? about property values

Chadly

Chadly

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Camp Lejeune, NC
For the last 2 years property value in CA has been dropping. Is this something that is going to continue or is it safe to say they will start to go back up?

I found a house I want to buy. It says its bank owned and the taxable value on it is 204K in 2007 and 196K in 2008. The asking price is 125K. Does this mean it will appraise at about 200?

The thing is I will most likely be moving again in 2-3 years and have to sell. I dont want to buy a house if its going to lose value, but if it will appraise at 200 and I buy it for 125 or less I can handle loosing a little value. I will still have that instant equity.

This is only my 2nd time buying a house so I am still a little bit of a rookie. Hopefully some one here is realestate savy and can give me some good advice.
 
I'm not Real Estate speculator, but even I can see property in the Independent Republik or Kalifornia ain't going up any time soon...

I've seen so many california plated vehicle behind U-Hauls going East on I-80 since I got back home, it's not even funny.

Then again... Once the state gets bailed out... you never know.
 
This is the big question right now.

Personally, I think prices are going to stabilize, then fall again.
Two reasons. Housing prices are still over-inflated. And I expect interest rates to sky rocket in the next couple years. The cheap money was helping inflate the housing prices, if we're looking at 10%, 20%, or maybe even higher interest rates, money is going to be hard to come by, and too few dollars chasing too many goods mean prices have to fall.

With that said, it might be a good idea to lock in one of these low interest rates while they still exist.
 
Very true, I was quoted at qualifying for 4.75% for 30 year fixed. If all else fails I can rent it out when it comes time to PCS.

I really hope you guys are wrong, and it will start to rise again.
 
California is doomed. You're better off buying in another state that is still stable...like here in WA :-D

and you can get many houses for cheap as long as you don't live in seattle or near microsoft. Then again my monthly payment on my house is 1300 a month
 
Chadly, buy, buy, buy! If you stay onpost or rent you are throwing away your BAH everymonth, I just bought, when I move in three years i will sell and get back majority of the money I spent on my mortgage. use the money you got back as a down payment on the next house, and keep doing that.
 
Yeah thats what I did in NC after my 2nd deployment. Bought it and sold it 1 1/2 years later and made 17K.

I am worried that the values will hit rock bottom and I will be doing good to break even when I sell it 2-3 years from now. But If I start with 70K+ in equity I dont think I could go wrong. But if I was to buy a house close to the appraised value I stand a better chance of taking a stiff one in the ass.

Do they base the taxable value on the appraisal value? I think thats how it works but want more clarification on it. Dont want to talk to the realtor with out knowing my stuff.
 
taxes are based on what the county thinks your house is worth - usually based on comparable sales in the area... If you buy your house at 125 - then you will be bringing down the comps in your area... But, if 10 other houses have sold for 200,000 than yours is going to be taxed at pretty much 200,000.

Don't forget the great tax write off your interest and property taxes are... that is something else to consider when buying a house.

And, if you do end up renting it at the end, if you make it a 'business' - your rental, you can write off any losses you might have if your property decreases in value.
 
Thats true. I should have thought about that. I was in charge of the base tax center for Camp Lejeune last year. Thank you for your input! This house is below average for the area and comparable houses.
 
$125000 here would buy me a house and a few acres......... Yes it is in the corn fields....but my house payment is 345/month.....taxes are 750/yr.......yes I have to drive 25 miles to a walmart /any form of entertainment.... but I ride my 4-wheeler around town and do what I want when I want.
 
^^any houses for sale in that area...i need something away from neighbors that bitch and complain about me...the cops were here friday and saturday night, i wasn't even home the whole time considering i worked friday night til 1 am and got home around 2 and saturday i didnt get home until 1130 yet the cops were still called for noise complaints. everything was kept indoors and you could talk over the music in the background so i know it wasnt loud outside.
 
IllinoisMarkVIII said:
$125000 here would buy me a house and a few acres......... Yes it is in the corn fields....but my house payment is 345/month.....taxes are 750/yr.......yes I have to drive 25 miles to a walmart /any form of entertainment.... but I ride my 4-wheeler around town and do what I want when I want.
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LMAO, sounds like where I live. Only we take the gator out cruising. I'm the only one around that back roads in a lincoln:)
 
TicTacTone said:
^^any houses for sale in that area...i need something away from neighbors that bitch and complain about me...the cops were here friday and saturday night, i wasn't even home the whole time considering i worked friday night til 1 am and got home around 2 and saturday i didnt get home until 1130 yet the cops were still called for noise complaints. everything was kept indoors and you could talk over the music in the background so i know it wasnt loud outside.
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Haha ya the people that call noise complaint around here are all Muslims...nobody else..just them....but yet when they ppound on your door they sound like Frankenstein
 
foxpaws said:
taxes are based on what the county thinks your house is worth - usually based on comparable sales in the area... If you buy your house at 125 - then you will be bringing down the comps in your area... But, if 10 other houses have sold for 200,000 than yours is going to be taxed at pretty much 200,000.

Don't forget the great tax write off your interest and property taxes are... that is something else to consider when buying a house.

And, if you do end up renting it at the end, if you make it a 'business' - your rental, you can write off any losses you might have if your property decreases in value.
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Your spot on foxpaws. ;)

I have had two homes in my area since 87.

Renting proptery can have its headaches but you come out in the end.
Make sure you check what your non-homestead tax would be if you plan on renting, areas can be very high, the tax will kill you.


Here housing is at rock bottom prices.
Foreclosed homes can be had for well under a 100k
Same with interest rates....rock bottom.
All point to a great time to buy.
Tax values for 2010 have droped 30k up to 60k.
I would buy in a heartbeat.
 
Thanks to everyone who contributed to my questions. You have really helped me make a big decision. Its not every day you decide to buy a house.

To the rest of the trolls that are just wasting everyones time, if you cant contribute to the OP's questions why dont you just shut the fuk up. Seriously. What good are these comments:

PetesSweets86 said:
California is doomed. You're better off buying in another state that is still stable...like here in WA :-D

and you can get many houses for cheap as long as you don't live in seattle or near microsoft. Then again my monthly payment on my house is 1300 a month
Click to expand...


PetesSweets86 said:
Haha ya the people that call noise complaint around here are all Muslims...nobody else..just them....but yet when they ppound on your door they sound like Frankenstein
Click to expand...

IllinoisMarkVIII said:
Muslims????????? Not allowed here
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I understad trying to boost your post count, but dont do it in my threads when I have a serious question and ttrying to make one of the biggest decisions of my life.
 
you do realize my first comment was intended for your thread...saying to ditch california and move elsewhere.
 
You do realize that's not an option for someone who has dedicated thier life to defending your freedom, and risking thier life for douchebags who just run thier sucks in forums without actually contributing any usefull information.
 
Chadly said:
You do realize that's not an option for someone who has dedicated thier life to defending your freedom, and risking thier life for douchebags who just run thier sucks in forums without actually contributing any usefull information.
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defending my freedom? What freedom? most of them have been taken away....even the fun of getting on a plane.
Risking life, I have nothing against soldiers but you signed up for the job....they are reprocussions and dying in war has been known of since man could kill another man. Hell if you're a cop...you gotta know the reprocussions of your job is that you might be shot at, people will give you :q:q:q:q, and the chance of beign in a crash which can cause serious neck trauma.

I never said you have to defend my so called "rights" and I don't expect you to think I'll defend yours as well. This country has grown to "every man for himself", "dog eat dog world", and "survival of the fittest"

really if anything I'd rather live in Europe....which might be a possibility if the country hits rock bottum.
 
I wish you would move to Europe, even Canada. You dont deserve to live in America. You dont deserve to call yourself an American. Your a fuking troll that should be banned from LVC for sheer stupidity. You contribute nothing and depreciate anything others do contribute.
 
Chadly said:
I wish you would move to Europe, even Canada. You dont deserve to live in America. You dont deserve to call yourself an American. Your a fuking troll that should be banned from LVC for sheer stupidity. You contribute nothing and depreciate anything others do contribute.
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Now now soldier don't get all upset, you should take time to cool off :-D

And bgtw, I was born in America...not like I had a choice.

camouflage-protecting-men-from-honey-dos-since-1902-demotivational-poster.jpg
 
First of all, I am not a Soldier, I am a Marine. Dont insult me again. Second, you have the choice to get the fuk out of this country if you dont like it. And thats a pick of a soldier (Army) incase you dont know the difference dumbass.
 
Chadly said:
First of all, I am not a Soldier, I am a Marine. Dont insult me again. Second, you have the choice to get the fuk out of this country if you dont like it. And thats a pick of a soldier (Army) incase you dont know the difference dumbass.
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And you know the Marines is the Navy...so should I call you a Seaman? or just a Navy officer?

You are a soldier:

A soldier is a general English term that refers to a member of a land component of national armed forces.

And yes I do have a choice but i'd rather take care of family here until the country becomes too retarded and then I'll move to Sweden, Germany, Italy, or Spain :-D

halt_hammerzeit.jpg
 
The U.S. Marine Corps is a department of the navy (the mens department LOL) not the navy. We are not just a land component, we are amphibious. In 1775 the continental congress authourized 2 battalions of Marines to provide security for the navy ships. Since we are the roughest toughest mofos out there, we are used in land opperations too. Dont try to tell me about the Corps, you know nothing about it.

Congratulations jackass, you are the first to be put on my ignore list.
 
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