This board (and several others) have helped me make smart decisions these last few years.(Actually my decision has been to sit and wait this out). Now that a lot of the S%*t has already hit the fan these last few years, the big questions left are, how low will it go and how long will it take?
I think Wine country has a ways to go. There were a lot of spec homes built these last few years. People had big dreams of big profits. I know a lot of them and a year or two ago when I told them this was going to end bad, they all blew me off as chicken little. Now I see places that wanted a million and will be lucky to get 500k. And the smaller, older original homes on acreage are getting into the 300k range. I am still in the school that if the right place comes along and it solves my horse boarding problem I will jump. I have noticed a few bank owned properties coming on line listed at 20% off the short sale price. Only to be bid up past the short sale price.
I think some people think this will all blow over after the stimulus package takes over. I have news, we may never again see in our life times those inflated prices. They just are NOT coming back. I think as time wears on more and more people will realize this. I still hear people saying to me, “better jump in before these prices take off again”. Until I stop hearing that and all the people who are buying homes as “Investments” or get rich quick schemes are weeded out, we still have some down side.
All this being said, I am looking for a home to live the rest of my life in and finish raising my faimily in. As well as house my wifes horse. When this happens to come along, and I am able to borrow a reasonable amount of money to make it work, I will buy and not look back. I need a place to live and the mental security of having my own place is hard to resist. I just refuse to pay the old wish prices on past.
Thanks again for everyones help. This site has been a wonderfull education.
TL
