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| dman81 |
 Posted: Sun Feb 13, 2005 7:33 am Post subject: How is one to buy a home when the prices are inflated? |
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Investing Sr. Associate
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I live in California, Los Angeles and the housing here has sky rocketed! Is there a chance that the prices will drop? I wouldn't want to jump in on a $400,000 house! The avearge is about $350,000!
My other question is how much should I save to buy a home? |
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| ammo |
| Posted: Tue Feb 15, 2005 2:29 pm Post subject: |
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Investing Sr. Associate
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GoodQuestion isnt this what everone asking? How do we save up for something that is just under half a millions dollars.
Well Get a good job, Investing in the stock market (wisely) Online Buissness There the best ways I Believe but its still gonna be very hard work. |
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| dman81 |
| Posted: Wed Feb 16, 2005 12:35 pm Post subject: |
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Investing Sr. Associate
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| Another solution Im thinking is just to wait for the real estate bubble to pop. Its bound to happen! |
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| spikedo55 |
| Posted: Thu Feb 17, 2005 3:46 pm Post subject: Just flip it |
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New Poster
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| Prices in Northern Virginia are crazy. But a lot of people are making money flipping houses. The buy in at preconstruction prices and sell as soon as the house is built. A neigbor of mine made $100,000 doing that but got only half due to taxes. I admit, though, this technique is getting harder to do as prices get ever higher. |
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| ammo |
| Posted: Thu Feb 17, 2005 10:24 pm Post subject: |
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Investing Sr. Associate
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| Yeah its just getting harder and harder, you need about $700,000 to do that kinda thing. Which most people dont have.... |
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| trixiezzz |
| Posted: Sat Feb 19, 2005 6:15 am Post subject: |
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Investing Manager
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| Well, I know one thing. If/when you ever move to another market you'll live like kings! A friend of ours relocated from Pacific NW to the Sunbelt. The money they got out of their house in Seattle for a tiny little house bought them a fantastic big new house in their new location. They were shocked at how much house they could buy. |
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| JoiseyFamily |
| Posted: Sat Feb 19, 2005 11:08 am Post subject: |
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Investing Associate
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| House prices in NJ are also crazy. My house is now worth 250k - 300 more than what I paid for it in 1999. But if I sold it here, I couldn't afford to buy another house here. I would have to move away. We bought right before the prices started to go up. We were very lucky. |
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| paula0000 |
| Posted: Sat Feb 19, 2005 3:12 pm Post subject: downpayment on a half million $ home |
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Investing Manager
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| Not sure- but usually salary/house prices are relative. Expensive neighbourhood, higher salaries... I agree with the poster that said- if you were to move you'd live like kings! |
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| mrsboz |
| Posted: Sat Feb 19, 2005 4:21 pm Post subject: |
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Investing Sr. Associate
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| The same thing happened here in Massachusetts. We bought our house nine years ago and the prices have doubled. I don't know how a family can start out buying a house today. You are suppose to have 20%. So, whatever amount you would like to spend on a house they like you to have 20% of that amount to put down. |
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| lmountford |
| Posted: Sun Feb 20, 2005 4:04 am Post subject: |
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Investing Sr. Associate
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| I'm from the UK and the price of houses here has got completely out of control, particularly in the south of the country. A good friend has recently paid ?230,000 ( Well over 400,000 dollars) for a tiny two bed roomed house in a nice area. |
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| lmountford |
| Posted: Sun Feb 20, 2005 4:05 am Post subject: |
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Investing Sr. Associate
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I should have added that this is her first property and would have been completely unattainable without a legacy ?100,000 from an aunt  |
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| JoiseyFamily |
| Posted: Sun Feb 20, 2005 1:51 pm Post subject: |
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Investing Associate
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| They are building brand new houses all around my town, and the prices are starting at 600,000. I don't know how people in this economy can afford them. I know we can't. |
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| mrsboz |
| Posted: Tue Feb 22, 2005 10:17 am Post subject: |
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Investing Sr. Associate
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| i would never be able to buy our house today if it was worth what it is today. I don't know how people do it just starting out today. |
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| JoiseyFamily |
| Posted: Fri Feb 25, 2005 5:41 pm Post subject: |
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Investing Associate
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| I have a friend that is looking at houses, and I can't imagine what she is going to get in this market and her budget. Houses that were going for 240k 5 years ago are now getting over 200k more. Incredible. |
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| paula0000 |
| Posted: Mon Feb 28, 2005 5:49 am Post subject: |
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Investing Manager
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| For first timer home buyers- it's definitely tough. Recently new 0 down options are avialble- I guess to make it easier to afford (!) Maybe easier to afford but not easier to be able to carry each month(!) |
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