ok…i know I lose the standard deduction…but since I can itemize…doesn’t that open the door to write off my state income tax…which winds up being quite a bit at my income level? I’ll have to pull my old tax returns to see how much I actually had in terms of itemized deductions when I owned my last house vs. now that I’m renting….
my gut tells me that if I pass on making any offer…the owner will list it for sale out of deserpartion…they are losing money on the property… and it’s not going to sell. it will sit and sit. or they’ll get lowball offers that they can’t take. then when my lease runs out they’ll ask me to stay… which I”ll happily do…and just wait for the perfect time to buy…
from looking at the charts on thsi site..showing the last real estate down cycle… it looks like prices could realistically go down VERY low… almost as low as they were before they shot up…
man..up here in Temecula…if prices dropped that low….hosues that right now are 800k…will be selling for 400k…. and up here… 800k is a NICE house…
i see people in carmel valley spending 1.5 million on what looks like a really nice tract house… up here 1.5 gets you a freakin ESTATE… i mean MANSION stuff… acres of land with a mansion on it… you’d feel like “king” of Temecula.. 😉
