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Old 02-20-2023, 07:13 PM
 
Location: San Francisco, CA
1,386 posts, read 1,510,235 times
Reputation: 2431

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Since I have some comments a few pages back... I've been checking out my home value lately, and it is still up almost 25% from when I bought it. But a year ago it was up 40%. Unrealized gains until I sell, of course. My wife and I penciled out several scenarios recently, and what was shocking was how little buying power we have with interest rates up as much as they are. Despite my salary being about 25% higher now than when I bought in 2018, and more savings for a down payment as a result, I would still be able to afford just my own house. We were hoping to migrate somewhere with better schools, but that's more of a 2-4 year plan now.
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Old 02-20-2023, 07:24 PM
 
Location: Austin Metroplex, SF Bay Area
3,429 posts, read 1,594,089 times
Reputation: 3303
Quote:
Originally Posted by davdaven View Post
Since I have some comments a few pages back... I've been checking out my home value lately, and it is still up almost 25% from when I bought it. But a year ago it was up 40%. Unrealized gains until I sell, of course. My wife and I penciled out several scenarios recently, and what was shocking was how little buying power we have with interest rates up as much as they are. Despite my salary being about 25% higher now than when I bought in 2018, and more savings for a down payment as a result, I would still be able to afford just my own house. We were hoping to migrate somewhere with better schools, but that's more of a 2-4 year plan now.
Nice to see someone gets it.
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Old 02-20-2023, 07:27 PM
 
Location: Boise, ID
1,095 posts, read 821,766 times
Reputation: 2782
Quote:
Originally Posted by blameyourself View Post
Then just say it instead of posting disingenuous articles that are just looking for clickbait.

There's no straw man here... You posted the articles.

It's laughable that you would even call them factual.

What the article should have said is it's a great time for cash buyers to buy houses and banks. Period....end of story. The fact of the matter is, your post is worthless to the majority of people looking to buy a home that are no better off buying now than they were last year. And you knew that but you posted it anyway with no disclaimer whatsoever, despite the fact that you're so 'knowledgeable' on real estate. But yeah, there's no ulterior motive here (you couldn't possibly be trying to mislead anyone).
I posted an article to support my point (citing my sources) that San Francisco housing prices have decreased the most of all major US metros. And yet you keep going on about affordability. Again, it's strange that you're so offended by this. Why are you taking this so personally?
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Old 02-21-2023, 04:52 AM
 
Location: Austin Metroplex, SF Bay Area
3,429 posts, read 1,594,089 times
Reputation: 3303
Quote:
Originally Posted by AnythingOutdoors View Post
I posted an article to support my point (citing my sources) that San Francisco housing prices have decreased the most of all major US metros. And yet you keep going on about affordability. Again, it's strange that you're so offended by this. Why are you taking this so personally?
Yep you posted an article (so glad you're taking ownership of it). And it was a wholly disingenuous article which stated the following (which has been disproven).

"One city has emerged as an unlikely place where recent buyers are saving the biggest amount of money on their monthly housing payments: San Francisco."

"We're in a sweet spot where prices and rates have dropped enough to make a meaningful difference in housing payments"

If you don't want to be associated with trying to mislead others, don't post articles that make false statements or try to twist information to push a narrative (or at a very minimum, make a clarifying statement that some of the information is stretching the truth...especially for someone that is so knowledgeable about real estate). Simple as that.
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Old 02-21-2023, 11:02 AM
 
Location: Boise, ID
1,095 posts, read 821,766 times
Reputation: 2782
Quote:
Originally Posted by blameyourself View Post
Yep you posted an article (so glad you're taking ownership of it). And it was a wholly disingenuous article which stated the following (which has been disproven).

"One city has emerged as an unlikely place where recent buyers are saving the biggest amount of money on their monthly housing payments: San Francisco."

"We're in a sweet spot where prices and rates have dropped enough to make a meaningful difference in housing payments"

If you don't want to be associated with trying to mislead others, don't post articles that make false statements or try to twist information to push a narrative (or at a very minimum, make a clarifying statement that some of the information is stretching the truth...especially for someone that is so knowledgeable about real estate). Simple as that.
I'm glad you care so much about affordability. You'll be happy to know that SF recently finalized a plan to increase density and add 82,000 new homes by 2031 (https://www.sfexaminer.com/news/hous...a23f1e687.html). This, along with increased housing elements for all Bay Area cities and the 'builder's remedy' to bypass local zoning and permitting should result in a lot more inventory and further bring down prices. It's great to finally see progress on the housing crisis front.
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Old 02-21-2023, 11:08 AM
 
Location: Austin Metroplex, SF Bay Area
3,429 posts, read 1,594,089 times
Reputation: 3303
Quote:
Originally Posted by AnythingOutdoors View Post
I'm glad you care so much about affordability. You'll be happy to know that SF recently finalized a plan to increase density and add 82,000 new homes by 2031 (https://www.sfexaminer.com/news/hous...a23f1e687.html). This, along with increased housing elements for all Bay Area cities and the 'builder's remedy' to bypass local zoning and permitting should result in a lot more inventory and further bring down prices. It's great to finally see progress on the housing crisis front.
Good for them. Hopefully they don't get gobbled up by the 1%ers and actually help Middle Class Families.
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Old 02-21-2023, 11:22 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,398 posts, read 8,634,072 times
Reputation: 16779
Quote:
Originally Posted by Gaylord_Focker View Post
So if it's ok for Boise, why are you here I guess gloating? Because you couldn't afford it you want to ruin everyone else's fun? I've lived in 7+ places in my life. I don't root for failure in any of them, why do you?

The best revenge is to live better my friend. You're at a place with great scenery, 4 seasons, with people who's politics align to yours. Why are you here?
But rooting for failure has the flip side of making home ownership more viable for people other than the 1 percenters does it not?
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Old 02-21-2023, 11:35 AM
 
Location: Austin Metroplex, SF Bay Area
3,429 posts, read 1,594,089 times
Reputation: 3303
Quote:
Originally Posted by aslowdodge View Post
But rooting for failure has the flip side of making home ownership more viable for people other than the 1 percenters does it not?
No one needs to "root" for failure. Housing markets always have ebbs and flows (recessions and recoveries). The thing about the Bay Area is typically (at least the last 40 years), recoveries always exceed the previous highs. Unfortunately what I've seen in past recessions are people not taking advantage of price decreases (and in this case, they can't because of interest rate increases), but rather gloating about the "dumb" people that bought houses. I remember it well in 2009-2012. It was one of the greatest buying opportunities of the century, but you wouldn't know by the people on this forum who were much more into laughing at others and saying "I told you so". I think it's pretty apparent who had the last laugh.
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Old 02-21-2023, 12:43 PM
 
Location: Boise, ID
1,095 posts, read 821,766 times
Reputation: 2782
Quote:
Originally Posted by aslowdodge View Post
But rooting for failure has the flip side of making home ownership more viable for people other than the 1 percenters does it not?
Housing needn't be a zero-sum equation. I get why homeowners think they are "winning" by rapid increases in their home value, and conversely why declines are viewed as losing. Yet this demonstrates a scarcity mindset that really makes everyone worse off.

You have to live somewhere, so if your house increases rapidly in value it doesn't really do you any good unless you plan to downsize or relocate (and to be frank I'm not really interested in accommodating the desires of speculators). But it does drive up the COL for everyone else, which makes goods and services more expensive, and makes it increasingly difficult to recruit and retain teachers and other public servants. The net effect is an overall decline in quality of life.

On the other hand, when cities accommodate growth via sound urban planning (dense walkable neighborhoods and public transit, not urban sprawl) it's a win for everyone. It increases socioeconomic diversity (not just Tech Bros) and keeps the city affordable and vibrant. Artists can actually afford to live there, which has been in rapid decline in SF since the late 90s. This doesn't mean homeowners are holding a depreciating asset, though perhaps the value (and the rental potential) doesn't increase quiet as much, but the trade-off is a more livable city with a better quality of life.
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Old 02-22-2023, 08:05 AM
 
Location: OC
12,926 posts, read 9,684,481 times
Reputation: 10694
Quote:
Originally Posted by aslowdodge View Post
But rooting for failure has the flip side of making home ownership more viable for people other than the 1 percenters does it not?
'


You moved to Georgia for a better quality of life right? There's actually affordable housing for lower income folks in SF. Whether people have the wherewithal to take advantage of it is on them. Not everyone gets to live in SF, NYC or Paris. That's just a fact of life.
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