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Bay Area house prices fall again, reporters desperately try to spin the decline to please NAR
invite response
2019 Dec 21, 9:35am 936 views 15 comments
Comments 1 - 15 of 15 Search these comments
1
mell
2019 Dec 21, 11:57am
Absolutely and it started 2 years ago despite the stock market going up. SF bay has been messed up by its corrupt leftist kleptocrats.
2
Ceffer
2019 Dec 21, 12:04pm
Ceffer
2019 Dec 21, 12:04pm
If you pay the $3.5 million for our listed 900 sq. ft. crapshack in Cupertino, the bribes to get your children into Harvard or Stanford are included in the sales price!
3
MisdemeanorRebel
2019 Dec 21, 12:47pm
MisdemeanorRebel
2019 Dec 21, 12:47pm
If I owned a typical SFH in the area and was thinking of leaving in the next decade, I'd sell now and rent until it's time to go.
Tech Companies are not only expanding out of SFBA, I have a feeling they're stealth relocating jobs elsewhere.
The next recession or industry claw back is going to result in belated demands for Big Tech to turn a profit. This time it will make a difference whether a company has 100 IT people making $150k/year in SFBA, or $100k/year in Austin/San Antonio - not to mention the huge difference in commercial/office space and other costs of doing business. Projects will be rapidly outsourced elsewhere.
Tech Companies are not only expanding out of SFBA, I have a feeling they're stealth relocating jobs elsewhere.
The next recession or industry claw back is going to result in belated demands for Big Tech to turn a profit. This time it will make a difference whether a company has 100 IT people making $150k/year in SFBA, or $100k/year in Austin/San Antonio - not to mention the huge difference in commercial/office space and other costs of doing business. Projects will be rapidly outsourced elsewhere.
4
SunnyvaleCA
2019 Dec 21, 1:20pm
TrumpingTits says
That first $10k is already taken by the state income taxes. The marginal deduction (increase) for the property taxes is $0.
That said, the $20k standard deduction for married couples is going to be great for almost all married couples living in flyover country.
As a single person I only get $10k standard deduction. However, the less aggressive AMT schedule actually saved me money even so. As an added bonus, I don't have to itemize deductions, which means I don't have to track down and document the various deductible items.
Only being able to write off $10k of a $25k property tax bill from your annual federal income taxes probably has...oh..."something"...to do with falling prices too, I'd wager.
That first $10k is already taken by the state income taxes. The marginal deduction (increase) for the property taxes is $0.
That said, the $20k standard deduction for married couples is going to be great for almost all married couples living in flyover country.
As a single person I only get $10k standard deduction. However, the less aggressive AMT schedule actually saved me money even so. As an added bonus, I don't have to itemize deductions, which means I don't have to track down and document the various deductible items.
5
SunnyvaleCA
2019 Dec 21, 2:29pm
TrumpingTits says
Was that attributable to $20k married deduction or AMT or something else?
SunnyvaleCA saysThat said, the $20k standard deduction for married couples is going to be great for almost all married couples living in flyover country.
I don't own, live in Calizuela and it is already great for us! I actually saw a tax cut.
Was that attributable to $20k married deduction or AMT or something else?
6
Ceffer
2019 Dec 21, 2:50pm
Ceffer
2019 Dec 21, 2:50pm
TrumpingTits says
Braggart. You'll start sending care packages to overtaxed, exasperated Californians next.
I don't own, live in Calizuela and it is already great for us! I actually saw a tax cut.
Braggart. You'll start sending care packages to overtaxed, exasperated Californians next.
7
B.A.C.A.H.
2019 Dec 21, 3:51pm
B.A.C.A.H.
2019 Dec 21, 3:51pm
Back in the day, an (obnoxious) car salesman told me how I'd save money by financing the car, because the loan interest was tax deductible.
When I told him that I never save money by borrowing money, he got condescending and lost the sale. I turned out not making the purchase from him (or anyone else) except a cash purchase from an individual for an old beater.
Sure enough a couple of years later Graham-Rudman or some other "reform" became law and the interest deduction was phased out.
Just like the obnoxious ®ealtors 'splain'n to me the "cost" vs "out of pocket cost" because of the various assumptions about tax deductions.
F*ck them all.
When I told him that I never save money by borrowing money, he got condescending and lost the sale. I turned out not making the purchase from him (or anyone else) except a cash purchase from an individual for an old beater.
Sure enough a couple of years later Graham-Rudman or some other "reform" became law and the interest deduction was phased out.
Just like the obnoxious ®ealtors 'splain'n to me the "cost" vs "out of pocket cost" because of the various assumptions about tax deductions.
F*ck them all.
8
Patrick
2019 Dec 21, 3:56pm
Patrick
2019 Dec 21, 3:56pm
B.A.C.A.H. says
It's stunning how many people believe that you "save" money by paying interest.
I try to be patient and explain that paying interest is a higher cost than not paying interest.
Still, half the time I can tell that it didn't sink in.
"But this one goes to 11!"
salesman told me how I'd save money by financing the car, because the loan interest was tax deductible
It's stunning how many people believe that you "save" money by paying interest.
I try to be patient and explain that paying interest is a higher cost than not paying interest.
Still, half the time I can tell that it didn't sink in.
"But this one goes to 11!"
9
Shaman
2019 Dec 21, 4:03pm
Shaman
2019 Dec 21, 4:03pm
Patrick says
If a write off is all you want, why not donate to charity? Or hell, donate to me! I will gladly give you 25% back as a “tax” refund!
It's stunning how many people believe that you "save" money by paying interest.
If a write off is all you want, why not donate to charity? Or hell, donate to me! I will gladly give you 25% back as a “tax” refund!
10
SunnyvaleCA
2019 Dec 21, 4:27pm
Patrick says
To be fair, getting a car loan at 5% and paying off credit cards that are costing 20% would be "saving money" from an economist's standpoint.
Getting a car loan at 5% so you can commute to a better paying job could get you out ahead of a low-paying job and public transportation.
If you are clever enough to trade in your old car the day before it has a major breakdown, you could be saving money too. (The hard part is figuring out just before it is going to break.)
B.A.C.A.H. sayssalesman told me how I'd save money by financing the car, because the loan interest was tax deductible
It's stunning how many people believe that you "save" money by paying interest.
I try to be patient and explain that paying interest is a higher cost than not paying interest.
Still, half the time I can tell that it didn't sink in.
"But this one goes to 11!"
To be fair, getting a car loan at 5% and paying off credit cards that are costing 20% would be "saving money" from an economist's standpoint.
Getting a car loan at 5% so you can commute to a better paying job could get you out ahead of a low-paying job and public transportation.
If you are clever enough to trade in your old car the day before it has a major breakdown, you could be saving money too. (The hard part is figuring out just before it is going to break.)
11
Patrick
2019 Dec 21, 5:35pm
Patrick
2019 Dec 21, 5:35pm
Sure best to get rid of credit card debt first, but I can't even get the simple point to stick: interest costs more than no interest.
12
Shaman
2019 Dec 21, 6:07pm
Shaman
2019 Dec 21, 6:07pm
Patrick says
If you have credit card debt, you should not be financing a car. Drive a beater and save money until you can get your finances under control and your cards paid off! Credit card debt is for LOSERS!
Sure best to get rid of credit card debt first, but I can't even get the simple point to stick: interest costs more than no interest.
If you have credit card debt, you should not be financing a car. Drive a beater and save money until you can get your finances under control and your cards paid off! Credit card debt is for LOSERS!
13
Shaman
2019 Dec 21, 6:09pm
Shaman
2019 Dec 21, 6:09pm
I’m driving the 19 year old car i bought years and years ago. My wife has the newer car.
I’m seriously considering saving up for the Tesla Cybertruck. That thing is incredibly bad ass! I love the cyber punk look, the durability, and it’s going to be the first truck ever that’s super cheap to drive.
I’m seriously considering saving up for the Tesla Cybertruck. That thing is incredibly bad ass! I love the cyber punk look, the durability, and it’s going to be the first truck ever that’s super cheap to drive.
14
SunnyvaleCA
2019 Dec 22, 2:43pm
TrumpingTits says
Looks like $12,400 for 2019 because the deduction is scaled with inflation.
SunnyvaleCA saysOops, I got the SALT limit ($10k) and the standard deduction ($12k or $24k for 2018) confused.Was that attributable to $20k married deduction or AMT or something else?
$24,800 deduction. It's $12,400 for individuals.
Looks like $12,400 for 2019 because the deduction is scaled with inflation.
15
B.A.C.A.H.
2019 Dec 22, 2:51pm
B.A.C.A.H.
2019 Dec 22, 2:51pm
®ealtors ought to love the price reductions as lower prices will result in more sales.
Of course the reporters really REALLY don't want to report this fact because real estate ads are the biggest revenue source for them these days, so they include tons of bullshit to please realtor scum:
"Demand still strong for limited supply of homes"
"could be bringing a modest correction"
"declining prices could be seen as a small market correction after years of soaring values"
"The trend lines for the region’s home sales still show strong demand and limited supply"
"Homes on the market are still selling quickly."
"Nancie Allen, an agent with MasterKey in Fremont, said tight inventory is limiting buyer choices, and homes priced competitively move quickly."
"Santa Clara County homes near tech companies remain popular with young, professional families"
"For homes in good school districts “the market is still pretty hot,” Wong said."
Jeez, the article is 10% fact and 90% realtor lies. But it's a start towards the truth that the Bay Area housing market will fall for many years to come.