Why the higher-end market is a little sluggish compared to the rest? It’s because $2,000,000 still doesn’t buy you much in the tonier parts of town:
Horse Community
by Jim the Realtor | May 1, 2013 | Bubbleinfo TV, Rancho Santa Fe | 3 comments
by Jim the Realtor | May 1, 2013 | Bubbleinfo TV, Rancho Santa Fe | 3 comments
Why the higher-end market is a little sluggish compared to the rest? It’s because $2,000,000 still doesn’t buy you much in the tonier parts of town:
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Rancho Santa Fe fire captain dies of complications from COVID-19 https://thecoastnews.com/rancho-santa-fe-fire-captain-dies-of-complications-from-covid-19-2/
Gibson, Ford, Brock, Seaver, Kaline, Morgan, Niekro, Lasorda, Sutton and now Hammerin Hank. We’ve lost some of the greatest to ever do it this year. @TommyLasorda is gonna have a hell of a roster to manage up there. #RIPLegends
Comments on December Existing Home Sales https://www.calculatedriskblog.com/2021/01/comments-on-december-existing-home-sales.html The delay in the buying season has pushed the seasonally adjusted number to very high levels. For example, this number of sales, (NSA) in July, would have given a 5.3 million, as opposed to 6.76 million SAAR.
There is no compelling leader to command and direct the real estate community, and I’ll live with that.
But to have the assumed leader – the local president of the association of realtors – give wrong advice in the main newspaper is ridiculous and makes us all look bad:
http://www.utsandiego.com/news/2013/may/01/homebuyers-afford-mortgage-prequalify-home-loan/
Buy a house for 1.5x your annual income?
I don’t see anyone making $200,000 a year buying a $300,000 house.
The rule of thumb has ALWAYS been 2.5 to 3.0 x annual income, depending on down payment, and with rates so low it should be even higher today.
In So CA people buy (lease) cars that are 1x income! Homes have to be 4-5x income right now, or at least the loan amount after down payment. Working couple makes 200k a year, buys 1M$ home with 200k down and carries 800k loan at 4%. Its a stretch but what do you do?
Now the C.A.R. has picked up the local article and is running it on its website, espousing our president’s view that you should buy 1.5x your income.
http://www.car.org
We look like clowns in the circus.