| list.realestate.yahoo.com/re/story.html?s=n/realestate/real/20030618/20030618201 -> realestate.yahoo.com/re/story.html?s=n/realestate/real/20030618/20030618201 For example Mary Pope-Handy with Windermere Silicon Valley Properties in Los Gatos has seen homes with similar floorplans (in San Jose's Cambrian area five to seven miles south of central San Jose) rise steadily since 1995. The average price of the three bedroom 1,249 square foot floorplan home rose from $443,666 in 2002 to about $463,000 this year, she said. "I don't see a whole lot of slipping in value for a typical Cambrian house. I don't trust the median numbers to give a sense of what most homes are doing. I think a better measure is to find the same floorplan in a neighborhood, in approximately the same condition and track it," Pope-Handy said. In Fremont, a few cities north of San Jose, and in one county to the north, the market is split into two distinct pricing categories -- homes above $600,000 and homes below. Cheaper homes sell with seller credits for buyers' non-reoccurring closing costs and prices have been creeping up. Cheaper homes also sell twice as fast as more expensive homes which reflect prices that are not rising. "Condos and townhomes are doing very well with some complexes having no more units available for sale. Their prices have been creeping up and the units have been receiving multiple offers. A few of my buyers have been completely priced out of the complexes where they want to buy into," said MaryAnn Morrar, a broker associate with RE/MAX Eastbay Group in Fremont. That scenario plays out so vividly in many markets that for the first time in his career Santa Clara County tax assessor Larry Stone is lowering assessed values on some homes while raising values on others. "A method of tracking sales on a ZIP-code basis is far more accurate in what is happening in the market of a specific neighborhood," than looking at county-wide numbers, said taxation professional Sam Gilstrap, an enrolled agent. "When you look at Saratoga, Los Altos, Monte Sereno and Almaden Valley, along with other high end sales, you can see that homes from around $15 million and up have suffered a drop in value. However, in most desirable neighborhoods where the lower to middle income people live, the prices are steady or slightly increased from last year," Gilstrap. "The loans I've been doing for home buyers are in areas where the prices appear to be up from a year ago. So perhaps the median price is adjusting downward due to the softness in higher priced areas. It's kind of like the affordability statistic, you know, only 28 percent can afford the median priced home and people take that to mean only 28 percent can afford a home in a given area," said Donohoe, also a mortgage broker and owner of Silver Creek Financial in San Jose. How home prices will perform depends a lot on the home's location, sometimes right down to the city block, experts say, and buyers must shop accordingly. At the same time buyers should not neglect their own personal household economic conditions. "Prospective buyers should compare the after-tax monthly cost to purchase a given home to the cost of renting that same home. Like the price-earnings ratio in the stock market, the cost of owning versus renting a home can tell you whether home prices may be overvalued (cost of owning is greatly more than renting) or a fair value (cost of owning is about the same)," said Eric Tyson, a New England financial advisor and author of "Dummies" guides on buying, selling, mortgages and investments. Most experts also agree on another point -- hesitate not. The longer the buyer waits, the more money he, she or they will have spent (wasted) on rent. It is better to get off that fence," said tax expert Marie Sternberger, an enrolled agent in Sunnyvale. |
| www.dqnews.com/RRBay0503.shtm A total of 10,004 new and resale houses and condos were sold in the nine-county region last month. April sales counts have ranged in recent years from 4,923 in 1995 to 11,092 in 1999. While low interest rates play a part in today's strong market, it's clear that most analysts underestimated demand," said Marshall Prentice, DataQuick president. The median price paid for a Bay Area home was $426,000 last month. While prices dipped on a year-over-year basis in late 2001 and early 2002, they started increasing again one year ago. DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Because of some gaps in data availability, the sales counts for several counties are extrapolated. The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,899 in April. Foreclosure rates are low, flipping rates are low, adjustable-rate mortgage usage is low, down payment sizes are stable and there have been no significant shifts in market mix, DataQuick reported. |