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Replies (7)
- sunnyview
- Contributions:25139
The bay area has always been more expensive. If you are looking to invest, you may want to focus on places that have lower buy in prices and higher rents. You need to figure out how much money you have to invest and what your goals are for a return. I will warn you that is is always dangerous to invest in areas that you do not personally know. It is just too easy to get danced by a good salesman and buy something that doesn't have good long term investment potential or a property that is in a marginal area on it's way down. Do you have ideas about where you want to look instead of the BA?
- HomeSand.net, "White Picture"
- Contributions:4395
In add to SunnyView's wise advice, in 2004-2006 the people try to buy houses in high desert, which is 60 miles from urban of Los Angeles, with 2 times cheaper, its turn out to be a mistake, they need 3 hours a day to just drive back and forward to work and $800 a month for the gas and maintenance the car, which total of PITI + 3 hours driving + $800 for the car is much more expensive to buy at high desert then urban areas, where are easier go to work.
- wetdawgs
- Contributions:26833
If you want a home as your primary residence, and your employment is in the Bay Area, buying a home in Red Bluff or Susanville or somewhere else with lower housing prices will cause some commuting challenges. Thousands of people found this out as the inland empire became paved over with housing developments, that are now languishing in the sun because the prices could not be sustained with little local employment.
If you have very flexible employment and could live anywhere, chose a place where you enjoy the lifestyle and the housing prices are in line with your expectations.
If you move to a location in CA where the prices are "reasonable", remember that chances are good that the salaries offered are lower although probably not proportionately.
Some people love living in the Bay Area and wouldn't leave if you payed them triple. This is a very personal decision, we're delighted to have said goodbye (and it wasn't because of housing prices).
If you have very flexible employment and could live anywhere, chose a place where you enjoy the lifestyle and the housing prices are in line with your expectations.
If you move to a location in CA where the prices are "reasonable", remember that chances are good that the salaries offered are lower although probably not proportionately.
Some people love living in the Bay Area and wouldn't leave if you payed them triple. This is a very personal decision, we're delighted to have said goodbye (and it wasn't because of housing prices).
- Mia Gloor, "MIA GLOOR...."
- Contributions:319
MARIPOSA IS SOOOOOO BEAUTIFUL!!!!! ONLY 2+ HOURS FROM THE S.F. AREA...5 OR SO FROM L.A. 2-10 ACRES WITH A HOME IN THE PINES FROM 200 TO 300K...NICE!!!!!!!!! YOSEMITE IN YOUR BACKYARD....FREASH MOUNTAIN AIR, VIRTUALY NO CRIME, SWEET LITTLE HISTORICAL TOWN. GREAT PEOPLE. HAPPY PEOPLE....
How is the thai food? any clubs to go salsa dancing? It sounds pretty nice to me so far...
- John Stewart, "nwhome.us"
- Contributions:2166
Follow the money.
The mortgage insurance industry generates reports that predict markets that they feel will have the least probability of declining values in the future.
If you stop to think about what they do with their actuarial models, it makes perfect sense. They distribute their risk across the country based on what they predict the markets will do. A city that that ranks high in their standings might have a lower risk of decline.
Anyone know of any public resourses for those reports?
The mortgage insurance industry generates reports that predict markets that they feel will have the least probability of declining values in the future.
If you stop to think about what they do with their actuarial models, it makes perfect sense. They distribute their risk across the country based on what they predict the markets will do. A city that that ranks high in their standings might have a lower risk of decline.
Anyone know of any public resourses for those reports?
- Arpad Racz, "aracz"
- Contributions:206
There are factors that affect an areas price fluctuations, including:
weather
jobs
average commute distance
recreational opportunities
and more
I have talked to many people of the years, and almost all rate the Bay Area as one of their favorite area to live overall. If enough people prefer a place to live, it effects the supply and demand curve. If there are limited homes in a market area and lots of demand, the prices rise.
If you are looking for an investment area, be sure to review the factors that attract more buyers rather than just price alone as a way to focus on future appreciation. This could be as simple as asking locals in a certain area, why they bought there, or why they like the area.
All the best,
Arpad
weather
jobs
average commute distance
recreational opportunities
and more
I have talked to many people of the years, and almost all rate the Bay Area as one of their favorite area to live overall. If enough people prefer a place to live, it effects the supply and demand curve. If there are limited homes in a market area and lots of demand, the prices rise.
If you are looking for an investment area, be sure to review the factors that attract more buyers rather than just price alone as a way to focus on future appreciation. This could be as simple as asking locals in a certain area, why they bought there, or why they like the area.
All the best,
Arpad
Is better to buy ouside of the bay area in Northern California?
A 4br is still in the 600000 average.
Is it safer to buy in another state where the price of houses cannot go much lower then they are now? In some places even in CA an equivalent house is 3 times cheaper.
Thanks for your input.
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