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for reference, I rent a 3/2 in Ken's neighborhood for $1950. If I were to buy a home, and $1950 were my monthly payment, the loan would be no more than $350k!!!!!
This is a concept lost on most people. For the past 8 yrs I've rented in a neighborhood I could NEVER afford to buy in. Now it seems my landlord and a few neighbors can't afford to own property there either as they are underwater and are preparing to sell.
Seems like the next wave is about to hit.
donjumpsuit
2014 Jun 18, 5:01am
As I always say, either homes must come down in price, or wages must go up.
In order to afford a $4k monthly payment (on a $700k house), I need take home about 10k.
At that salary the state and feds are owed about 40%.
So my Gross need to be about 18k. $220k a year.
For a shitty 3/2 in Fremont. Forgetaboutit
Appreciation is buying for 10% of listing price & selling for 10% over listing price.
Buyers need to Googleize - Free Market Enterprise & Profit. Oh,Wait!
They want to make sure the seller, commissioned salesperson & mortgage company make the money because these assholes are so concerned about the buyers welfare.
Listen up Folks.
The Fremont real estate area remains a very prosperous place for a home owner!!!!! (only if you're selling of course).
The medium (ummmm I am guessing Ken means 'median') home price is now above $700k!!!!!
Home values are predicted to hold strong!!!! Wait a second .... you know what ... home values MIGHT EVEN RISE SLIGHTLY! BUY NOW!!!! or you may lose out on this appreciation!!!!
THe price per square foot is even higher than San Francisco!!!!!
ALL OF THIS IS GOOD NEWS!!!!!!
(for reference, I rent a 3/2 in Ken's neighborhood for $1950. If I were to buy a home, and $1950 were my monthly payment, the loan would be no more than $350k!!!!!
#housing