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Letter: Priced out of housing market

Published on October 2, 2017 1:00PM

Last changed on October 2, 2017 4:51PM

I've tried to buy seven houses in the last three months in Corvallis. Seven different journeys. VA loan with higher bid than anyone else, no thanks. Offer above asking, someone bid $20,000 more than that. VA loan again, $20K above asking with 20 percent down, nope. Offer reasonable bid for house that's $200,000 over assessed value with a major crack in the foundation, no thanks. Find home at reduced rate (still very expensive) in good neighborhood, seller failed to mention the entire foundation would need to be replaced. Home for sale at market value that requires between $50K-$100K in repairs, sorry they won't accept less than market value. Provide reasonable conventional mortgage bid above market value, seller decides they want to wait to create a bidding war, get beat out by cash offer (what normal person has $300K in cash?).

I'm not sure how many more ways I can get rejected at this point. Is owning real estate in Corvallis even worth it? Where is all this money coming from? According to the city of Corvallis website, "the median income for a family was $53,208." What family making $53,208 can afford a decent house in Corvallis and not be house-poor?

If you take the advice that you should buy a home no more than three times your income, how many houses are available today for the median Corvallis earner? The answer is nine out of 164 available, according to Zillow.

Matthew Frantz

Corvallis (Oct. 1)


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