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zzyzzx says
https://www.reddit.com/r/FirstTimeHomeBuyer/comments/zf7f8k/property_tax_explosion/
I got some jarring news from my mortgage company I was hoping to get insight on. My wife and I purchased our first ever home for $635,000.00. It had previously been owned for 30 years, so the taxes were capped around $3k despite a market value assessment of 350k. This was also our escrow amount.
The letter we received says that we now owe $10k in back escrow because the taxes increased to $11k a year and there were insufficient funds to cover it. Additionally, our monthly payment went up $700 because of the jump. This accounts for our homestead exemption.
My question is, is this right? It seems insane that homebuyers aren’t told their payments will j...
GNL says
zzyzzx says
https://www.reddit.com/r/FirstTimeHomeBuyer/comments/zf7f8k/property_tax_explosion/
I got some jarring news from my mortgage company I was hoping to get insight on. My wife and I purchased our first ever home for $635,000.00. It had previously been owned for 30 years, so the taxes were capped around $3k despite a market value assessment of 350k. This was also our escrow amount.
The letter we received says that we now owe $10k in back escrow because the taxes increased to $11k a year and there were insufficient funds to cover it. Additionally, our monthly payment went up $700 because of the jump. This accounts for our homestead exemption.
My que...
Oh, so that's what happens? So the longer the seller has owned the home, the larger the tax jolt will be to the buyer, correct? This is because the new tax amount will be calculated on the price the buyer pays vs. the price the seller originally paid?
Blue says
GNL says
zzyzzx says
https://www.reddit.com/r/FirstTimeHomeBuyer/comments/zf7f8k/property_tax_explosion/
I got some jarring news from my mortgage company I was hoping to get insight on. My wife and I purchased our first ever home for $635,000.00. It had previously been owned for 30 years, so the taxes were capped around $3k despite a market value assessment of 350k. This was also our escrow amount.
The letter we received says that we now owe $10k in back escrow because the taxes increased to $11k a year and there were insufficient funds to cover it. Additionally, our monthly payment went ...
The bigger issue is he paid $635K for a house with a market value assessment of $350k. I wonder if that was what the previous county assessment was or if that was what the appraisal was. If county assessment, then ok, what the fuck did he think was going to happen. It’s 1% of sale price plus .xx based on all the local add-ons and bullshit bonds and such.
RH CEO: 'The housing market is collapsing'
The house we're planning on building...
WookieMan says
The house we're planning on building...
It seems you've been planning on building this house for the last 2 years now. What's going on? Your wife makes over $300K? Seems you could easily have gotten it started even if you do have mortgage payments on another house.
Yes, tax amount get rest at next purchase price. CA 1978 prop 13 is a Ponzi scheme. Not only outside the CA but too many insiders are not aware of this crap until you get into the trap. Like any Ponzi scheme, the longer you stay your tax rate goes south even though you receive gov service like everyone else. Since property tax rate is effectively the lowest for many in the country, CA has to push every tax rate to the roof to compensate the difference. This topic really upset the people who pay none to nothing tax to their multi million dollar shacks while they enjoy the gains.
Blue says
Yes, tax amount get rest at next purchase price. CA 1978 prop 13 is a Ponzi scheme. Not only outside the CA but too many insiders are not aware of this crap until you get into the trap. Like any Ponzi scheme, the longer you stay your tax rate goes south even though you receive gov service like everyone else. Since property tax rate is effectively the lowest for many in the country, CA has to push every tax rate to the roof to compensate the difference. This topic really upset the people who pay none to nothing tax to their multi million dollar shacks while they enjoy the gains.
Yep. My biggest investment mistake was not being born 10 years earlier.
You don’t want to be born 10 years earlier. People pay a lot of money to be 10 years younger. I know a 68-year old gentleman who is willing to give all his money ($60M net worth) to be 18 again. If you can enjoy life at a younger age, take it. Money can’t buy your youth back.
Lennar offers 5,000 homes to investors with buyer demand sliding
https://unitedbrokersinc.net/2022/12/09/lennar-offers-5000-homes-to-investors-with-buyer-demand-sliding/
AmericanKulak says
If it floats, flies, or fucks, lease it. The cost of ownership is too damned high.
That should be tattooed on every dude's prick (as painlessly as possible).
This demographic data and its effects have only been known....since, oh the late 1960s, early 1970s.
I know a 68-year old gentleman who is willing to give all his money ($60M net worth) to be 18 again.
cisTits says
This demographic data and its effects have only been known....since, oh the late 1960s, early 1970s.
True, but maybe not expecting or factoring in the unlimited illegal immigration.
True, but maybe not expecting or factoring in the unlimited illegal immigration.
Great story, brotha. People don't realize the opportunity we have in this country compared to everywhere else.
When my family came to this country, we stayed at my uncle’s house for a year to save money before we could move out. My uncle has 6 kids plus 6 of us so 14 persons in a 4/2.5 house. Our family got 1 room. My parents and little brother slept on the bed. Three of us slept on the carpet floor. That was heaven to me. In my country, I slept on concrete/tile floor so it was a nice cushy step up.
We all turned out okay. All of us own a house in the Silicon Valley. From that perspective, I don’t have issues with people crowding their own house. This country is truly the land of opportunity.
For example, I remember in Manassas Park where 3 families lived in a home designed for 1 family.
These days, a luxury high-rise in downtown San Francisco with units that appear to be mostly empty isn’t an uncommon sight. As a cooling real estate market continues to impact the city, downtown condos might be some of the hardest-hit properties around.
Patrick Carlisle, Compass’ chief market analyst, said that while economic headwinds are affecting real estate markets everywhere, downtown San Francisco’s condo market has been hit especially hard.
“That market has been hit hardest in the city,” Carlisle told SFGATE. This is due to a few different factors, he said, one being the mass abandonment of downtown office spaces since the start of the pandemic.
“San Francisco went from probably being the hottest office market in the country to being about the weakest,” Carlisle said. “High-tech workers were the ones who were most likely to say, ‘Well, I can work from any place. I’ll move someplace where housing costs 90% less.’”
Speaking of tech workers, Carlisle said the uncertainty brought on by mass tech layoffs has also affected property sales downtown. He added that an increase in homelessness and crime in downtown areas has affected the “quality-of-life ambiance” for people in those areas, presumably buyers who are reluctant to live among the city’s unhoused populations.
...
According to a recent report from Compass, the median sales price of a two-bedroom condo in downtown areas has dropped by 16% since 2021, compared to a 7% drop in the price of two-bedroom condos outside of that area. The report also states that condo inventory in this area is more than twice as high as the rest of the city — which explains the seemingly empty high-rises looming everywhere downtown.
In October, one 45-story luxury high-rise made news after it was revealed that only 13 of its 146 units had been purchased in the two years they’d been up for sale.
...
https://www.bloomberg.com/news/articles/2022-12-06/millions-of-us-millennials-moved-in-with-their-parents-this-year
Millions of US Millennials Moved in With Their Parents This Year
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.