HGTV, Home Prices and Careers? - Page 4

shoekitty · ‎03-10-2010

About affording a home here in California. I have been in my home for 30 years. However, I have many friends who have bought new homes here. Many people my age (68) had homes when the boom started in the 1990's.They had them for years maybe buying them for 23,000 to 80,000. They sold them for tons of profit. Some 500,000 profit!! An example I have is friend who sold their home for 200,000 profit, took that money and bought a 400,000 home with 200, 000 down, with low interest at the time(5%) the mortgage pmt was about 2000@ month with taxes for a 30 year. Even with the up and down of the market that 400,000 home is now 800,000 to 900,000.

But for new home buyers today, many qualify for new homebuyer loan. That is 10 to 15% down instead of 20%. I think loans could be running at 40 year pay off now, which reduces payment. You would need to be almost debt free and combined income of 150,000 approx to qualify for a 375,000 home. Payments might be in the 2700@ month w/o taxes?

I know 2 people who pay 7,000@m mo for their homes. Our first home cost 15,000. WITH FURNITURE, LOL! We had pmts of 119@ mo and we were so nervous, as that was about a weeks take home pay in 1967.

151949 · ‎03-09-2010

We have several neighbors in Florida who sold very expensive homes in Calif and retired to Florida where their max SS payments (because they had high salaries in a high COL area) stretch much further, and they can buy a lovely home for $200,000. COL is pretty low in Florida so we get retirees from Canada to LA to cape cod - trying to avoid living on a retirement income in those expensive places. however, many don't like being away from the Calif culture and quickly sell out and go back.

Sue in cincinnati · ‎03-24-2015

I stopped watching "House Hunters" on HGTV. These young kids just starting out, are so picky about the kind of house they want. They shudder at the white appliances, and look in horror at formica counter tops. They want media rooms, great rooms, enormous luxury bathrooms, a large landscaped yard, etc... And all these requirements are practically demanded for their first home purchase! It is unbelievable to me that these young people are such spoiled brats!!! Sorry, but I was just happy to have the money to buy a small condo in my 20's. My husband and I lived in a

1950's ranch, which we remodeled over the years, but we never did have a

chef quality kitchen or bathrooms the size of a small room! When did our expectations become so unrealistic and ridiculous?

Lila Belle · ‎01-24-2013

Why shouldn't people get what they want when they make the biggest purchase of their lives ?

tends2dogs · ‎05-08-2010

@151949 wrote:
We have several neighbors in Florida who sold very expensive homes in Calif and retired to Florida where their max SS payments (because they had high salaries in a high COL area) stretch much further, and they can buy a lovely home for $200,000. COL is pretty low in Florida so we get retirees from Canada to LA to cape cod - trying to avoid living on a retirement income in those expensive places. however, many don't like being away from the Calif culture and quickly sell out and go back.

COL in Florida is dependent on what part you live in. Where we have a home in SW Florida, it is extremely high. Groceries, restaurants, plumbers, electricians, etc. are much higher than what we pay in Michigan. It is an expensive location to retire to, but we have gone there for years, know the area well, and most importantly, it is where our church family is. It was our choice and we are thankful to have been blessed to be able to live there 8 months a year.

Fear not Brothers and Sisters! I have read THE BOOK..........we win!!!

151949 · ‎03-09-2010

@tends2dogs wrote:
@151949 wrote:
We have several neighbors in Florida who sold very expensive homes in Calif and retired to Florida where their max SS payments (because they had high salaries in a high COL area) stretch much further, and they can buy a lovely home for $200,000. COL is pretty low in Florida so we get retirees from Canada to LA to cape cod - trying to avoid living on a retirement income in those expensive places. however, many don't like being away from the Calif culture and quickly sell out and go back.
COL in Florida is dependent on what part you live in. Where we have a home in SW Florida, it is extremely high. Groceries, restaurants, plumbers, electricians, etc. are much higher than what we pay in Michigan. It is an expensive location to retire to, but we have gone there for years, know the area well, and most importantly, it is where our church family is. It was our choice and we are thankful to have been blessed to be able to live there 8 months a year.

I believe if you compared those prices to places like LA or NYC you would see that Florida is tremendously less expensive - and that is what my post was about , wasn't it.
Also, our property taxes are about half in Florida (for a larger sq ft home) than they were in Pa.

tends2dogs · ‎05-08-2010

@151949 wrote:
@tends2dogs wrote:
@151949 wrote:
We have several neighbors in Florida who sold very expensive homes in Calif and retired to Florida where their max SS payments (because they had high salaries in a high COL area) stretch much further, and they can buy a lovely home for $200,000. COL is pretty low in Florida so we get retirees from Canada to LA to cape cod - trying to avoid living on a retirement income in those expensive places. however, many don't like being away from the Calif culture and quickly sell out and go back.
COL in Florida is dependent on what part you live in. Where we have a home in SW Florida, it is extremely high. Groceries, restaurants, plumbers, electricians, etc. are much higher than what we pay in Michigan. It is an expensive location to retire to, but we have gone there for years, know the area well, and most importantly, it is where our church family is. It was our choice and we are thankful to have been blessed to be able to live there 8 months a year.

I believe if you compared those prices to places like LA or NYC you would see that Florida is tremendously less expensive - and that is what my post was about , wasn't it.
Also, our property taxes are about half in Florida (for a larger sq ft home) than they were in Pa.

My post simply stated that COL in Florida differed depending on the location. $200,000 where we are would buy a nice condo, but a home for that price would be a fixer upper. As far as property taxes, it depends where you homestead.

Don't take offense at every response someone makes about your posts. Just having a conversation here....not trying to be confrontational.

Fear not Brothers and Sisters! I have read THE BOOK..........we win!!!

Sooner · ‎03-10-2010

Buying a house is a huge decision--and it depends on where you live, how much money you make or "came by" and what you want. I know that the kind of house you live in is far more important to some than to others. Some to show off, some because of comfort, some because they have busted their behinds to get there, some because they are cheap. . . it takes all kinds. I know very wealthy people who live in modest homes, and people who feel comfortable spending more of their income on their house. For some a house is just somewhere to live, for some their home truly is their comfort and their castle.

Some like to travel, some like to hoard money, some like to have two houses rather than one, and of course people live in areas of their choice--based on many factors.

I don't know what one person does in buying a house has to do with anything anyone else does in buying a house. It all depends. . .

kivah · ‎03-11-2010

Houses are priced by supply and demand. The more upscale the area, ie, Beverly Hills, the higher the price. Many people sell their present house where they made a lot of money and trade up to a more expensive house - or they buy a house near the beach, etc. Right now, interest rates are very low, which brings down the monthly mortgage payment. Years ago, many people were paying 9% interest (and higher) -- now it's around 4%.

Many people take money out of their 401K's or their parents give them the down payment.

I live in north Oxnard (southern California) and my house is 2000 sq. ft - 4 bedrooms, 3 baths, 2-stories and is worth approx.. $550,000 - and it's on the smaller side in an average area. The closer u get to the beach (or a bigger house), the price is higher - $750,000 and up.

Most important is the monthly mortgage payment, property taxes, homeowners insurance. Then, there's upkeep, etc.

You also need to have a lot of money in savings -- just in case u or ur spouse/partner get laid off from ur job, or have an illness.

qualitygal · ‎10-04-2010

We caught one of the Brother's shows yesterday, and my husband was blown away by what these people paid for what they were going to get. I just watch the ones for the most part where they flip houses. What these people have to pay for what and where is astonishing.

I do like to see what's offered in homes in Alaska though. Then if you watch Below Zero, well it's amazing. One end to the other.