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an.
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September 28, 2011 at 3:17 AM #19162September 28, 2011 at 7:09 AM #729841
ocrenter
ParticipantCongratulation on the purchase. Typically I see 3000 and above homes go for low $200/sqft.
September 28, 2011 at 7:28 AM #729842
svelteParticipantCongrats on the purchase!
There is never the perfect time to buy, one must look at the market conditions and where they are in their life.
Yes, a lower max loan amt may push prices down, but there are so many variables in the housing market you never know. It’s like buying stocks – it is next to impossible to sell at the absolute top or buy at the absolute bottom.
Congrats again, now go get some sleep. 🙂
September 28, 2011 at 10:48 AM #729850joec
ParticipantCongrats on buying and I wouldn’t worry too much about the exact bottom. You gotta live somewhere after all. 4S ranch houses rent for about 3400-3500 I saw on craigslist. With 20% down and tax benefits, I think it’s sorta a wash even with the MR and tax.
At least you can now enjoy other things in your life and not waste gobs of time looking for housing. It’s very time consuming to visit houses and check for them online all the time. The loan portion is stressful too with how things are now.
I don’t know, for me, I think I actually like dinky lots. Less to pay in landscaping and maintenance and I’m rarely, if ever out there.
So far, the only thing I’ve done in my backyard is mow the lawn and used the grill a few times. Maybe this will change when my kids are bigger…
Enjoy!
September 28, 2011 at 10:37 PM #729867Rentedfor9years
ParticipantThanks for all the comments guys..
I have had cold feet and backed out.I think, i blinked little too early. I can wait couple more months and i might see more value for the downpayment which i have to pump.Especially those 800k ones..
btw my deal was around 212/sftI beleive all that grading which is getting done in delsur and some in 4s should put atleast 1500homes of pressure..
September 28, 2011 at 11:16 PM #729869sdduuuude
Participanttemeculaguy made a comment a while back that was interesting.
He said that because Temecula went first, it was able to crash fully before the government bailouts and stimulus was able to reverse the crash. And, because of that, the burst played out and they are coming out of it now.
Not a bad theory, and possibly one that applies to San Diego when compared to the rest of the country, which suggests the second drop may be muted here.
That being said, though, I’m on track for a move-up purchase in 2 years and I’m very happy that I’m not being forced into a purchase any earlier. I think that will be a lower bottom than we see today.
So, I think you blinked a little early, but it may not hurt too bad. If we lose another 10%, you are out 70K. Some would pay that just to not have a landlord.
Are you saying you just cancelled the purchase that just went into escrow – or you cancelled other purchases earlier ?
You’ll have to change your name to rentedFor10Years soon.
September 28, 2011 at 11:20 PM #729870Participant[quote=sdduuuude]…Some would pay that just to not have a landlord.[/quote]
Oh. It’s in 4S Ranch. That’s like having a mortgage and Landlord, with the Mello’s and the HOAs.
September 29, 2011 at 12:00 AM #729873earlyretirement
ParticipantPersonally I think prices will continue to deteriorate some more here in the next year or 2 but if you found the perfect home for you and your family and you can comfortably afford the payments (including HOA and property taxes, Mello Roos, etc) AND plan to live in it for a longer period of time then you are perfectly fine.
If the house isn’t the perfect fit for you and your family and you’re not in any big hurry to move, I certainly don’t think you will lose anything waiting a bit longer.
Like you, I waited on the sidelines for many years but I recently bought a home 2 months ago and perfectly happy with my decision.
I’m over in your neck of the woods as I bought in Santaluz so I have higher HOA and Mello Roos but the schools are great in that area and the quality of life is excellent. I think you have to just mentally decide whether you accept to live in a MR area and if so, you bite the bullet and do it.
Just as the housing bulls thought house prices would go up forever….now you have housing bears that think housing will go down forever. Things move in cycles. Housing isn’t going to go down forever.
While I do think house prices in that area can dip some more. I wouldn’t lose any sleep over it, unless you leveraged yourself beyond what you can comfortably afford.
Also, on high end homes, rental prices are fairly expensive in San Diego so if you are going to be in the house long term you have to look at all the numbers.
I say enjoy your new home and try not to stress about it too much. Yeah, prices can go down some more but it’s just about impossible to perfectly time the absolute highs and the absolute lows.
Congrats.
September 29, 2011 at 12:43 AM #729877temeculaguy
ParticipantThanks for the props sduuuude, the egomaniac inside of me is gushing. But I think the OP will be fine, as of this moment he beat all of his neighbors, maybe one, maybe two come in after him and beat him, but maybe not. For all the bashing 4S gets, people love it, people with money especially love it. I concur, get some sleep, you did good holding out and you only get so many years on the planet so enjoy some of them.
Since it’s late and I have a penchant for analogies, let me make one about holding out for the best possible price and the best possible woman. For 8 years I held out for the perfect woman (not that dating imperfect ones was any great chore, no pity party needed) but I found myself finding flaws or forecasting problems and ending relationships. Then it hits me, just find one that makes you happy, hold on and enjoy the ride. There is no perfect house, there is no absolute bottom, there are no guarantees that there will never be a drop in value or a rise in value, just get you what you want at a price you can afford and enjoy the ride. Because there is no perfect woman, there will be bad days, there will be a difference of opinion, there will be bigger boobs, their will be a prettier face and there will be a more pleasant disposition, but never at the same time or for very long and how fun is it watching life go by without you when in the end all that stuff doesn’t really matter, just be happy and find what works for you and enjoy the ride.
I’ll quote a movie, Parenthood, with Steve martin from a few years back. In it Steve martin and his wife are frazzled and want their life to be simple and predictable. Then grandma say “I always hated the merry-go-round, it just goes round and round. I like the roller coaster, it goes up and down, it’s exciting.”
Welcome to the roller coaster 9 year renter, you’ll like it!
September 29, 2011 at 7:31 AM #729878scaredyclassic
ParticipantA good double feature would be the 2009 claymation feature MAry and Max about a guy w aspergers who hates change. Really funny. Might be called max and Mary. Instant view on netflix.
September 29, 2011 at 11:52 AM #729889Participant[quote=walterwhite]A good double feature would be the 2009 claymation feature MAry and Max about a guy w aspergers who hates change. Really funny. Might be called max and Mary. Instant view on netflix.[/quote]
Sometimes I’ll write something late at night and then re-read it and realize that it didn’t make much sense. Thankfully I have walter to come in and make my ramblings look clear and concise by comparison. Thanks for the save walter.
September 29, 2011 at 12:17 PM #729890ParticipantRamblings are generally clear to me but whfn someone tries to be com
pletely logical they sound horrifically ambiguous to methis is outstanding claymation here really amazing and funny.
Right now what matters to me is strength. Muscular strength.
I’m doing this http://www.hundredpushups.com program; the goal is to do 100 consecutive pushups. Really what matters more; a slightly cheap monthly payment or being able to drop down and pump out 100 pushups in a row.
Well ok, both are important.
September 29, 2011 at 2:09 PM #729893ParticipantWhen you said there is no “absolute bottom” were you talking about housing or dating ?
September 29, 2011 at 9:22 PM #729897Participanttoday was a set of five pushups; 20/25/20/20/28.
it was difficult.
September 30, 2011 at 8:09 AM #729905Ren
ParticipantFYI Walter – it’s an admirable goal, and training to be able to do 100 pushups will give you great endurance and make you really good at… doing a lot of pushups. It won’t increase strength much. If you want confidence-boosting go-ahead-mess-with-me power, you’re gonna have to lift.
And eat. This is actually the hard part.
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