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Buying a home in So Cal

MyExpWork

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So my wife and I are trying to buy a home in Camarillo, CA and can't. We make about $80,000 a year, have one car payment and student loan, thats it and we STILL cannot afford to buy a home here.

This blows.

For example a 1 bed 1 bath condo, no garage is on the market for 260,000 and is approx 700 square feet. There is no way I am buying that.

A house on the lower end of the market is a 4 bed 2.5 bath 1,500 square feet for 460,000. I'd like to buy that, but I don't think we could afford it. 2 car garage, no land and is inside a planned community with association dues.

This and all the politics out here I think I am ready to move out of state. Only thing holding me back is that my entire family is here. Her's for the most part is too.

I don't know how anyone is able to afford anything here, ecspecially if you are a first time buyer.

But, we are still in our twenties, so we'll be able to make more money.

Just really, really frustrating when a friend moved to Colorado, had a house built for under 200,000 4 bed, 2.5 bath brand new home.
 



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Crazy5711

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Ever thought about a different part of Ca? Of course you want to go where the jobs are, but there are some less expensive places in Ca. It's a big state. IF not, it's not so bad being away from your family. I live in 29 palms and my entire family and my wifes family is in Pa or NH. I've got a brother in San Fran, and her 1 bro is out here, but he has been getting deployed alot. Moving away from everything is one of the best things you can do in your twenties. Get out on your own, experience new things.
 






sirhk100

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I'm 26y/o single income... Make about $40G anually before taxes. I've been looking to buy for awhile in San Diego but guess what, THERE'S NO WAY!!!

So, I've bitten the bullet, I'm currently keeping my eyes peeled elsewhere, Havasu, Vegas, and greater Phoenix area... I've got a GOOD thing lined up in Havasu/Parker with the plans of relocating to Vegas in about a year. Just waiting to hear back from the potential employer to see if he can meet my needs... He know's I can meet his!!!
 






Dolphan

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Well Camarillo is a nice area, but between you and your wife you should be able to afford something in between those two homes. YES in CA the major issue is having a sizeable down payment in order to make the monthly mortgage payment manageable. With interest rates the way they are, and if you have good credit rating you can get something, start smaller and move your way up, stats show most people live in their first home only 5 years - we did in a condo. There is also the option of interst only mortgage, keeps the payments down - good luck
 






Okrazie1

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Originally posted by MyExpWork
For example a 1 bed 1 bath condo, no garage is on the market for 260,000 and is approx 700 square feet. There is no way I am buying that.


Ouch!!! Here's an example of what that kind of money will buy here.
 






MyExpWork

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Ouch!!! Here's an example of what that kind of money will buy here.

Thats disgusting.

Makes me want to move though.
 






Broccoli1

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basic stats; you need to have an income of 80,000 a year to afford a house at 350,000.
So Cal has the highest housing costs in the states, on average.
4 bedroom house in OC 1.5 mill
same house in Vermont 189,000
 






izackary

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Broccoli1 said:
basic stats; you need to have an income of 80,000 a year to afford a house at 350,000.
So Cal has the highest housing costs in the states, on average.
4 bedroom house in OC 1.5 mill
same house in Vermont 189,000

yeah, vermont rocks! :D
 






Stic-o

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I hear ya! My wife and I are in a appt. now and trying figure out how we're gonna afford a house. :rolleyes: We looked at houses around here, but for 2 br 1200 sqft. for over 500k :eek: It's crazy! My folks bought there 2br in '78 for 60k and now it's worth probally over 600k I have no idea how we're gonna do it. My sis was smart! She's moving to Idaho, where they just bought a 4br with a few acres for 140k.

I'm just waiting for a Earthquake :D House prices in LA will drop like a rock! They did right after Northridge. :p
 






AgentStarks

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As someone who just bought a condo in San Diego I can sympathize. It's a rough market out there. The key is just getting your foot in the door. Our place it a 2 bed, 2bath, 1 car garage, 1150sq. ft. We bought in February and the same model just sold for $50k more than we bought ours for. The market will keep going up, even if it slows for a bit, it will go up in the long run. Especially if you do some improvements. We re-painted, put in new carpet, put in tile in the bathrooms, installed shower doors. I'm sure all that work will add even more to the value.
 






Mike 92 XLT

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A 2bd/2ba condo in the building next to mine just went for 780K. My plan is to start with investment property out of state. I've often thought of moving elsewhere, but I'd have a hard time leaving this:

Beach.jpg


I'm only half a mile from the beach here (hence the 780K for a 1200 sq. ft. condo) and it's like this almost 12 months out of the year.

Steve, I hear ya on that earthquake. Let's send some of these transplants back to the east coast and midwest. :p ;)


Mike
 






Stic-o

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Don't lie Mike! Only 11 months it looks like that!

June Gloom! :p
 






tdavis

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My #1 advise for any one looking to buy a home in California - TALK TO A MORTGAGE BROKER FIRST!

Don't sit there, thinking "I need a 20% down payment..".

WRONG.

This especially NOT true for first time home buyers. Waiting to get that 20% means you'll never be able to buy a house.

My house in Pinole (SF Bay area) has appreciated almost 30% in just under three years. It's still below the bay area average (which is $560k), but still I bought it with zero money down (did a 80/20 loan). I've already refinanced once - and now have just a single loan!

Good luck guys!
 






Mike 92 XLT

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Stic-o said:
Don't lie Mike! Only 11 months it looks like that!

June Gloom! :p

I know! I'm seriously ready for it to be over, although it hasn't been as bad as last year. You can tell that it's affecting everyone though. People at work are starting to get really pissy. :fire:


Mike
 






410Fortune

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Buying a condo in this area is way out of my reach! Laguna Niguel is a JOKE!
Anywhere in OC, man like you said a small condo is like 500K....

Supply and demand, people come from all over the world to live here, so the competition is fierce.....
 






SteveVB

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410Fortune said:
Buying a condo in this area is way out of my reach! Laguna Niguel is a JOKE!
Anywhere in OC, man like you said a small condo is like 500K....

Supply and demand, people come from all over the world to live here, so the competition is fierce.....

Mind if I ask what you pay in rent for the same 500k apt? It's got to be over $3500/mo I would assume
 






SteveVB

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One idea that people here in DC use- which has house prices that are almost as bad, maybe worse in some areas- is to look for a home that has the possibility of an apartment, or some kind of rental income. Certain houses are more adaptable (row houses, townhouses). If housing is really in short supply then finding a renter shouldnt be a problem.
One of my brothers friends bought a POS row house in DC for 450- he rents the third floor and will be renting the basement apartment. The cash from both pay more than half of his mortgage payment, and he gets some further expense help with tax breaks for taxes, utilities etc for the portion that can be attributed to the rental units. He can also depreciate them further erasing income.

Just something to think about.

I heard another idea while I was at the pool this weekend- two families buying one house to make the costs more manageable. Doesnt sound like a good idea to me, I would rather own and rent to someone else rather than have the hassles of dual ownership. But people are desparate to buy a house I guess.
 






spindlecone

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560K in pinhole is very cool, so is the weather, buy the most you can buy, in 15 yrs california will have the population density of New york city, will be the financial center of the entire pacific rim which will enclude China, even pinhole, richmond and herculies will be mega bucks towns
 






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