- This topic has 75 replies, 9 voices, and was last updated 16 years, 5 months ago by
(former)FormerSanDiegan.
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November 30, 2007 at 1:12 PM #105811November 30, 2007 at 1:47 PM #105684
jimmyle
Participant“You guys are funny looking at houses in this market.
You sound like kids looking for a sale to maximize your toy purchase from your allowance piggybank. ”
Actually I was considering about buying but have decided that late 2008 is the earliest I would buy because of the observed accelerated price reduction the last few months.
However, I think this house is one of the few houses in the market that are well priced for the current market.
I believe this is a new milestone (at least for Mira Mesa). Whenever you see a major price reduction such as this, the nearby house prices start to drop as well. You have seen this in the Westview, Galvin and Calle Cristobal neigborhoods.
November 30, 2007 at 1:47 PM #105775Participant“You guys are funny looking at houses in this market.
You sound like kids looking for a sale to maximize your toy purchase from your allowance piggybank. ”
Actually I was considering about buying but have decided that late 2008 is the earliest I would buy because of the observed accelerated price reduction the last few months.
However, I think this house is one of the few houses in the market that are well priced for the current market.
I believe this is a new milestone (at least for Mira Mesa). Whenever you see a major price reduction such as this, the nearby house prices start to drop as well. You have seen this in the Westview, Galvin and Calle Cristobal neigborhoods.
November 30, 2007 at 1:47 PM #105808Participant“You guys are funny looking at houses in this market.
You sound like kids looking for a sale to maximize your toy purchase from your allowance piggybank. ”
Actually I was considering about buying but have decided that late 2008 is the earliest I would buy because of the observed accelerated price reduction the last few months.
However, I think this house is one of the few houses in the market that are well priced for the current market.
I believe this is a new milestone (at least for Mira Mesa). Whenever you see a major price reduction such as this, the nearby house prices start to drop as well. You have seen this in the Westview, Galvin and Calle Cristobal neigborhoods.
November 30, 2007 at 1:47 PM #105817Participant“You guys are funny looking at houses in this market.
You sound like kids looking for a sale to maximize your toy purchase from your allowance piggybank. ”
Actually I was considering about buying but have decided that late 2008 is the earliest I would buy because of the observed accelerated price reduction the last few months.
However, I think this house is one of the few houses in the market that are well priced for the current market.
I believe this is a new milestone (at least for Mira Mesa). Whenever you see a major price reduction such as this, the nearby house prices start to drop as well. You have seen this in the Westview, Galvin and Calle Cristobal neigborhoods.
November 30, 2007 at 1:47 PM #105836Participant“You guys are funny looking at houses in this market.
You sound like kids looking for a sale to maximize your toy purchase from your allowance piggybank. ”
Actually I was considering about buying but have decided that late 2008 is the earliest I would buy because of the observed accelerated price reduction the last few months.
However, I think this house is one of the few houses in the market that are well priced for the current market.
I believe this is a new milestone (at least for Mira Mesa). Whenever you see a major price reduction such as this, the nearby house prices start to drop as well. You have seen this in the Westview, Galvin and Calle Cristobal neigborhoods.
November 30, 2007 at 2:14 PM #105724(former)FormerSanDiegan
ParticipantIf you account for tax deduction, then you also have to consider the Standard deduction (for couples,it is $10700) you lost by itemize.
If you are a couple and make about 110K (about what would be needed to qualify to buy this property) then you would already have a state tax burden of about $7000. Throw in some charitable donations and other itemized deductions equal to about 2.5% of your income and you’ll hit or be really close to the standard deduction before you even consider prop tax and mortgage interest.
The tax deduction usually goes away after 20 years (for 30 year loan) or 10 years for 15 year loan, because the standard deduction is adjusted (up) for inflation.
But rents also increase over a 10 year period. So your tax benefit starts to decline over a decade, but after 10 years what will rents be ?
November 30, 2007 at 2:14 PM #105814ParticipantIf you account for tax deduction, then you also have to consider the Standard deduction (for couples,it is $10700) you lost by itemize.
If you are a couple and make about 110K (about what would be needed to qualify to buy this property) then you would already have a state tax burden of about $7000. Throw in some charitable donations and other itemized deductions equal to about 2.5% of your income and you’ll hit or be really close to the standard deduction before you even consider prop tax and mortgage interest.
The tax deduction usually goes away after 20 years (for 30 year loan) or 10 years for 15 year loan, because the standard deduction is adjusted (up) for inflation.
But rents also increase over a 10 year period. So your tax benefit starts to decline over a decade, but after 10 years what will rents be ?
November 30, 2007 at 2:14 PM #105849ParticipantIf you account for tax deduction, then you also have to consider the Standard deduction (for couples,it is $10700) you lost by itemize.
If you are a couple and make about 110K (about what would be needed to qualify to buy this property) then you would already have a state tax burden of about $7000. Throw in some charitable donations and other itemized deductions equal to about 2.5% of your income and you’ll hit or be really close to the standard deduction before you even consider prop tax and mortgage interest.
The tax deduction usually goes away after 20 years (for 30 year loan) or 10 years for 15 year loan, because the standard deduction is adjusted (up) for inflation.
But rents also increase over a 10 year period. So your tax benefit starts to decline over a decade, but after 10 years what will rents be ?
November 30, 2007 at 2:14 PM #105857ParticipantIf you account for tax deduction, then you also have to consider the Standard deduction (for couples,it is $10700) you lost by itemize.
If you are a couple and make about 110K (about what would be needed to qualify to buy this property) then you would already have a state tax burden of about $7000. Throw in some charitable donations and other itemized deductions equal to about 2.5% of your income and you’ll hit or be really close to the standard deduction before you even consider prop tax and mortgage interest.
The tax deduction usually goes away after 20 years (for 30 year loan) or 10 years for 15 year loan, because the standard deduction is adjusted (up) for inflation.
But rents also increase over a 10 year period. So your tax benefit starts to decline over a decade, but after 10 years what will rents be ?
November 30, 2007 at 2:14 PM #105875ParticipantIf you account for tax deduction, then you also have to consider the Standard deduction (for couples,it is $10700) you lost by itemize.
If you are a couple and make about 110K (about what would be needed to qualify to buy this property) then you would already have a state tax burden of about $7000. Throw in some charitable donations and other itemized deductions equal to about 2.5% of your income and you’ll hit or be really close to the standard deduction before you even consider prop tax and mortgage interest.
The tax deduction usually goes away after 20 years (for 30 year loan) or 10 years for 15 year loan, because the standard deduction is adjusted (up) for inflation.
But rents also increase over a 10 year period. So your tax benefit starts to decline over a decade, but after 10 years what will rents be ?
November 30, 2007 at 2:20 PM #105736ParticipantYou guys are funny looking at houses in this market.
…
Take the long view. Wait for the market to cleanse itself before you even consider buying.I agree with the latter statement.
But how would one know at what state of cleansing the market is in without looking at houses.It’s like saying that you should stop watching the price of steak and continue to eat double cheeseburgers until the price of steak bottoms out.
November 30, 2007 at 2:20 PM #105823ParticipantYou guys are funny looking at houses in this market.
…
Take the long view. Wait for the market to cleanse itself before you even consider buying.I agree with the latter statement.
But how would one know at what state of cleansing the market is in without looking at houses.It’s like saying that you should stop watching the price of steak and continue to eat double cheeseburgers until the price of steak bottoms out.
November 30, 2007 at 2:20 PM #105860ParticipantYou guys are funny looking at houses in this market.
…
Take the long view. Wait for the market to cleanse itself before you even consider buying.I agree with the latter statement.
But how would one know at what state of cleansing the market is in without looking at houses.It’s like saying that you should stop watching the price of steak and continue to eat double cheeseburgers until the price of steak bottoms out.
November 30, 2007 at 2:20 PM #105867ParticipantYou guys are funny looking at houses in this market.
…
Take the long view. Wait for the market to cleanse itself before you even consider buying.I agree with the latter statement.
But how would one know at what state of cleansing the market is in without looking at houses.It’s like saying that you should stop watching the price of steak and continue to eat double cheeseburgers until the price of steak bottoms out.
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