DWCAP-compared to last year, it’s a whole different world. 400k was my target last year and pickings were slim, I could get a 2,000 sq ft, 2 car garage on a small lot. Today, 300k gets you 3000 sq and a 3 car, but you have to fight for them and hit them on the day they are listed. I don’t even look at the smaller ones and I want a view, with a certain orientatio to the sun, not near busy roads and whole bunch of other things that i am suddenly picky about. The area is the same, I only look in small 3 mile radius and only a few tracts, I refuse to settle at this point.
Enorah-I always listen to my spirit guides, they have yet to fail me and are the only opinion I trust.
Running Bear-I’ve already taken that into account and don’t plan to tie up all of my cash, just enough for it to make sense. When financing time comes, I weigh the cost of going with less than 20% vs. the yield of that cash in another instrument vs. the pmi, then factor the comfort of keeping at least a year of mortgage banked and liquid, can’t say what I’ll do until the numbers of that day are analyzed because they fluctuate in these volatile times. As far as having or needing the ability to pack up and move to another area, it’s not a possibility or a necessity. Without going into too much detail I’m recession proof with local roots so deep I’m never leaving (4 generations of family in the same zip code, I’m never leaving).
Nor-La- No, You da man, none of have a crystal ball and you will be fine because you pay attention.
EX-SD, thanks brother, you summed up my reasoning perfectly.
FLU- you have earned the right to be jackass, so enjoy it, we all laugh anyway. I read the details of the indymac fdic reworks (which will be the model for all gov’t owned mort. reworks), nobody gets a free ride, they lien the property and get the forebearance back when you sell so nothing is really forgiven, they get to pay too much monthly and don’t ever get equity, some call that “rent.” They get to stay in their homes, but it never becomes theirs, so it’s a crappy deal, your method is still better, always will be.
Former-It is a no brainer, it’s just about finding the house that speaks to me.
Carlsbadworker-It’s damn close and as ren pointed out, examples are starting to show themselves. keep in mind that you will have to fix some things, turnkey homes go quick but labor and materials are cheap now, go with the best hood and just fix it. I have also noticed the quality of the repos is improving as we get to the alt a folks, the subprimers put no options or improvements in, they get better every day.
REN- you are the bomb, your examples and analysis mimmic mine, when I do go and if I fade away into home improvement and yardwork hell as opposed to playing on the computer, you get the torch.
Aecitia-I may miss the christmas deadline with this latest setback but I appreciate the sentiment. You of all people should know that I could care less about the debate, it’s all crap and pandering, blah, blah.
Peter-it isn’t a rationalation, it’s rational. No offense but my market is so different than S.D., it almost can’t be compared. Place the same formula on your market, if you could get buy in your favorite hood for half peak, 2001 prices that are no impact on your household economics, you would do it, regardless of the national economy, in fact it will be possible because of national economy, wait till the economy gets going and you will too late. Rewards require risks, for me there is no risk so I don’t need to talk myself into it.
mortgage3- we have never chatted unless you using a new moniker but I appreciate your words and agree with them because they feed my maniacal ego. That aside, I agree that 2001 is the target, less is better but I’m happy with 2001 prices.
cash- you are right, but my absence also has to do with other things, mostly personal. It looks like I was wrong, I was seeing things slow down but still got sucker punched by another buyer. Meadowview is awesome, stay with it, it will slow down, the high end in santiago and ranchitos has been taking huge markdowns (always a sign of no bids) my knowledge of anything outside of 92592 is weak since it is out of my zone and horse property is it’s own animal, pun intended.
Threadkiller, 3% is dead, 5% is still possible with FHA but limits, MI and condition are involved. regardless of area, you still need a lender and that is fluid situation right now. Credit score, income and downpayment is the new mantra.
Former-I couldn’t have said it better, fundamentals are fundamental and it’s nice to see them crawl back out from under that rock.
In summary, I will likely not get this exact one but mine will come, I was stubborn and the market was kind enough to come down to where I wanted it, I didn’t have to meet it half way, it is as simple as that. You San Diegans will see the same thing, just a year later. Bugs called it two years ago and it has been happening exactly as he predicted.
