I feel yah. Just don't tell me you gotta sell your or Suz's STi

 

I hope you are right, but I seriously doubt it. I really don't think houses will ever be "cheap" in the Bay Area. There will definitely be pockets that will be hit harder than others as far as values, but the Bay Area as a whole will always be an inflated market unless something drastic happens like an earthquake or a missle attack.

We have been saving for a house since early '06 and have come close a couple times but WOW am I glad we didn't get something yet! My current thought is to get something where I can afford somewhere else and just keep a watchful eye on the market here. I would love to own a house in the Bay Area, preferably on the peninsula, but I am not gonna kill myself to do it.

 

 

Damn, wheres chopper Ben when you need him?

 

NEVAR!

haha, we've got the money stashed to do what we're gonna do next with her car, but that's about it. Not gonna do anymore, and will have to hold off on some plans for my car...

 

Good ol boom boom Bernanke will save the day!

 

yea i know a couple friends financial planners told them within the next year is the time to buy. Even now is fairly good if you don't have to deal with loans etc.. but that basically means you are a baller and you probably aren't too screwed anyways.

 

I was talking about housing in this area with my girlfriend this week, and I came to the conclusion that it will be virtually impossible for me/us to buy a house in this area.
Say a million dollar house, I believe you have to put down a 1/4 right? 250k? (granted i know you can get a house for less than that)

Semi-off topic.
Correct me if I'm misinformed.

As per the topic, I only feel lucky to live in America because of the freedoms we all take advantage of. I think it is sad I don't find myself patriotic, maybe because we get so many false impressions (and blatant lies) from our government and media, but I have little to no faith in our democratic society

 

It's always best to put down as much as you can, but when I was doing real estate, the general rule was 10% of the purchase price

and you shouldn't be buying a 1,000,000 house. Otherwise you wouldn't have a suby, you'd have a ferrari/lambo/etc.

Now a 500k house, you'd have to put down 50k, and that's after you can show the bank that you have 3-6 months worth of payments sitting in the bank for 6-12 months. (=

 

I'm wearing a shirt that says "Canada, it fits your budget." by boss, a Canadian, saw it and laughed and went "not anymore"

 

Thanks for that, its very much appreciated.

 

Hehe, again, this information is about 2 years old so it's always best to call a bank or visit a loan brokerage for the most current information.

 

^^^It's better insight than what I held.

 

So a $1,000,000 house is like - Suby, Toyota and Honda territory. Ferraris and stuff would be like the $6m+ places you see in Atherton and such. Haaa.. But seriously, a $1M house on the peninsula, sadly, probably isn't much... Maybe a 3 or 4 bedroom max, on a normal 50x100' lot.

You're right on with the percentages and stuff. The last guy we talked to, for a house around $750k, we needed around $100k cash. That's the down, fees, and what you need in the bank just sitting there - bare minimum was 6 months of all fees, not just the note but insurance and everything. So yeah, we are what you would call "renters."

 

This is what happens when Wall St gets involved in the mortgage industry. Free markets FTW!!!!