As I was saying, I’m definitely not trying to time the bottom, just trying to avoid a top and even a drop of 5% is nothing to sneeze at. Also, the area I’m looking at hasn’t seen anything close to 40-50% drops, but that doesn’t change the fact that it will probably “easier” to recoup any short term loss.
I’m also not seeking perfection, but given that I’ve been patient this long, if I can get something that’s a little closer to perfection and only hang on another 6-12 months, I’d do it in a second. Probably not the smartest thing, but I’m trying to get a house that I’ll be as happy about as my last one. This one is close.
To whoever asked, this property would not cash flow, but it wouldn’t be stupid negative either and that means maybe it could just a bit down the road (maybe 7-10 years). And this isn’t that type of property anyway.
Also, I don’t want to tell everybody the address, but I will help narrow things down as I know it’s hard to give advice when the scope is essentially limitless. Basically, it’s a North County Coastal property somewhere between South Carlsbad and La Jolla (inclusive). Some of you may have already guessed that when I said the area hadn’t been hit that hard pricewise. Beyond that, I don’t think there’s much more I can say, because the Piggies are smarties. I don’t need you stealing my house from me or firebombing it after I move in (a few on this site aren’t my biggest fans…) I guess I can also add that it’s not (what I would consider) a starter house. We be livin’ there for a long time.
Even though that last bit ameliorates downside concerns considerably, don’t assume I want to disregard them. Again, I care at least a little bit about what I can get for the same money in a not too distant future.
