Post # 1
I already vent to my FI, family and friends, but I can’t get out of my system. So I want to vent it to the mass to feel better.
There are two complexs that are similar to each other where we live. The front complex is condo, and the back is apparment for rent. We really like this area, nice/safe, good school district, close to freeway, blah blah blah. Although we are renting here (affordable), we can’t afford to buy. On the way back from jogging we saw the open house signs and got the information paper to look at “for fun”. Here is what they have:
1. Two Bed, Two Bath. 1,249 square feet for $549,999. HOA is $420.
2. Two master bed with full bath. 1684 Square feet for $628,000
3. Two Bed, Two Bath. 1,377 square feet for $585.000.
So either we make ALOT more or move to a not so good place. Once in a nice place, it would be hard to move away. UGH!
FI joked that we should move to Texas, but his parent point of view is instead of complaining, we should get a job w/ better pay. Although they’re right, I still can’t help not complaining everytime I see house price.
Post # 3
I live here too. It sucks.
Although as a rule we wouldnt move somewhere with and HOA. It really makes things unaffordable and its an expense that will ONLY go up, never down.
Post # 4
@cutexkitty: can you work with a buyers agent on finding short sales in your area?? We are buying a foreclosure that was flipped so it’s still nice, in a good area and a good size. But there are a ton out there! I’m sorry the prices are so high, ugh thats rough :-/
Post # 5
That is craziness! I live in the most expensive city in Canada, but it’s still not as bad as that.
I feel your pain though, my FI and I are selling our one bedroom condo closer to the city and moving further out to get a three bedroom townhouse. It just can’t be avoided unless we want to be crammed in here our entire lives. It totally sucks!
Post # 6
it was our dream to buy a house, and there was no way that was going to happen in SF. we had to realize that either we were going to have to wait to buy for a looooong time if we wanted to even be able to put 15-20% down, or we’d have to move out of the bay area. we ended up buying a foreclosure 90 miles south, only 7 miles from the beach. sometimes i miss the city life, but i love my simple life at home even more. it sucks loving where you live, but not being able to afford to buy. i have a couple of young friends who own in SF, and I’m like how the f did you manage that, let alone how can you afford your mortgage? home prices are crazy here that’s for sure.
Post # 7
Unfortunately we can’t move too far. FI is a developer, so Silicon valley is the prime market for him. FI doesn’t like long commute either because after long work day he doesn’t want to take an hour to get home. His max for commute is around 30 mins and mine is about 1 hour. FI mentioned he wants 2 kids, I joked/told him good luck with that because we will not be able to afford extra room for the 2nd kid at this rate. LoL. It’s funny but sad.
Post # 8
I’m with heatherloveskenny. Can you find a short sale or a forclosure? That’s what me and my FI did and it saved us a lot. We also got an FHA loan and only put down 8%…or you could move to a more affordable area. My first choice was Laguna Beach, but we settled 20 minutes inland and saved $200,000. =o)
Post # 9
@Heatherloveskenny: We looked at a few shortsale before and the price is cheaper, but it was still mid $400k. When we were there, we saw many business cards on the table, our agent said many people are bidding on the place. She told us sometimes, they list the price low to get a lot of bid and sometimes there are people bid above the price.
We also went to a seminar and they were showing numbers to show us that, although the housing price in general decreases, the bay area has a low decrease rate. Good for owners, bad for buyers.
Post # 10
It can take a LONG time for a short sale to close, it took my FI and I over a year of active searching to finally find and “win” our dream condo. But, the point is that we did finally find it. We found our 2 bedroom, 2 bathroom with attached garage condo for $230k and I am so glad we waiting. It was annoying and stressful searching for so long and waiting for our place (especially since we both moved home with our parents during the wait) but we made it and next week we will have been here for a year. Yay!
Post # 11
agreed. The real estate agent told us it could take up to a year. We probably start to look seriously after the wedding. Hopefully we’ll find one in decent price range and good neighborhood. It’s sad that we make okay money, but to buy in the area we like, I feel poor. Also, the condos I listed above are standard, nothing spectacular about them except the neighborhood.