Median Homes for the Bay Under $300K

[bayarea-girl]

mysticaltyger, why do you think the government wants to stop homes from being more affordable. Thought that was the whole point of the current refinance options and the bail out plans?

[mysticaltyger]

Originally Posted by bayarea-girl

mysticaltyger, why do you think the government wants to stop homes from being more affordable. Thought that was the whole point of the current refinance options and the bail out plans?

The ultimate form of affordability is for prices to come down with no taxpayer subsidies to jump start the housing market / banks.

The government, unfortunately, has been corrupted by elites in the financial industry, and continues to be, despite a change in administration.

[Ultrarunner]

[quote=mysticaltyger;8077267]

Originally Posted by clongirl

I'm of the mindset that house prices MUST adjust to the median salary of the area.Anyone familiar with Housing Crash Continues, Bubble Pops would know that prices must reflect this basic economic principle. The banks are not lending money to people without proof of steady income, high FICO scores, and at LEAST 20% down payment. People that might have had huge holdings in the stock market no longer have that kind of cash anymore..many people are down 40%.

I LOVE this quote from that blog:

The government pretends to be interested in affordable housing, but now that housing is becoming affordable, they want to stop it? Their actions speak louder than their words.

It's just like cars that get high miles per gallon... it's all about the money and government's share is less when prices are down or cars get better gas mileage.

Cities and Counties were raking in the dough as prices sky-rocketed and many also made a bundle when folks were flipping properties. Lots of cities have rather high transfer taxes based on sales price...

Affordable housing means less money all around for taxes and fees.

[bayarea-girl]

Ultrarunner, thank you for making perfect sense. I've just had an ah ha moment!

[jrb724]

With the prices coming down considerably, any suggestions on good values at 400k and under? In other words anywhere someone would actually want to live and with a chance for appreciation in the long run- 2 bedroom or large. Any suggestions?

[Ultrarunner]

Originally Posted by jrb724

With the prices coming down considerably, any suggestions on good values at 400k and under? In other words anywhere someone would actually want to live and with a chance for appreciation in the long run- 2 bedroom or large. Any suggestions?

It's really a personal decision influenced by many factors and whether or not public schools are a consideration.

Desirable property in a stable established neighborhood does well overall.