We got very busy working on finding an architect for our house and dealing with new house things (broken pool pump, etc.) I did not have a chance to post a reply until now.
Lots of nice posters here. Thanks for the well-wishes and thanks again for the large amount of info I have learned over time.
Several pieces of info:
1) It turned out the agent took 4% total for the transaction.
2) Somebody stole our trash can the first week we used it. This is rather low – but our new neighbor also is having a little get-together so we can meet the neighborhood. So we will try to focus on that.
3) If you want a 30 year fixed with the super low rates, you cannot get a construction loan. They are much more money and have no guarantee of the rate when you are done. So we have to just pay for this big remodel and this is a challenge for the non-independently-wealthy. This will not be helping our cash flow at all over the next year or two. I felt that I was totally unwilling to miss out on the ridiculously low rates since it was contributing to the continued ridiculously high prices we had to pay to buy a house compared to what I wanted. Maybe we can get an extra loan after we finish the contruction, but it is a long way away and uncertain also.
4) We managed to miss out on the state tax credit. The info came out when we were close to closing escrow and we could not extend the loan and the previous owners were already moving out. Our timing is ever a bust.
5) Although I remain interested in the housing market in general, I find the relief of having taken the plunge incredible. The C-S index goes up (which may well be temporary, etc.) and it makes NO difference to me buying a house for my family. Incredible. After 8 years of pretty intense focus, I can afford to ignore the housing market gyrations now if I want to. Having a house for my 12 year old and not having to sweat this will probably be worth some tens of thousands to me over time even if it drops a bunch – and my opinion is that is should have dropped but probably won’t too much, at least nominally, in the central nearer-coast areas.
Again – good luck especially to all fence sitters and frustrated lookers.
