Champagne Tastes and a Beer Budget

Real Estate

My mom, who was an active realtor in Orinda, described a buyer shocked at Orinda housing prices this way: "champagne tastes and a beer budget".  

Everyone wants to buy their dream home and--especially if you're coming from out of the area--a modest down payment and rent-sized monthly mortgage makes a home purchase seem doable.

Then the search begins for, let's dream a little, a nice home in the hills--with a view. Two bedrooms are OK, but three would be best, and maybe a little rental or home office building in the back--for $750,000?

Well, no way.

Coming into the Bay Area housing market, if you haven't been paying attention, can be a bit of a shock.  Word on the street is that the housing market is great! And it is, if you're a home seller (hear that, home sellers?)

The reason: lots and lots of eager buyers and not enough houses to go around. 

The result: High prices for even modest homes.

The fix: That's where the millennials have the edge.  Here's the skinny:

 OCT-HiRes-Aspirational,_but_Practical-sta_3.1.17-01

 

So the long and the short of this is, if you can't find a great home in a great neighborhood, you can make the changes you need to create your dream home in a less than ideal neighborhood. This faith in change is the very thing that makes neighborhoods thrive as well.

Best of all, the dream you make will be your own.