Are other fence sitters experiencing the same feeling?

[University City Renter]

I am with you on this one, what I want in my future house for the price has changed. Call me crazy but if I’m going to spend hundreds of thousands of dollars, I want to like my house.
We’ve been saving pretty aggressively for the last 3 years in hopes of coming up with a humungous down payment. Our goal is to wait at least 2 more years on the sidelines & by then have at least 25 % down payment available. If it looks like we won’t instantly loose 20-30k the day we buy it, we might jump in and buy in 2 years. If inventory is still too high, I’m staying on the sidelines.

Tell me if you think this is do-able. A stand alone house in Mira Mesa, Rancho Pena.. (sp?), Rancho Bernardo, Poway (somewhere in this area) about summer of 2010 for under say 375k? Don’t need a McMansion, just something nice.

[David J]

My wife and I over the past year have been keeping an eye on two different price points (Mira Mesa / Clairemont vs. Del Cerro / Mt. Helix). The first areas are in a price-range that is very easily affordable and the second areas would be at our upper limit. Although we definitely like Del Cerro and Mt. Helix better, we are leaning more and more to getting a house in Mira Mesa or Clairemont especially as housing costs with 20% down there approach rents.

We would be happy in either area but feel that by buying at the lower price point next year where prices are closer to fundamental levels, we would be protecting ourselves from large possible price declines in the higher end areas. If prices do come down significantly in the nicer area, we could rent out the Mira Mesa / Clairemont house, and then buy in one of the nicer areas. If prices don’t come down significantly in the nicer areas, we could evaluate from there to see if it is worth it to pay the prices that are being asked for those areas.

So, in response to the OP, it seems that we are less likely to splurge for housing.

[David J]

My wife and I over the past year have been keeping an eye on two different price points (Mira Mesa / Clairemont vs. Del Cerro / Mt. Helix). The first areas are in a price-range that is very easily affordable and the second areas would be at our upper limit. Although we definitely like Del Cerro and Mt. Helix better, we are leaning more and more to getting a house in Mira Mesa or Clairemont especially as housing costs with 20% down there approach rents.

We would be happy in either area but feel that by buying at the lower price point next year where prices are closer to fundamental levels, we would be protecting ourselves from large possible price declines in the higher end areas. If prices do come down significantly in the nicer area, we could rent out the Mira Mesa / Clairemont house, and then buy in one of the nicer areas. If prices don’t come down significantly in the nicer areas, we could evaluate from there to see if it is worth it to pay the prices that are being asked for those areas.

So, in response to the OP, it seems that we are less likely to splurge for housing.

[David J]

My wife and I over the past year have been keeping an eye on two different price points (Mira Mesa / Clairemont vs. Del Cerro / Mt. Helix). The first areas are in a price-range that is very easily affordable and the second areas would be at our upper limit. Although we definitely like Del Cerro and Mt. Helix better, we are leaning more and more to getting a house in Mira Mesa or Clairemont especially as housing costs with 20% down there approach rents.

We would be happy in either area but feel that by buying at the lower price point next year where prices are closer to fundamental levels, we would be protecting ourselves from large possible price declines in the higher end areas. If prices do come down significantly in the nicer area, we could rent out the Mira Mesa / Clairemont house, and then buy in one of the nicer areas. If prices don’t come down significantly in the nicer areas, we could evaluate from there to see if it is worth it to pay the prices that are being asked for those areas.

So, in response to the OP, it seems that we are less likely to splurge for housing.

[David J]

My wife and I over the past year have been keeping an eye on two different price points (Mira Mesa / Clairemont vs. Del Cerro / Mt. Helix). The first areas are in a price-range that is very easily affordable and the second areas would be at our upper limit. Although we definitely like Del Cerro and Mt. Helix better, we are leaning more and more to getting a house in Mira Mesa or Clairemont especially as housing costs with 20% down there approach rents.

We would be happy in either area but feel that by buying at the lower price point next year where prices are closer to fundamental levels, we would be protecting ourselves from large possible price declines in the higher end areas. If prices do come down significantly in the nicer area, we could rent out the Mira Mesa / Clairemont house, and then buy in one of the nicer areas. If prices don’t come down significantly in the nicer areas, we could evaluate from there to see if it is worth it to pay the prices that are being asked for those areas.

So, in response to the OP, it seems that we are less likely to splurge for housing.

[David J]

My wife and I over the past year have been keeping an eye on two different price points (Mira Mesa / Clairemont vs. Del Cerro / Mt. Helix). The first areas are in a price-range that is very easily affordable and the second areas would be at our upper limit. Although we definitely like Del Cerro and Mt. Helix better, we are leaning more and more to getting a house in Mira Mesa or Clairemont especially as housing costs with 20% down there approach rents.

We would be happy in either area but feel that by buying at the lower price point next year where prices are closer to fundamental levels, we would be protecting ourselves from large possible price declines in the higher end areas. If prices do come down significantly in the nicer area, we could rent out the Mira Mesa / Clairemont house, and then buy in one of the nicer areas. If prices don’t come down significantly in the nicer areas, we could evaluate from there to see if it is worth it to pay the prices that are being asked for those areas.

So, in response to the OP, it seems that we are less likely to splurge for housing.

[nostradamus]

University,

You’re almost there already. Check out this one, in West Mira Mesa. Asking $460k.

[nostradamus]

University,

You’re almost there already. Check out this one, in West Mira Mesa. Asking $460k.

[nostradamus]

University,

You’re almost there already. Check out this one, in West Mira Mesa. Asking $460k.

[nostradamus]

University,

You’re almost there already. Check out this one, in West Mira Mesa. Asking $460k.

[nostradamus]

University,

You’re almost there already. Check out this one, in West Mira Mesa. Asking $460k.

[an]

David J, I’m with you on this one. That’s our plan as well. Since the affordable areas have dropped much more than the more desirable areas, the down side risk is much lower for the affordable area. It’s all about risk vs reward. The reward of owning your own home is different for everyone, so I can’t expect everyone to agree.

[an]

David J, I’m with you on this one. That’s our plan as well. Since the affordable areas have dropped much more than the more desirable areas, the down side risk is much lower for the affordable area. It’s all about risk vs reward. The reward of owning your own home is different for everyone, so I can’t expect everyone to agree.

[an]

David J, I’m with you on this one. That’s our plan as well. Since the affordable areas have dropped much more than the more desirable areas, the down side risk is much lower for the affordable area. It’s all about risk vs reward. The reward of owning your own home is different for everyone, so I can’t expect everyone to agree.

[an]

David J, I’m with you on this one. That’s our plan as well. Since the affordable areas have dropped much more than the more desirable areas, the down side risk is much lower for the affordable area. It’s all about risk vs reward. The reward of owning your own home is different for everyone, so I can’t expect everyone to agree.

[Author]

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