Friend wants to buy and I can’t talk him out of it – Wants to live closer to DT, but north of 805 Merge

[djrobsd]

I have a friend who is tired of dealing with shady land loards and tired of having to move all the time, so he wants to buy a townhouse/condo. I’ve tried really hard to convince him he needs to wait at least another year, maybe two, but he is hell bent on doing this before the end of the year.

He works in Carlsbad, but he doesn’t enjoy his weekend life in North County, so he wants to try and find a happy middle somewhere north of the 805 Merge. Carmel Valley seems good to me, but I’m not too sure how the prices have faired there.

How do I knock some sense into his head? And if I can’t, what areas should he be looking at?

[Ren]

If showing him the May-June numbers ($35k drop in condo median in a single month) doesn’t make him at least do a little of his own research first, I wouldn’t bother. You tried several times, so he won’t be able to fault you in a few years when he’s kicking himself.

I have several acquaintances who bought at the peak and have since lost everything. I tried to talk them out of it at the time, but you have to keep in mind that people have been brainwashed for years by the media and people they still think are experts (RE agents). If he’s going to open houses, those agents are only reinforcing his programming (and they can be VERY convincing) that NOW is the time to buy, so a 10-minute debate with you isn’t going to do it.

[Ren]

If showing him the May-June numbers ($35k drop in condo median in a single month) doesn’t make him at least do a little of his own research first, I wouldn’t bother. You tried several times, so he won’t be able to fault you in a few years when he’s kicking himself.

I have several acquaintances who bought at the peak and have since lost everything. I tried to talk them out of it at the time, but you have to keep in mind that people have been brainwashed for years by the media and people they still think are experts (RE agents). If he’s going to open houses, those agents are only reinforcing his programming (and they can be VERY convincing) that NOW is the time to buy, so a 10-minute debate with you isn’t going to do it.

[Ren]

If showing him the May-June numbers ($35k drop in condo median in a single month) doesn’t make him at least do a little of his own research first, I wouldn’t bother. You tried several times, so he won’t be able to fault you in a few years when he’s kicking himself.

I have several acquaintances who bought at the peak and have since lost everything. I tried to talk them out of it at the time, but you have to keep in mind that people have been brainwashed for years by the media and people they still think are experts (RE agents). If he’s going to open houses, those agents are only reinforcing his programming (and they can be VERY convincing) that NOW is the time to buy, so a 10-minute debate with you isn’t going to do it.

[Ren]

If showing him the May-June numbers ($35k drop in condo median in a single month) doesn’t make him at least do a little of his own research first, I wouldn’t bother. You tried several times, so he won’t be able to fault you in a few years when he’s kicking himself.

I have several acquaintances who bought at the peak and have since lost everything. I tried to talk them out of it at the time, but you have to keep in mind that people have been brainwashed for years by the media and people they still think are experts (RE agents). If he’s going to open houses, those agents are only reinforcing his programming (and they can be VERY convincing) that NOW is the time to buy, so a 10-minute debate with you isn’t going to do it.

[Ren]

If showing him the May-June numbers ($35k drop in condo median in a single month) doesn’t make him at least do a little of his own research first, I wouldn’t bother. You tried several times, so he won’t be able to fault you in a few years when he’s kicking himself.

I have several acquaintances who bought at the peak and have since lost everything. I tried to talk them out of it at the time, but you have to keep in mind that people have been brainwashed for years by the media and people they still think are experts (RE agents). If he’s going to open houses, those agents are only reinforcing his programming (and they can be VERY convincing) that NOW is the time to buy, so a 10-minute debate with you isn’t going to do it.

[djc]

Let your friend live his life the way he wants to. You advised, that’s all you can do.

🙂

[djc]

Let your friend live his life the way he wants to. You advised, that’s all you can do.

🙂

[djc]

Let your friend live his life the way he wants to. You advised, that’s all you can do.

🙂

[djc]

Let your friend live his life the way he wants to. You advised, that’s all you can do.

🙂

[djc]

Let your friend live his life the way he wants to. You advised, that’s all you can do.

🙂

[EconProf]

Have him list and total the monthly costs of owning the proposed property.
Add to the list 1% of the purchase price.
That is (conservatively) the fall in value of the property each month he owns it at current rates.
If he challenges that figure, tell him the rate has accelerated in recent months.

[EconProf]

Have him list and total the monthly costs of owning the proposed property.
Add to the list 1% of the purchase price.
That is (conservatively) the fall in value of the property each month he owns it at current rates.
If he challenges that figure, tell him the rate has accelerated in recent months.

[EconProf]

Have him list and total the monthly costs of owning the proposed property.
Add to the list 1% of the purchase price.
That is (conservatively) the fall in value of the property each month he owns it at current rates.
If he challenges that figure, tell him the rate has accelerated in recent months.

[EconProf]

Have him list and total the monthly costs of owning the proposed property.
Add to the list 1% of the purchase price.
That is (conservatively) the fall in value of the property each month he owns it at current rates.
If he challenges that figure, tell him the rate has accelerated in recent months.

[Author]

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