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@yudeology101 wrote:@ Rev- understood, i just can't seem to catch any break from staying out of trouble. My apologies
Ain't no big thing; no crash all good. We once had a truly absurd thread where it was so requoted there was barely a single word per line . This one was nowhere close, it was simply an opportunity for a reminder.
@09Lexie wrote:
@Anonymous
Didn't you see the thread about the $20k purchase price of a home? That just unreal here in So Ca!
I missed it. Right now I'm seeing places I'm interested in (3/2, 1600ish square feet, yard, Redondo Beach, no water view nor near beach access, decent school district) moving north of 800k in some cases: 20K is around 1/8th of the downpayment in a 80/20 mortgage at those prices .
It's starting to dig into my psyche: I have a decent job which right now I'm in a lull in without massive requirements (unlike before) with a management staff that desperately wants to keep me engaged and it plays well socially... and I'm debating just walking because I can't qualify for that mortgage on what I make here and in theory I'm in the top 14% of household incomes according to some random calculator I was playing with on CNN the other day.
It's either that or starting dating with a minimum income requirement (which is likely going to be 50k by the time I actually get my poop in a group, prices just keep moving further out of my current individual reach), or packing up and starting over somewhere else, again. The first doesn't make me happy in terms of approaching a relationship with that sort of qualification mandated, and I'm getting too old for the second and my financial future is best here, just question is whether I get to that future at any point crossing the housing price line.
May make sense to try to get a fixer-upper house and then trying to finance home improvements or rebuilding the whole thing later when the equity or my income has shifted.
Don't know, just seems like a problem when even the places down several tiers from the top in Los Angeles county mandate a top 10% HHI.
@09Lexie wrote:
@Anonymous
It might be a difficult bringing up your 'dating' requirement ESP on a first date and at the rate the market is going you wouldn't have time to be picky.
If you found something in Redondo Beach at that price, I would be shocked.
I always find it amusing when those income calculators tell me what I can afford. I'm sure you and I live in the real world and those figures must be for those in a FantasyLand.
I remember when I was first looking for a home and a friend of mine (broker) told me to find the ugliest house in the best neighborhood. Advice, I have used often.
Yeah, though on my current expenses and income I could afford a 41% backend ratio; now that jumbo lending is making a resurgence I might be able to pull it together as neither my downpayment nor my assets are in question even if I don't want to sacrifice the market assets if I don't have to in order to come up with a loopy stupid downpayment. Should be able to do better than that.
I think there's a lot of wisdom in what you suggest regarding picking the worst house in the best neighborhood, and there's a lot of sense to just scraping together every penny you can and buying the best house you can get into by your fingernails.
Thinking at this point I just need to convert my current gig to a contract job and go get another one... or go get another one and not inform my current one since I can do a majority of the work from anywhere on the planet and meetings can be easily condensed into a few days a week giving the vagaries of my current employer's scheduling fo employees around our live events.
All of this at a time when the environmentalists are finally coming around to nuclear energy and I'm half tempted to re-apply for Berkeley, go finish my degree, and go do that... but that means no house, no dating, no kids: seems like failure and I should have time to do that later or during the next economic downturn... but the money is running now, guess need to go get me some.
Lexie, you're in socal? O my...if you are, you're awefully close to me! I'm in Newport area....not a good thing that if you're too close you might chase me around!