Don, sorry to hear your story. My wife talks about your wife all the time. She does great work. As far as your story is concerned, I have heard it over and over. It becomes a personnel economic decision. As far as my comment “we will never see these prices again in our lifetime”, the poster is correct, depends on your age. I am mid 40s, so I think a doubling of prices might be a stretch for me. But if your 20 something, it is a bit more possible.
On a general note, as far as picking a bottom. No one, and I mean NO ONE knows where the actual botom is until we are all looking back years from now. All we have is data and statistics. My personnel guess is, with the current overall economic data (Unemployment, GM BK, banks not lending) I think this correction will overshoot to the downside. (Don’t shoot me if I am wrong, I said it was a guess). I think Temecula proper may be there all ready. But the area out east is harder to predict.
Neighbor across the street had a short sale on a 2.5 acre, 2200sf home for 319k. It went inactive today (My guess is the bank got it back. I am looking for it to pop back up as a REO in a few months in the mid 200$).
Another observation, I have been watching these types of properties and seeing a bidding war when they do get relisted. I have spoken to the agents and they say there is a lot of speculative interest from investors. I believe that we still have some downside to weed out these speculators. I think a lot of people still have 2005 prices in thier heads and think that they are going to see this market “Bounce back” and the good times will be rolling in again. If anything, once this market does actually find a bottom we will see very slow appreciation if any for some years to come. The overall economy, and tight credit will see to it that speculation takes a back seat to people who just want a home to live in.
Once again,
Sorry for your loss and now that I know who you are and what a nice place you live in, it makes me feel for you all that much more.
