Florida Housing market Thread (Christmas: mortgage, credit, loans)

[SKB]

Oh yes you are right my bad , this story is highly embellished. Just in case though, let me run the numbers for you. Note, a 15% contribution towards the thrift savings retirement fund. (Anyone that says that this is a bad idea is smoking crack). There may be NO social security left when it's "our turn" People need to plan for their retirement on their own.



Bi-weekly Gross Pay

$3,846.15
___________

-$515.86
Federal withholding

-$238.46
Social Security

-$55.77
Medicare

-$576.92
Thrift savings

-$130.00
Blue Cross

Net Pay

$2,329.14


Pay Frequency

Bi-weekly


Married
3 Federal Exemptions

The 2329,14 he clears is just covering that big nut each month. I believe he told me the size of it was 2200.00 We have not even added in HOA, Utilities, food, clothing, car insurance, car repairs, house repairs, house improvements.

If you now try to factor in hobbies, eating out, bla bla bla...I can see how you would think I have embellished my statement. It sounds absurd that the wife would have to work with him making such a high salary.

[maslozhir]

Originally Posted by hiknapster

Holding off and saving is good business, right now. She may not be renting a few years down the road. She'll be buying someone's foreclosure, with cash in hand. Suh-weet.

It's him

[afghan67]

Originally Posted by SKB

Oh yes you are right my bad , this story is highly embellished. Just in case though, let me run the numbers for you. Note, a 15% contribution towards the thrift savings retirement fund. (Anyone that says that this is a bad idea is smoking crack). There may be NO social security left when it's "our turn" People need to plan for their retirement on their own.



Bi-weekly Gross Pay

$3,846.15
___________

-$515.86
Federal withholding

-$238.46
Social Security

-$55.77
Medicare

-$576.92
Thrift savings

-$130.00
Blue Cross

Net Pay

$2,329.14


Pay Frequency

Bi-weekly


Married
3 Federal Exemptions

The 2329,14 he clears is just covering that big nut each month. I believe he told me the size of it was 2200.00 We have not even added in HOA, Utilities, food, clothing, car insurance, car repairs, house repairs, house improvements.

If you now try to factor in hobbies, eating out, bla bla bla...I can see how you would think I have embellished my statement. It sounds absurd that the wife would have to work with him making such a high salary.

I'm so happy someone actually ran the math.

This is exactly why prices will continue to fall. If you are one of the fortunate that make a six-figure salary, you still have to pinch to buy a decent house in Florida. And there are not many people who make that kind of dough in Florida (especially in markets outside of South Florida) - at least not enough to buy all the houses on the mls.

The speculators caused the run-up. They are gone for a long time. The market will continue to fall until housing prices fall into line with Florida salaries. Book it.

[JimKing]

Originally Posted by SKB

Oh yes you are right my bad , this story is highly embellished. Just in case though, let me run the numbers for you. Note, a 15% contribution towards the thrift savings retirement fund. (Anyone that says that this is a bad idea is smoking crack). There may be NO social security left when it's "our turn" People need to plan for their retirement on their own.



Bi-weekly Gross Pay

$3,846.15
___________

-$515.86
Federal withholding

-$238.46
Social Security

-$55.77
Medicare

-$576.92
Thrift savings

-$130.00
Blue Cross

Net Pay

$2,329.14


Pay Frequency

Bi-weekly


Married
3 Federal Exemptions

The 2329,14 he clears is just covering that big nut each month. I believe he told me the size of it was 2200.00 We have not even added in HOA, Utilities, food, clothing, car insurance, car repairs, house repairs, house improvements.

If you now try to factor in hobbies, eating out, bla bla bla...I can see how you would think I have embellished my statement. It sounds absurd that the wife would have to work with him making such a high salary.

Excellent real life example. And these people are responsible, where many others have huge credit card debts to service.

The real estate agents on this board are a good source for entertainment. They are trying harder and harder to deny the snowball rolling down hill and picking up steam. Despite more evidence coming out each week, they still keep on slugging.

It is quite an amusing way to spend a little time each day....at least until football season starts.

[SKB]

I think at some point very soon, the real estate agents will get very quiet and then slowly fade away off into some distant galaxy far, far away.

We will not even get our chance to gloat... kinda sucks as I was looking so forward to doing that, especially to the ones that have picked on me and tried to belittle my intelligence on this board.

Oh well, my real reward for my diligence and patience will be reasonably priced homes, and hopefully the tax situation will self correct.

[lostbuyer]

real estate agents will lose their jobs?and what will they do afterwards?I know construccion just lost about 16thousand people,in florida alone.

[southamboy]

I think prices will come down drastically over the next 3-4 years in most parts of the country. How can any young married couple just starting out afford $500K 3:2 starter homes with barely two thousand square feet of living space?

I'm too young to have experienced any major market decline, but if you do the math it makes sense. I don't want this to happen, but I can't see prices continuing to climb for quite some time. Just my two cents, great blog.

[lostbuyer]

I think everyone knows theres a crash,just not how bad it will be.I for one hope prices are in line with peoples income,but I also realize it will spill into other sectors of the economy,meaning higher unemployment rates,and higher crime rates,I really wish the last two wouldnt happen but its reality.the housing crash will trigger everything else.

[Mike Peterson]

Originally Posted by southamboy

I think prices will come down drastically over the next 3-4 years in most parts of the country. How can any young married couple just starting out afford $500K 3:2 starter homes with barely two thousand square feet of living space?

I'm too young to have experienced any major market decline, but if you do the math it makes sense. I don't want this to happen, but I can't see prices continuing to climb for quite some time. Just my two cents, great blog.

$500,000 starter home with less than 2000 sq ft living?
Yes that would be insane. I say, would be insane, because there is no such thing. You are at least double in your pricing of what it actually is in Florida.
For many areas your price would be triple the actual numbers.

[Mike Peterson]

Originally Posted by SKB

I think at some point very soon, the real estate agents will get very quiet and then slowly fade away off into some distant galaxy far, far away.

We will not even get our chance to gloat... kinda sucks as I was looking so forward to doing that, especially to the ones that have picked on me and tried to belittle my intelligence on this board.

Oh well, my real reward for my diligence and patience will be reasonably priced homes, and hopefully the tax situation will self correct.

Nope, Realtors aren't going anywhere.

And your prices won't go where you hope they will either.