Hi everyone, crazy things the market has done here in Temecula, prices are getting lower by the day. I have been working with asset managers, and making lowball offers on different properties we like, not expecting one to be accepted, but an offer was accepted and now I need to know if I should pursue it!

Details: 2800 sq/ft house in the Vintage Reserve development built 2001 behind Harveston (Murrieta schools) over 8,000 sq/ft private lot.

Listed at 460 ish, offer accepted at 305,000. My realtor has a friend working in the asset manager’s office and he has the inside track on targeted properties that the investors want rid of. This one was coming onto the chopping block. There were 3 other offers the day I offered (one the same and two higher than mine) and my was approved(partly due to my excellent credit and large good faith deposit). I know that this was not BS because while I was looking at the house 2 other people came through and I heard them both talking about going over to their realtor’s office to submit an offer. Like I said, I have offered on a few properties and have always been too late or way under the other offers. Still, I want to know if this is a deal worth riding out the downturn in. I don’t doubt that others will get better deals than me, but looking long term I hope I will not be unhappy with this purchase?

Cons: Market going down, needs sod replaced, not upgraded the way I would want (I guess I have been spoiled by all of the new homes out here, no one really needs granite to be happy!), Murrieta schools (though I have friends whose kids go to Buchanan and they love it, plus they have a kindergarten readiness class that would save me $$ on daycare), area could change as housing market goes down, market definitely going down… any others?

Pros: Nicely kept up neighborhood, close to both my husband and I’s work, walking distance to parks and elementary school, difference between renting and buying this house would be about $400/month (Yes, I ran the numbers extensively and no this does not include tax benefits, which make things pretty much a break even situation), no more moving, no more landlords, neighborhood full of kids and very friendly, price is $109 per sq/foot, which seems to be agreed upon as a decent deal… any others?

Thanks for your advice, I am really stressing over this decision. I think that if I could feel assured that in 10 years we will be glad we made this move and see equity than I will buy, but if the general feeling is that buying even at this price is a fool’s paradise than I will keep waiting.