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startingout
ParticipantOur household is me and my husband (both 25 yo), no kids, 1 cat. 🙂
I make about $32k as an Executive Assistant, my husband is a rock crusher service tech, and brings home about $60k, so $92k total.
Currently renting 2bd/1.5ba apt for $1,300 in Riverside. Believe it or not that’s cheap rent for Riverside. Both have 401k’s at 10%, and a little cash savings.
Hopefully not too bad for a couple of youngins.
ParticipantMaybe he plans on living in this home for the rest of his life, come hell or highwater. Even if he took a paycut or changed careers, he could still afford his mortgage.
Maybe he didn’t buy it to make money off of it or improve his portfolio- maybe he bought it to live in.
I too think that this market is insane, but not because if I were to buy a house tomorrow it would cramp my wallet’s style. I think it’s insane because it’s putting the security of owning a home out of reach for our next generation.
ParticipantMaybe he plans on living in this home for the rest of his life, come hell or highwater. Even if he took a paycut or changed careers, he could still afford his mortgage.
Maybe he didn’t buy it to make money off of it or improve his portfolio- maybe he bought it to live in.
I too think that this market is insane, but not because if I were to buy a house tomorrow it would cramp my wallet’s style. I think it’s insane because it’s putting the security of owning a home out of reach for our next generation.
Participantibjames, thank you for making me feel normal on this forum with your last post. 🙂 As for trying to save money, I hear ya, and trying is the operative word there. I mean, we are saving, but the rate we would need to save at to get to $100k in a few years is ridiculous- I can tell ya that cutting out cable wouldn’t get me there any quicker. Living in a cardboard box for 5 years might, though!
I have to agree, looking at the people I know (who cover a large spectrum actually, ranging from Harvard law to high-school dropout, but mostly comprising of us Joe 6-packs), I see few people (especially in their 20s) making the sort of money that a lot of people on here talk about.
It’s probably because a blog of Piggington’s nature doesn’t really appeal to most Joe 6 packs, so they don’t really get a good representation on here.
Participantibjames, thank you for making me feel normal on this forum with your last post. 🙂 As for trying to save money, I hear ya, and trying is the operative word there. I mean, we are saving, but the rate we would need to save at to get to $100k in a few years is ridiculous- I can tell ya that cutting out cable wouldn’t get me there any quicker. Living in a cardboard box for 5 years might, though!
I have to agree, looking at the people I know (who cover a large spectrum actually, ranging from Harvard law to high-school dropout, but mostly comprising of us Joe 6-packs), I see few people (especially in their 20s) making the sort of money that a lot of people on here talk about.
It’s probably because a blog of Piggington’s nature doesn’t really appeal to most Joe 6 packs, so they don’t really get a good representation on here.
ParticipantPrices are holding, inventory is dropping, but sales volume is still dropping. That means sellers are giving up selling and trying to hunker down.
In Riverside county at least, where I am tracking active inventory, sales, and % of inventory that I can afford, inventory is actually increasing. It doesn’t look like it’s increasing as quickly as it was this time last year, but it’s still definitely on a significant rise. Sales are indeed down again this month, and are at the lowest point they have been in at least two years. Prices seem to be holding, but shakily.ParticipantPrices are holding, inventory is dropping, but sales volume is still dropping. That means sellers are giving up selling and trying to hunker down.
In Riverside county at least, where I am tracking active inventory, sales, and % of inventory that I can afford, inventory is actually increasing. It doesn’t look like it’s increasing as quickly as it was this time last year, but it’s still definitely on a significant rise. Sales are indeed down again this month, and are at the lowest point they have been in at least two years. Prices seem to be holding, but shakily.ParticipantGreat thread, I’ve thoroughly enjoyed reading everyone’s comments.
A question though- in this thread the seller’s side of the equation (and how it will affect the upcoming months and year) seems to have been thoroughly examined. What about the buyers? I agree that must-sell inventory will dominate or even dictate the market, but what about the effect of the low percentage of first-time homebuyers who can actually afford to purchase a home in this market (even if it is a must-sell home)?
It would seem to me that must-sell inventory and the potential pool of buyers would dictate the market- how can the must-sell inventory be sold if there are few buyers who are able to purchase?
ParticipantGreat thread, I’ve thoroughly enjoyed reading everyone’s comments.
A question though- in this thread the seller’s side of the equation (and how it will affect the upcoming months and year) seems to have been thoroughly examined. What about the buyers? I agree that must-sell inventory will dominate or even dictate the market, but what about the effect of the low percentage of first-time homebuyers who can actually afford to purchase a home in this market (even if it is a must-sell home)?
It would seem to me that must-sell inventory and the potential pool of buyers would dictate the market- how can the must-sell inventory be sold if there are few buyers who are able to purchase?
May 3, 2007 at 1:46 AM in reply to: Foreigner’s credit history checked for visa renewal or green card #51667ParticipantI am a USC, and my husband has had his Green Card for two years. Luis is right, they check your DMV records, taxes, criminal record, but not your credit history. But if a creditor has filed legal action against a permanent resident, maybe they check it at that time. Otherwise, credit history has asbsolutely nothing to do with getting a green card.
May 2, 2007 at 3:18 PM in reply to: Foreigner’s credit history checked for visa renewal or green card #51642ParticipantI’m curious about where you found this information. My husband is an Irish national with a Green Card, and neither his or my credit was checked by the government.
April 10, 2007 at 9:58 AM in reply to: I am confused, pls help me on how much this home should be worth #49654ParticipantI’m not sure I see where these buyers are being “stupid.”
If the buyer managed to buy a house that’s worth $1.9 million (if that is really what it’s worth, just because someone paid that price for it in 2006 doesn’t mean it’s worth that price in 2007) for only $1.15 million (a difference of $750,000), I would call that person a savvy buyer.ParticipantMaybe it’s because of where I live (Inland Empire), or my age (25) but most of my friends would fall between $30K and $60K…I won’t state my personal income, but it’s in that range.
And maybe it’s because people with higher incomes tend to be more interested in a site like Piggington, but it seems like most people here are raking in the dough (at least compared to me).
So here’s how the other half lives, guys: most people I know, 25-35, with or without kids, have a credit card with a couple thousand bucks on it, two car loans (most pretty modest cars, with loans being in the $15,000 range), and just saving what’s left in the meager hope that maybe someday you’ll be able to afford a home so you don’t have to raise kids in an apartment. How do we make ends meet? Shop at Costco, buy clothes at Target or even WalMart, try not to eat out too often, cutting back everywhere you can. There are people in that age range that are going around in designer everything, expensive cars, etc., but they are deep, deep, depp in debt and haven’t even begun to think of the future.
I think for a lot of you it might feel like most people make over $100 K, and for you and your friends it’s probably true- but when you look at society as a whole, I think you’ll find that a $100K+ salary is not the norm.
ParticipantHalf of my family are in Ireland, as well. Not only is my brother-in-law engineer making absolutely loads of money, even relatives who work in other traditionally not-so-lucrative jobs (nannies and receptionists) have salaries and perks that are unheard of in the U.S. I know that for my particular profession, my starting salary in Ireland would be almost double what I make now (if you convert the Irish salary from Euros to dollars, and compare Irish wages in dollars to US wages in dollars). My husband made the same amount in Ireland working as a farm hand as he does here as a highly qualified rock crushing technician.
It’s not just Ireland’s engineering and IT sectors that are booming- it’s everything!
It’s true that cost of living is more expensive in Ireland (food, clothes, etc.), but their sky-high wages more than compensate for it.
And, at first glance, their housing market seems to be as ridiculously priced as ours. But then, take a look at the job boards (such as Irish Jobs.IE), and you’ll see that their wages are much more able to support their prices, while CA wages can in no way support CA prices.
The Irish have certainly gone through some absolutely terrible times, but for right now, it’s great to be a citizen of the Republic of Ireland.
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