I still got a good deal. I paid a good $100k less than ANYONE on my street. The seller bought at peak pricing, and ate the loss. He was a $$$$ investor dumping a lot of property, and wanted out, fast.
the cheapest house I have seen in my immediate neighborhood that is for sale is still priced 50k more than I paid.
there are amazing deals out here, but like another person pointed out, Spencer’s Crossing and stuff in that area, is a bit more remote and less convenient. for people with kids, Harveston is an ideal setting. parks, lake, pool facility, easy access to freeway, mall, and of course COSTCO!. plus it’s 5 min from my office. going home for lunch is hard to beat.
i bet things will still slide down. i’m just not so sure how far.
ultimately, these houses are worth what they will rent out for. so while prices may come down, i don’t see prices falling so low that you could buy one for less than you could rent if for…. someone correct me if i’m wrong…but if you can figure out roughly what a hosue SHOULD rent for, can’t you ultimately determine the bottom line range of what it could sell for – assuming it went to investors who would rent it out?
assume a hous would rent for 1800-2000 – what’s it’s “value”…..wasn’t there a formula that houses are worth 200x the rent or something…
