If you are moving here from another part of the country, especially one that is not on the list of most expensive cities in the US (e.g., Boston, New York, Washington, DC), you are probably experiencing sticker shock as you start looking at homes for sale.

Even though you have most likely seen some of the articles in the newspapers or on the Internet about the realities of home prices here on the West Coast, somehow it always seems worse when you are actually searching for a home, rather than simply reading about the plight of others living in expensive areas such as ours. And while the market has changed drastically in the last couple of years, it does not mean that it is inexpensive to live here now.

There was also a recent article in the Union-Tribune entitled Locked out of the Market, which focused on the many folks living here who cannot afford to buy since their salaries are lower than that needed to buy the median priced home. Scary stuff, but not a surprise for those who live here.

Keep in mind that the median price home they used was $477,000, and it IS the median, i.e., 50% of the homes cost less. Now, while that doesn't mean there are lots of properties, or any in our area, costing $100K (except for mobile homes), there are options - in my general area there are well more than 250 properties with at least 2 bedrooms for $350K or less. Still a high price compared to places like Austin, TX, but  it does mean there are some options for people relocating here who have lived in far less expensive places - there are just trade offs, and major adjustments.

This, in no way, means that we do not have a serious housing problem, here and elsewhere, and the problem is likely to get worse unless salaries rise dramatically and there is more affordable housing created. And it's a challenge for many even to find affordable rentals. There are many people here, and elsewhere, who may never realize the dream of owning a home, even with creative financing options for first time buyers, seller concessions, price drops in some communities, and more.

So, if you are frustrated, I do understand. And coming from Boston was a shock even for me. But there are some good loan programs out there, especially for first time buyers, and with the inventory, sellers are willing to negotiate much more than in the past. Will the prices drop further? Hard to say. The changes we have seen are, in the overall picture, pretty minimal. If I can help in any way, or answer any questions about the market and the options you have, please let me know.