Survey shows that 64% of Americans think this is an ideal time to buy a home

[britty 1]

I think we are going to see a hike in the conforming limit for major metro areas in the next four weeks. If anyone is thinking of buying in that timeframe, I would hold off. The conforming limit here in northern VA is $417,000, which essentially buys you jack. My Loans Manager friend thinks the confirming here will rise to $725,000.

Can you imagine the PITI payment on a $700,000 loan? Damn!

Not saying people can't afford it. Clearly, they can. But as one of those who can't....all I can say is DAMN!!

Yes the PITI is going to be fairly aggressive on a $700k loan !!! But, on the bright side, if the conforming raises and you can afford say $500k on a loan, then your 2nd and your MIP are but a bad memory. Even brighter, a new home, with an interest rate buydown is going to look even better in the monthly payment !!

[sj5 4]

My hubby bought a brand new home. (he has brand new home, new furnitures, & new wife )

Edited February 8, 2008 by SJ

[sj5 4]

I think we are going to see a hike in the conforming limit for major metro areas in the next four weeks. If anyone is thinking of buying in that timeframe, I would hold off. The conforming limit here in northern VA is $417,000, which essentially buys you jack. My Loans Manager friend thinks the confirming here will rise to $725,000.

Can you imagine the PITI payment on a $700,000 loan? Damn!

Not saying people can't afford it. Clearly, they can. But as one of those who can't....all I can say is DAMN!!

Yes the PITI is going to be fairly aggressive on a $700k loan !!! But, on the bright side, if the conforming raises and you can afford say $500k on a loan, then your 2nd and your MIP are but a bad memory. Even brighter, a new home, with an interest rate buydown is going to look even better in the monthly payment !!

####### $700K I rather we live in tent than to pay a loan in our whole life time.

[GaryC 7]

I think we are going to see a hike in the conforming limit for major metro areas in the next four weeks. If anyone is thinking of buying in that timeframe, I would hold off. The conforming limit here in northern VA is $417,000, which essentially buys you jack. My Loans Manager friend thinks the confirming here will rise to $725,000.

Can you imagine the PITI payment on a $700,000 loan? Damn!

Not saying people can't afford it. Clearly, they can. But as one of those who can't....all I can say is DAMN!!

Yes the PITI is going to be fairly aggressive on a $700k loan !!! But, on the bright side, if the conforming raises and you can afford say $500k on a loan, then your 2nd and your MIP are but a bad memory. Even brighter, a new home, with an interest rate buydown is going to look even better in the monthly payment !!

You guys should really consider moving to the mid-west. $700k is insane!!! I am looking at 3-4 BR 2-2 1/2BA 1700sq.ft. homes in good neighbourhoods for 125K.

[mawilson 2,133]

You guys should really consider moving to the mid-west. $700k is insane!!! I am looking at 3-4 BR 2-2 1/2BA 1700sq.ft. homes in good neighbourhoods for 125K.

I wish $700k was insane. Here it doesn't even buy a decent 1 bedroom apartment.

For the sort of apartment (in the city) that we want, we're currently looking at $1.2M+.

[Fandango 1,439]

Yes, it's a GREAT time to buy! Woot!

[sj5 4]

You guys should really consider moving to the mid-west. $700k is insane!!! I am looking at 3-4 BR 2-2 1/2BA 1700sq.ft. homes in good neighbourhoods for 125K.

I wish $700k was insane. Here it doesn't even buy a decent 1 bedroom apartment.

For the sort of apartment (in the city) that we want, we're currently looking at $1.2M+.

Don't forget me on your warming house. ....just kidding..

[GaryC 7]

You guys should really consider moving to the mid-west. $700k is insane!!! I am looking at 3-4 BR 2-2 1/2BA 1700sq.ft. homes in good neighbourhoods for 125K.

I wish $700k was insane. Here it doesn't even buy a decent 1 bedroom apartment.

For the sort of apartment (in the city) that we want, we're currently looking at $1.2M+.

How is something like that even remotely be in reach for the average person? You would have to make 200k/year! Are wages in those markets that high?

[Alex+R 0]

You guys should really consider moving to the mid-west. $700k is insane!!! I am looking at 3-4 BR 2-2 1/2BA 1700sq.ft. homes in good neighbourhoods for 125K.

I wish $700k was insane. Here it doesn't even buy a decent 1 bedroom apartment.

For the sort of apartment (in the city) that we want, we're currently looking at $1.2M+.

How is something like that even remotely be in reach for the average person? You would have to make 200k/year! Are wages in those markets that high?

Yep.

[GaryC 7]

You guys should really consider moving to the mid-west. $700k is insane!!! I am looking at 3-4 BR 2-2 1/2BA 1700sq.ft. homes in good neighbourhoods for 125K.

I wish $700k was insane. Here it doesn't even buy a decent 1 bedroom apartment.

For the sort of apartment (in the city) that we want, we're currently looking at $1.2M+.

How is something like that even remotely be in reach for the average person? You would have to make 200k/year! Are wages in those markets that high?

Yep.

I wonder, does my 70K job in Peoria give me the same standard of living as someone that lives in NYC and makes 200K?

I live very well on that.

[Ban Hammer 13,360]

You guys should really consider moving to the mid-west. $700k is insane!!! I am looking at 3-4 BR 2-2 1/2BA 1700sq.ft. homes in good neighbourhoods for 125K.

I wish $700k was insane. Here it doesn't even buy a decent 1 bedroom apartment.

For the sort of apartment (in the city) that we want, we're currently looking at $1.2M+.

How is something like that even remotely be in reach for the average person? You would have to make 200k/year! Are wages in those markets that high?

Yep.

I wonder, does my 70K job in Peoria give me the same standard of living as someone that lives in NYC and makes 200K?

I live very well on that.

and a lot less problems with crowds.

[Jasman0717 9]

There is about three billion dollars in defaulted property in one area of California alone so maybe you can make a deal with the banks to help them cut their losses.

[mawilson 2,133]

I wonder, does my 70K job in Peoria give me the same standard of living as someone that lives in NYC and makes 200K?

I live very well on that.

Probably higher in Peoria. $200k doesn't go a long way in NYC.

[britty 1]

In my neighborhood, a decent home is $1m. Take it or leave it. As housing is the biggest expense here, the salaries have to fall in line. However, I do believe that a higher standard of living must be achieved from having a much lower priced home and a reasonable salary. We do plan to give up the ridiculously expensive metro area living at some point, but right now it suits for a whole host of reasons. I don't think I will miss it actually and am really looking forward to a little farm with chickens and possibly a couple of ponies....

[Alex+R 0]

I wonder, does my 70K job in Peoria give me the same standard of living as someone that lives in NYC and makes 200K?

I live very well on that.

Probably higher in Peoria. $200k doesn't go a long way in NYC.

From Salary.com:

The cost of living in New York, NY is 169.9% higher than in Peoria, IL. Therefore, you would have to earn a salary of $188,895 to maintain your current standard of living. Employers in New York, NY typically pay 19.2% more than employers in Peoria, IL. Therefore, if you take the same type of job in the same type of company in New York, NY you are likely to earn $83,461.