Asked by G, 91367 • Fri Jun 6, 2008
In SoCal, for example a townhome around 1500 sq ft that was selling for $150K in 2000 reached around $600K at its peak and now listing for around $450-$490K. Sellers and agents are thinking its huge drop. How many ppl can afford and willing to pay half-a-million $$ for a town home. Only ppl who are able sale their exsisting homw for a huge proft. How many can even afford 20% down? Most are tsruggling to make a 3%-5% down, thats the reality. Cost of living have gone up like crazy between 2000 and 2008 and we all know the gas price. make a $2200 mortgage and add around $300-$400 HOA plus tax plus PMI, you have a monthly payment of more than $3200.
A townhome listed in Woodland Hills for alomost a year for around $500K, now listing for rent at $2500, no tenant for 3 mos. reduced rent to $2200 and still no tenant.
If you can rent it for $2200 why to pay $3200 monthly payment to own and all the headaches to maintain and repair. The price will adjust to income. Wait!
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