October 13, 2013

More of you are Priced Out For-EVEH!!!!!!

And now for some Totally Obvious News for Anyone Who’s Been Paying Attention, courtesy of the San Jose Mercury News (nickname: Adventures in Irrelevance).

Many first-time buyers shut out of Bay Area housing market

131012-pricedout-proudBy Pete Carey, San Jose Mercury News
POSTED:   10/06/2013 04:00:00 AM PDT, UPDATED:   10/07/2013 03:59:42 PM PDT

As the peak homebuying season ends, months of rising prices, tight inventory and competition from investors have left many would-be first-time buyers on the sidelines.

Prices are up an astonishing 31.7 percent in August from a year ago for all types of homes in the nine-county Bay Area, and for moderate-income buyers that represents a growing hurdle.

And the slice of home sales for less than $500,000 has dropped from a combined 59.1 percent to 42.2 percent in August in Contra Costa, Alameda, San Mateo and Santa Clara counties, according to real estate information company DataQuick. Homes under $300,000 are down from a combined 29.7 percent in the four counties to 15.2 percent.

See the proud homedebtor in the piccie above? He got himself a house.  In Hayward, City of Diversity. And lately we’ve been seeing ads for new homes in Mountain House.  Not Mountain View, Mountain House.  Mountain House is what people in Livermore point to when asked where the “exurbs” are,  Extra chuckle points to whatever robot put that page together calling San Ramon a “nearby community.”  Sure, just like Prunedale is “nearby” Almaden Valley.

Just as there is nothing wrong with any house that price cannot fix, there is nothing wrong with any price that distance cannot fix either. It’s just that some of you are going to have to buy in Turlock.

This is not only your Weekend Open Thread, it may have to do for the entire week. Tune in tomorrow and find out if there’s going to be a new edition of Burbed or not!

Comments (8) -- Posted by: madhaus @ 7:04 am

8 Responses to “More of you are Priced Out For-EVEH!!!!!!”

  1. Allsi Says:

    Please don’t leave us Madhouse!

  2. maryjane Says:

    Don’t tease, Madhaus. You know this is what we all live for.

    Prices are skyrocketing in SF. I bought a little over two years ago and the prices on my street are up by more than not a lot of money. As used to these prices as I am I would feel stupid if I paid what it would currently sell for. The people who are buying can pay cash and above asking and then do a total renovation before they move in, even though the house is perfectly fine. It’s bizarre.

  3. rickety Says:

    “it may have to do for the entire week. Tune in tomorrow and find out if there’s going to be a new edition of Burbed or not!”

    Say it isn’t so!

  4. Real Estater Says:

    maryjane,

    Looks like you were a convert after all. Not sure what you were bickering about 2 years ago.

  5. Real Estater Says:

    For those who are not aware, Mountain House is like Tracy+. It’s a little closer than Tracy, and homes are a little nicer. As I said 2 years ago, that neck of the woods has good potential. If you bought, you’d be rich now.

  6. Real Estater Says:

    Don’t laugh at the guy who bought in Hayward. He does not have to deal with the rental market anymore, which is a real benefit. Who would have thought Oakland is such hot commodity these days. Well, Hayward is safer than Oakland for not a lot of money. More and more people will look there as other parts of the East Bay becomes out of reach. Fremont is already out of reach for many first time buyers.

  7. maryjane Says:

    RE – I’m feeling the love. It’s nice to hear from you again.

    I wasn’t planning to move but I found a slightly smaller house with great bones in a slightly better area and it was too irresistible to pass up. As it turns out I hit the bottom of the market but I could have just as easily followed it down. There’s no way I’m as confident as you that prices can only go up. There has to be a breaking point. For now I feel lucky. We’ll see how I feel when the revolution comes.

  8. dollarbin Says:

    Mountain House! It’s like some engrish fever dream of Silicon Valley, only a quick freeway hour (or two) commute from Google. They’ve even transplanted Miramonte at Cuesta to Miramonte at Questa.


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