Cameron Park vs Roseville vs Sacramento - First time Home buyer (Los Angeles: sales, real estate)

[lorredasmith]

My family and I have been considering moving up to Northern California. Life is way to expensive down here and you can't find a normal safe area to reside without paying the high costs. I hate it here.

I've been looking for homes in Elk Grove, Roseville, Cameron park, and even Sacramento. I want to know why it is the the prices differ so much?

And if I decide to live in Sac, what are the good areas? What areas should I avoid? Where are there the best jobs and how far would I travel out to get a good home and not drive to long or far from work?

We are looking for a 5-6 Bedroom home around 400,000 or less in a good area for kids to be raised. It doesn't necessarily have to be a quiet area as long as it is safe. I am a big city girl so too much of a change can kill me.

I lived in Stockton for a while and I have made up my mind with Sac after visiting family. But since they've all gone to other states, I don't have any advice.

I am here to stay so I need the best advice I can get!!

What kind of loans can I get with fair credit and low down payment?

My entire family put together makes about 7000 a month at least.

I am a campaign manager and I am worth about 40k a year, my hubby 35-30k a year, my father 30k a year, and my brother about 25-30k a year.

Any answers to any of these questions would be appreciated.

Thank you,

Lorreda

[CADRMNDANES]

Elk Grove prices are dropping so you could find a home close to that price there. There are some nice areas in Elk Grove.
I prefer Roseville, Rocklin, Loomis areas. Better neighborhoods & schools for the kids. A lot more for them to do. Placer county can be a bit more expensive then Sac. County.

[mikefarinha]

I'd agree with CADRMNDANES, Placer County (eg Roseville, Rocklin, Loomis) is one of the more desirable places to live.

However for the type of home you're looking for, 4000sqft for $400k, will prove difficult in this area. Perhaps you can look in the Antelope or Citrus Heights area, or like CADRMNDANES said you can check out Elk Grove.

[quasi888]

My family and I have been considering moving up to Northern California. Life is way to expensive down here and you can't find a normal safe area to reside without paying the high costs.

Well, that's going to be true anywhere you live (esp. in California), and it's even more true up here.

I want to know why it is the the prices differ so much?

As they say, "you get what you pay for", and in real estate, it's especially true: people will pay a premium for safe neighborhoods, good schools, parks and rec, etc.

5-6BR for < $400k is going to be tough though, anywhere. Unless you can find a foreclosure.

Yes you might be able to get close to that in Elk Grove perhaps, especially if you can find a foreclosure, which there are starting to be more of in Elk Grove. But foreclosures are a double-edged sword: sure you can get a great deal on a nice house, but on the other hand, you probably wouldn't want to live in an area where there are a lot of them, because the blight of unmaintained lawns, etc. will be an eyesore and bring neighboring property values down further.

What kind of loans can I get with fair credit and low down payment?

Lending standards have toughened up...A LOT. The no-money-down loans of a few years ago are essentially nonexistent now; they were, after all, part of the reason we are in this huge real estate mess right now. If you can't put down AT LEAST 10%, I'd strongly suggest waiting until you do have the cash. Even the new home sales agents will tell you up front that unless you don't have decent credit, documentable income, and a decent down payment, don't even bother.

I am a campaign manager and I am worth about 40k a year, my hubby 35-30k a year, my father 30k a year, and my brother about 25-30k a year.

So that's around $125k a year gross, to which I would say your $400k target is about right, assuming you aren't overly burdened with lots of other debt (credit cards, auto loan, etc.). But here's the part that bothers me: that's a lot of people to be depending on for income. What happens if one person loses a job? Will you have sufficient cash reserves to stay afloat while that person looks for a new job? And there are further legal ramifications with respect to how you take ownership -- assuming you need all 4 incomes to qualify for the loan, all 4 names will need to go on the deed as owners of the property. In which case, what do you do when one person (most likely brother, again) decides to move out? You would definitely want to consult a lawyer on these issues.

[lorredasmith]

Thank you everyone for your input.

I agree with the high cost of California, but I would have to disagree with cost of living being more expensive than Los Angeles. If Sac has 15 year old 4 bedroom homes that are about 2500 sq ft for almost a million, then I would agree.

As for all other opinions, I will totally take into consideration.

In fact, I took a trip out there this weekend.

I actually found Elk Grove to be really nice and would live there once I get the down payment and loan approval.

I'd also like to ask, how is the weather during the summer?

Is there any large lakes in Elk Grove?

What would you say Job Opportunities are like up there?

Once again thank you.

[KidBlue]

The summers in Sacramento are extremely dry and normally pretty hot. The average temperature is usually in the low to mid 90s, but it can get into the 100s often, sometimes for a week or more at a time. Elk Grove should get some pleasant breezes in the evening off the delta.

There are no large lakes in Elk Grove. The only large lakes that I know of near Sacramento are Lake Natomas (which isn't in Natomas, it's near Folsom) and Folsom Lake. There are beaches along the Sacramento River close to Elk Grove, and the Cosumnes River is close to Elk Grove. Lakes Oroville, Berryessa, and Camp Far West are all fairly close drives from Elk Grove. Lake Tahoe is about a two hour drive.

The job market is considered fairly strong in the Sacramento area. Sacramento and the immediate area is growing and so is the job market. The housing market is pretty bad right now for sellers, but it is probably bad where you are also.