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houses are so expensive nowadays!

Y

YoYoBabyYo

Senior member
i live with my mother, sister and brother in law in a 3 bedroom townhouse/condo in irvine, and the highest estimated selling value got as high as 500k. now with a baby in the family and recently becoming mobile, they need more space for storage, etc. the family recently purchased a home (also in irvine) for 750k and now they are thinking about selling the townhouse. i am leaning a little towards the side where i do not want them to sell the town house because i would want to take over the mortage after i graduate college in a couple of years. house prices seem to be dropping slightly lately, but would it increase in the long term? i think it was be a great inventment to keep the house and rent it, because after all, it is theirs until they sell it.

so basically, do most of you think house prices will drop in the next 5-10 years or increase?
 
Housing will not be dropping, if they ever do, it wouldnt drop in any significant amount.
My best advice, move outta Cali.
 
i do not know if i can survive the mid-us. i grew up in california and i love many things about california. well, i probably wouldn't mind living in a different state for a short while to try, but i cannot really imagine living anywhere else other than irvine. i guess you can say that i am... stuck up (whatever that means, not sure if i am using it correctly).
 
Originally posted by: csyberblue
a little off topic, but I think this is why a lot of people live in the midwest, housing is much cheaper here.
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Not so much as choose to live as it is choose(or can't afford) not to leave. It's VERY difficult to go from a low cost of living area like the midwest to a high COL place like CA or the east coast. You just don't have a ton of dispensible income or equity to plop down when you move there.

But what's happening in some areas- Arizona in particular is you have all of these people from CA that are fed up with the rat race and high prices and cash out and move to cheap areas. They are drastically increasing demand and rapidly increasing property values while incomes in those areas are not increasing.
 
Recent college grads and future grads in the next couple of years will have it the worst! With a BS degree you'll be making anywhere from $35k - $70k. Even at the high end of $70k you won't be able to afford a house as OC housing prices are $400k for a 3bed 1bath house. And a 1bd 1 bth condo costs close to $200k! Talk about ridiculous!

Although I think housing prices will drop slightly, maybe 10% or so within the next year as interest rates go up. Even now, there are plenty of houses out in the market that aren't selling as hot as they did 6 months ago.
 
go live in a tent!! I want to do that or marry a millionaire. Hell I'd marry a gay millionaire if I could. i dont give a rats anymore. I don't have any pride left!

🙁
 
Originally posted by: tec699
go live in a tent!! I want to do that or marry a millionaire. Hell I'd marry a gay millionaire if I could. i dont give a rats anymore. I don't have any pride left!

🙁
Click to expand...

🙁
 
Originally posted by: blahblah99
Recent college grads and future grads in the next couple of years will have it the worst! With a BS degree you'll be making anywhere from $35k - $70k. Even at the high end of $70k you won't be able to afford a house as OC housing prices are $400k for a 3bed 1bath house. And a 1bd 1 bth condo costs close to $200k! Talk about ridiculous!

Although I think housing prices will drop slightly, maybe 10% or so within the next year as interest rates go up. Even now, there are plenty of houses out in the market that aren't selling as hot as they did 6 months ago.
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Yeah I'm pretty convinced myself that there will be a correction/stagnation in house prices in the coming 2-3 years, particularly since interest rates are only going up.

As for the claim that house prices never go down, that's not true and in fact it happened in the late 80s/early 90s when the aerospace industry had a bad downturn then.
 
the OC is an expensive place to live... LA/OC have ludicrous prices on houses... apartments in irvine are monopolized for the most part by the Irvine Co. (1 bedroom apartments in irvine start at ~$1k/month)... unless you plan on moving to riverside or something, recent college grads (like myself) will be hard pressed to afford real estate, unless you can save quite a bit in your first years out...

hopefully they'll let you take over the mortgage... i'm hoping to do the same with my dad's house in cerritos in a couple of years.
 
Originally posted by: dquan97
I'm looking to buy a condo in Sacramento...2bdrm, 1bath runs about $200K
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why just a condo?...i saw some 3bd 2500sq ft ranch style houses off 5 for the low 200s.
 
a good site i found for estimating values is www.ditech.com. i use the free epraisal and look up estimated low and high values of my friends houses 😀 they also list the last price it was sold.

do you guys think that house prices will fall if kerry is elected president? or vice versa if bush is elected?
 
Nice calculator...

prices are freaking insane if its correct!!!!!!!!!!!!!!!!!!!!!!!!!!
 
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