My wife and I were financially ready to buy in 2004 . With prices at such an elevated level we were expecting a correction in 2006. Our thesis on pricing was to buy below land at 1993 inflation adjusted prices and building and landscaping at reproduction costs(what it would cost to build). Unfortunately the correction in 2006 we expected in our target market took five more years and did not hit until spring 2011.
It ten took another 18 months to find the right property. We wanted a post 2000 build, single level, very open feel,kitchen, master and closets space or ability to expand closet.
We live in Carmel Valley and we were looking for a home in the RSF area. The pricing of homes in RSF were more resilient and many of the sellers were stuck on their price. In 2011 prices finally starting coming down so we starting putting offers in 30% below their asking price. This was interesting as many people were insulted including my agent but we kept to our thesis principals.
We bid on 15 lost two by 3% and the rest countered too high.
We were both represented by the same large firm. Disappointed that the firm did not look out for the best interests of the buyers and sellers. Piggington and contributors helped me understand the risks and issues and helped protect my interests
Although my wife was a bucking bronco she got what she wanted in the end.
We’ve lived in RSF for over 20 years, and own several rentals in CV. There have been quite a few great deals in the area over the past few years–glad to hear you found one of them.
We put our 4 brm up for rent and received 12 inquiries noting a rental “as is”. We did not have time or energy to carpet and paint but it did not seem to be a problem.
We did not have time or energy to carpet and paint but it did not seem to be a problem.
I’d imagine that lack of stanky, easily dirtied, chemical impregnated carpet would be a positive selling point not a negative. What’s the Kalifornicator obsession with carpet (even in toilets, for xhrist’s sake)?
Eight years is a long time to wait (that’s how long we waited, too), but the better areas didn’t really begin to make sense until the second half of 2011. Oddly enough, things have bounced pretty strongly since then because of the interest rates and inventory situation.
in general in life, it’s a let down to get what you’ve wanted…
in the case of real estate, not sure that’s always true.
i am wondering if people who wait longer and look harder and save more tend to be more satisfied.
8 years has to be at the end of the waiting curve….I wouldn’t say I waited 8 years…probably more like about 5 years from the time my wife really started itching to get a place and complaining about not having one.
I would rate my satsifaction personally with homebuying ultimately as a 9.5/10.
Mine was a paltry 2 plus years, but I have the same reaction. The neighborhoods/homes/features that were at the top off the list at the start of the search are quite different from those at the end. Sitting in a hundred homes, and visualizing life there, changed our priorities. Everything from commute to distance from neighbors to landscaping to square footage. Definitely recommend starting the search sooner than you think you need to.
It’s interesting to read the comments of those who waited out the “bubble period.”
Even as one who has owned in San Diego (20 years + in RSF) for a very long time, I can also honestly say, that, even with all of the new communities and other options that have become available here over the past 20 years or so, we have never seen anything we’d move for, so I know exactly how all of you feel about finding that one special place.
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