Current Events > So you need to come up with at least $1M in CASH to buy a home in California...

(+) Yeah! (+)

In fact, just say $1.5M in cash MINIMUM to cover over asking price for the average $800K home that are minutes away from SF. This is fucking ridiculous.... Even my tech engineer friends have trouble coming up with that kind of money.

What is a mortgage?
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Median price in my city 900k
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MrResetti posted...

What is a mortgage?

1.5 mil is just the down payment fam
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Turtlebread posted...

MrResetti posted...

What is a mortgage?

1.5 mil is just the down payment fam

He said asking price
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When a seller has a cash offer vs an offer dependent on a loan, the seller typically will go for the cash offer.

Yes, there still are mortgages in the Bay Area. But it is getting more and more difficult.

We're currently trying to negotiate a contract for a $1.6M home. We will have a mortgage (putting down 20%, but that's still over $300,000 dollars we saved up), but we have essentially been shut out of certain markets. We had to look farther from the city to find something we had a chance on.
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A liberal hellhole.
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Can an economically literate person explain to me how SF isn't going to experience a nasty collapse (in virtually every register) in the next ten years?
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FFVII_REMAKE posted...

that are minutes away from SF

pls, you're at least an hour with that traffic.
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It depends entirely on where you want to live in Cali but yeah property there can be expensive.

For like 400k you can buy a tiny ass dilapidated house with studio floorplan in Monterey. :|
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Does cash mean something different in the USA because this sounds very strange to me? Like you have to pay with a briefcase or something full of one million dollars?

CEPHALOPODBUZZ posted...

Does cash mean something different in the USA because this sounds very strange to me? Like you have to pay with a briefcase or something full of one million dollars?

yes but there's 49 other states one could live in and they all don't have insane housing prices.
personal favorite is Texas Or Alabaman (kinda dislike the last one for a reason) one of them is making backwards progress not sure if it was alabama.
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MedeaLysistrata posted...

Can an economically literate person explain to me how SF isn't going to experience a nasty collapse (in virtually every register) in the next ten years?

Nope. It's going to happen eventually.
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kingdrake2 posted...

CEPHALOPODBUZZ posted...

Does cash mean something different in the USA because this sounds very strange to me? Like you have to pay with a briefcase or something full of one million dollars?

yes but there's 49 other states one could live in and they all don't have insane housing prices.
personal favorite is Texas Or Alabaman (kinda dislike the last one for a reason) one of them is making backwards progress not sure if it was alabama.

Soon we won't have to worry about low housing prices in the rest of the country because the virus is spreading to the other 49 states to raise them.
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CEPHALOPODBUZZ posted...0

Does cash mean something different in the USA because this sounds very strange to me? Like you have to pay with a briefcase or something full of one million dollars?

Basically corporate investors have millions of dollars in cash on hand to buy a home here outright. Home sellers would prefer to have cash (wouldn't you prefer cash if you sold your cars?). Lots of people here who make $100K-$200K annually can't even compete against millionaire CEOs who sees $1M as pennies.