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Old 05-11-2018, 07:32 AM
 
Location: Saint John, IN
10,638 posts, read 3,314,105 times
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Market is strong here (NW Indiana, Chicagoland area)! Homes selling within days.
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Old 05-11-2018, 10:34 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,111 posts, read 3,402,459 times
Reputation: 5633
Quote:
Originally Posted by john-staten island View Post
Seriously,? Have you ever been to Atlanta? Home to Coca Cola, CDC, Delta,etc... and now Amazon...Very strong job market...
Where did you hear amazon is moving in. News to me.
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Old 05-11-2018, 10:41 AM
 
10,265 posts, read 6,495,798 times
Reputation: 10837
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Originally Posted by aslowdodge View Post
Where did you hear amazon is moving in. News to me.
I'm guessing they built a warehouse there and he thinks the minimum wage jobs there are a big deal.
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Old 05-11-2018, 10:44 AM
 
Location: Ohio
4,082 posts, read 1,466,604 times
Reputation: 3211
Quote:
Originally Posted by RosemaryT View Post
Could you give a ballpark for what a "mid-priced home" in your area is selling for?

Here in Hampton Roads, a mid-priced home is probably in the high 300s, and that does not seem affordable to me. :/
According to advice you can find out there, your household income should be about $115,00 to "afford" a $400,000 house. In my mind that should be a lot lower; maybe 2:1 not 4:1.
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Old 05-11-2018, 10:48 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,111 posts, read 3,402,459 times
Reputation: 5633
Quote:
Originally Posted by GearHeadDave View Post
According to advice you can find out there, your household income should be about $115,00 to "afford" a $400,000 house. In my mind that should be a lot lower; maybe 2:1 not 4:1.
Being from California the 4 to 1 is virtually unheard of.
What areas have jobs that support 2 to 1?
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Old 05-11-2018, 11:34 AM
 
Location: Los Angeles (Native)
24,151 posts, read 13,675,815 times
Reputation: 11364
Quote:
Originally Posted by GearHeadDave View Post
According to advice you can find out there, your household income should be about $115,00 to "afford" a $400,000 house. In my mind that should be a lot lower; maybe 2:1 not 4:1.
It looks like the max DTI according to Fannie Mae site can go up to 50% .

That does seem pretty risky , if there are a bunch of layoffs for example .


“Maximum DTI Ratios
For manually underwritten loans, Fannie Mae’s maximum total DTI ratio is 36% of the borrower’s stable monthly income. The maximum can be exceeded up to 45% if the borrower meets the credit score and reserve requirements reflected in the Eligibility Matrix.
For loan casefiles underwritten through DU, the maximum allowable DTI ratio is 50%. If the DTI on a loan casefile exceeds 50%, the loan casefile will receive an Ineligible recommendation.”

https://www.fanniemae.com/content/gu...g/b3/6/02.html
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Old 05-11-2018, 12:08 PM
 
Location: Here and there, you decide.
11,578 posts, read 22,673,604 times
Reputation: 3882
Quote:
Originally Posted by RosemaryT View Post
Could you give a ballpark for what a "mid-priced home" in your area is selling for?

Here in Hampton Roads, a mid-priced home is probably in the high 300s, and that does not seem affordable to me. :/
Here in Vegas, a tiny 1250sf home is $300k
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Old 05-11-2018, 01:46 PM
 
10,265 posts, read 6,495,798 times
Reputation: 10837
Quote:
Originally Posted by airics View Post
Here in Vegas, a tiny 1250sf home is $300k
That's crazy, I communicated with someone online who was on SSI a few years ago and was able to buy a home in Vegas a foreclosure in Vegas after the crash and his income was very low, so he obviously did well and he couldn't have paid more than $40K for it.
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Old 05-11-2018, 01:47 PM
 
Location: Los Angeles (Native)
24,151 posts, read 13,675,815 times
Reputation: 11364
Quote:
Originally Posted by airics View Post
Here in Vegas, a tiny 1250sf home is $300k
In L.A they start about $500,000 for not a great area .. but many of the more expensive areas like the Westside homes that size are over $1 million.

Santa Monica that size is about 2.5 million now... and not even on the beach .
Real crazy there .
https://www.redfin.com/CA/Santa-Moni...m_content=link

It used to be considered a middle class type neighborhood at one time too .
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Old 05-11-2018, 01:51 PM
 
Location: Los Angeles (Native)
24,151 posts, read 13,675,815 times
Reputation: 11364
Quote:
Originally Posted by LifeIsGood01 View Post
That's crazy, I communicated with someone online who was on SSI a few years ago and was able to buy a home in Vegas a foreclosure in Vegas after the crash and his income was very low, so he obviously did well and he couldn't have paid more than $40K for it.
During the crash the banks were dumping homes on the market in Vegas for 40k or less .

I’m not too familiar with Vegas besides the strip and stuff .. I’m guessing they weren’t great neighborhoods but I’m sure they are over 4x as much now . Which is pretty nuts.

Not all of them were in terrible condition either . Glad I purchased a home in L.A to live in but probably would of done better if I had actually bought a bunch of cheaper homes in Vegas and kept them rented .

Getting financing was a lot tougher back then too especially for investment property .
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