http://biz.yahoo.com/brn/070208/21029.html?.v=1&.pf=real-est...
Interesting article and applies to a lot of what is going on in California.
I guess we already made the move with no equity and that was a pretty sweet move. I can imagine with our equity it would be even sweeter. Where where where is the neverending question.
Brings up a good point of salaries not always being parallel to housing costs.
Also brings up the point that home equity is mostly tax-free money. I am well aware in a state where if I won $1 mil I would only get to keep half of it, that that equity money is extra lucrative from a tax standpoint.
I would do it again - move somewhere cheaper. Odds are we will sometime again. Now is just not the time for us. Today we stand that we are happy with our home, our job, our friends, our locale, our proximity to family. So even with $400k tax-free equity, it just isn't that lucrative, and having seen the equity rise and fall I am not too attached. But I wouldn't be surprised is we reach a point in our life where we are ready to move. We kind of left it as something to discuss when my boss retires. See what my options are, where we stand, how well we could be if we moved, where our family is as they all are itching to spread out anwyay, etc. But in the meantime the talks are off the table, we are happy and staying. But I know it will come up again down the road.
Interesting article and applies to a lot of what is going on in California.
I guess we already made the move with no equity and that was a pretty sweet move. I can imagine with our equity it would be even sweeter. Where where where is the neverending question.
Brings up a good point of salaries not always being parallel to housing costs.
Also brings up the point that home equity is mostly tax-free money. I am well aware in a state where if I won $1 mil I would only get to keep half of it, that that equity money is extra lucrative from a tax standpoint.
I would do it again - move somewhere cheaper. Odds are we will sometime again. Now is just not the time for us. Today we stand that we are happy with our home, our job, our friends, our locale, our proximity to family. So even with $400k tax-free equity, it just isn't that lucrative, and having seen the equity rise and fall I am not too attached. But I wouldn't be surprised is we reach a point in our life where we are ready to move. We kind of left it as something to discuss when my boss retires. See what my options are, where we stand, how well we could be if we moved, where our family is as they all are itching to spread out anwyay, etc. But in the meantime the talks are off the table, we are happy and staying. But I know it will come up again down the road.
February 9th, 2007 at 06:57 pm 1171047468
February 9th, 2007 at 07:54 pm 1171050885
February 9th, 2007 at 09:27 pm 1171056424
February 10th, 2007 at 04:06 am 1171080414
February 10th, 2007 at 05:10 pm 1171127441
So we moved to Sacramento in 2001 and paid around $280k for our dream house, sold our little condo (1/2 the size anyway - no garage - no laundry - no yard - only 1 parking space actually!!!) - we sold it for $300k. We had saved the down payment on the new home and owned both for a while so when we finally sold the condo we got our original payment back out. We didn't really make any equity though - enough to cover realtor fees. So I know everyone assumes we have a lot of cash from equity - no we actually saved a ton back then. We put our condo on the market like the day before 9/11 and we lost $100k equity. We were originally planning to only take a $100k mortgage here but we have $200k instead.
We decided to go through with it - still eons ahead. We bought a new home for about $280k with upgrades and by the time it was ready they were selling for $350k. We got in the first phase of the entire development (about 5 home builders) and before they were all built our house was worth $500k. It is insane. PEaked around $650k and seems to have settled around $600k.
We really lucked out in timing though I just saw our condo was worth $450k - it would still be worth the move if we had waited. Today a fixer upper in san jose is about $700k minimum. We have talked about moving back home with all this equity (funny how when we left we figured it was permanent - we would never be able to break in - but instead we have come out ahead). But anyway, we could buy maybe 1/2 the house and double our property taxes - LOL - not gonna happen...
We LOVE it here.
February 10th, 2007 at 05:14 pm 1171127680