Interesting Oceanside price declines.

[Anonymous]

GunDoctor, tell your wife to hold her guns and keep her powder dry. The money she saves by waiting will fund her a nice retirement and college for the kids.

I’m a bankruptcy attorney who first started practice in the 1982 at the bottom of the real estate recession. I rented for a couple of years until the market started to stabilize, then bought a starter home for little money down (the sellers were just happy to find a buyer). I sold “too soon” in 1988, watching two more years of crazy appreciation. I married in 1989 and my wife immediately wanted to buy a home, which would have been at the top of the market in late 1989. But I kept telling my wife to wait because I could see the increase in my practice meant greater inventory and, therefore, lower prices in the future.

By 1993 we could wait no more at we had two young children. But the four year wait got us a much larger home in much better condition than the prices were would have paid in 1989. For the next several years I wistfully watched new listings at lower prices, but the “savings” we would have realized from waiting longer would not have been significant. More importantly (for my wife) none of those lower priced homes were as perfect for us as the one we paid “too much” for: $520,000 in 1993.

I think the advice you see on this site is very sound. A 40% to 50% drop from peak prices is very likely, although it may take the form of a combination of monetary inflaction and home price deflation. In other words, that $400,000 home may only go to $300,000 while your income increases at 8% for a few years. But the more the government attempts to stop or manipulate the process the slower any recovery will be. That is just the reality of a market economy.

So December 2009 would be my choice, but my all means start looking earlier in that year. You will have lots of inventory to view by then because there is still a flood of foreclosures coming (it takes banks a minimum of 12 months to obtain clear title to a home once a loan goes into default (3 months cajoling for payments, 4 months for notice of a trustee’s sale, 3 to 5 months in bankruptcy court). As somebody else stated on this site, we’re probably only in the second inning. But whether you buy in the fourth or ninth inning, the important thing is to find a home that you know you can live in for many years. If you can’t, or your employment is not stable for several years into the future, keep renting until the picture changes.

[GunDoctor]

Great advise thanks,

fighting with my wife about buying was vastly more difficult all the way up until this summer. she and most of her friend who would get togeather and talk about how much money they were making by simply owning. Hell I almost capitulated and figured that mayby prices do only go up. My only saving grace was that I grew up poor, real poor, and there is no way in hell I would pay over half a million dollars for some of the shacks that I was seeing. I work to hard to pay Half a mil and come home to mediocrity. I basically told the wife that we could not afford California and that we would just move back east were people and prices were “SANE”

Now a funny thing happened over this summer. Two of her frineds who were making all of the “money” in real estate are going into forclosure. She spent a couple of nights talking to them on the phone as they were crying and in distress. Before that happened she was all about getting whatever mortgage we could to get into a house.
Now she flat out told me that we will only take a fixed rate mortgage no matter what “I smiled when she said that” What a change of direction

That is how I know that this market is a dead as a doornail. When the financially uneducated “yes I count my wife in this group,” sentiment turns from its all easy money to “I don’t want to stay up and cry at night” its done like dinner.
I can see that my next fight is going to be to convince my wife around 2009-2010 to acutally buy someting. Could I wait all the way until 2012…yes. But I am more concerned with obtainig a nice place for my family and less with saving every last nickle.
gun.

[GunDoctor]

Great advise thanks,

fighting with my wife about buying was vastly more difficult all the way up until this summer. she and most of her friend who would get togeather and talk about how much money they were making by simply owning. Hell I almost capitulated and figured that mayby prices do only go up. My only saving grace was that I grew up poor, real poor, and there is no way in hell I would pay over half a million dollars for some of the shacks that I was seeing. I work to hard to pay Half a mil and come home to mediocrity. I basically told the wife that we could not afford California and that we would just move back east were people and prices were “SANE”

Now a funny thing happened over this summer. Two of her frineds who were making all of the “money” in real estate are going into forclosure. She spent a couple of nights talking to them on the phone as they were crying and in distress. Before that happened she was all about getting whatever mortgage we could to get into a house.
Now she flat out told me that we will only take a fixed rate mortgage no matter what “I smiled when she said that” What a change of direction

That is how I know that this market is a dead as a doornail. When the financially uneducated “yes I count my wife in this group,” sentiment turns from its all easy money to “I don’t want to stay up and cry at night” its done like dinner.
I can see that my next fight is going to be to convince my wife around 2009-2010 to acutally buy someting. Could I wait all the way until 2012…yes. But I am more concerned with obtainig a nice place for my family and less with saving every last nickle.
gun.

[GunDoctor]

Great advise thanks,

fighting with my wife about buying was vastly more difficult all the way up until this summer. she and most of her friend who would get togeather and talk about how much money they were making by simply owning. Hell I almost capitulated and figured that mayby prices do only go up. My only saving grace was that I grew up poor, real poor, and there is no way in hell I would pay over half a million dollars for some of the shacks that I was seeing. I work to hard to pay Half a mil and come home to mediocrity. I basically told the wife that we could not afford California and that we would just move back east were people and prices were “SANE”

Now a funny thing happened over this summer. Two of her frineds who were making all of the “money” in real estate are going into forclosure. She spent a couple of nights talking to them on the phone as they were crying and in distress. Before that happened she was all about getting whatever mortgage we could to get into a house.
Now she flat out told me that we will only take a fixed rate mortgage no matter what “I smiled when she said that” What a change of direction

That is how I know that this market is a dead as a doornail. When the financially uneducated “yes I count my wife in this group,” sentiment turns from its all easy money to “I don’t want to stay up and cry at night” its done like dinner.
I can see that my next fight is going to be to convince my wife around 2009-2010 to acutally buy someting. Could I wait all the way until 2012…yes. But I am more concerned with obtainig a nice place for my family and less with saving every last nickle.
gun.

[GunDoctor]

Great advise thanks,

fighting with my wife about buying was vastly more difficult all the way up until this summer. she and most of her friend who would get togeather and talk about how much money they were making by simply owning. Hell I almost capitulated and figured that mayby prices do only go up. My only saving grace was that I grew up poor, real poor, and there is no way in hell I would pay over half a million dollars for some of the shacks that I was seeing. I work to hard to pay Half a mil and come home to mediocrity. I basically told the wife that we could not afford California and that we would just move back east were people and prices were “SANE”

Now a funny thing happened over this summer. Two of her frineds who were making all of the “money” in real estate are going into forclosure. She spent a couple of nights talking to them on the phone as they were crying and in distress. Before that happened she was all about getting whatever mortgage we could to get into a house.
Now she flat out told me that we will only take a fixed rate mortgage no matter what “I smiled when she said that” What a change of direction

That is how I know that this market is a dead as a doornail. When the financially uneducated “yes I count my wife in this group,” sentiment turns from its all easy money to “I don’t want to stay up and cry at night” its done like dinner.
I can see that my next fight is going to be to convince my wife around 2009-2010 to acutally buy someting. Could I wait all the way until 2012…yes. But I am more concerned with obtainig a nice place for my family and less with saving every last nickle.
gun.

[GunDoctor]

Great advise thanks,

fighting with my wife about buying was vastly more difficult all the way up until this summer. she and most of her friend who would get togeather and talk about how much money they were making by simply owning. Hell I almost capitulated and figured that mayby prices do only go up. My only saving grace was that I grew up poor, real poor, and there is no way in hell I would pay over half a million dollars for some of the shacks that I was seeing. I work to hard to pay Half a mil and come home to mediocrity. I basically told the wife that we could not afford California and that we would just move back east were people and prices were “SANE”

Now a funny thing happened over this summer. Two of her frineds who were making all of the “money” in real estate are going into forclosure. She spent a couple of nights talking to them on the phone as they were crying and in distress. Before that happened she was all about getting whatever mortgage we could to get into a house.
Now she flat out told me that we will only take a fixed rate mortgage no matter what “I smiled when she said that” What a change of direction

That is how I know that this market is a dead as a doornail. When the financially uneducated “yes I count my wife in this group,” sentiment turns from its all easy money to “I don’t want to stay up and cry at night” its done like dinner.
I can see that my next fight is going to be to convince my wife around 2009-2010 to acutally buy someting. Could I wait all the way until 2012…yes. But I am more concerned with obtainig a nice place for my family and less with saving every last nickle.
gun.

[Bunny Meadows]

Hey Gun,

Are you active duty? You mentioned working on base? My husband just retired from the USAF after 20 years, and we’re living in Temecula.

I can really understand where your wife is coming from. A few years ago, I bought a condo in La Costa and quickly saw the price rise from $300K to $415K. It was INTOXICATING. When I married my husband, and moved to VA with him, I immediately began pressuring him to go in on a rental property – multi unit – with me. All I could see was $$$$.

Now, I’m so relieved that he was more conservative and stubborn. We’d be screwed right now if he had listened to me. That is possibly the ONLY time you will hear me say THAT!

Like your wife, I am DYING to get into our own house. The last three years have been nothing but moving, change, not knowing my neighbors, not feeling a sense of place, or roots. I just want to get into a place where I can paint the dining room red if I want to…plant a garden and be a part of a COMMUNITY.

But, after crusiing around this forum, I’m beginning to see the light. It will be really hard for me to wait till 2009 to buy…I am chomping at the bit. And part of me thinks, “nah…it cant go much lower.” But I’m going to be much more restrained than I usually am.

I’m not sure if you have a specific reason for Oceanside, but have you considered Temecula? Not sure if you have kids but it’s very family friendly up here – and I mean VERY – and the prices are dropping rapidly. Houses are bigger and I think it’s generally safer. Schools are good, wineries are nice and it’s not far from Pendleton. I’m going there tomorrow for an appt and it will probably only take about 20 minutes.

Good luck. Just wanted to give you another chick’s perspective!

Bunny 🙂

[Bunny Meadows]

Hey Gun,

Are you active duty? You mentioned working on base? My husband just retired from the USAF after 20 years, and we’re living in Temecula.

I can really understand where your wife is coming from. A few years ago, I bought a condo in La Costa and quickly saw the price rise from $300K to $415K. It was INTOXICATING. When I married my husband, and moved to VA with him, I immediately began pressuring him to go in on a rental property – multi unit – with me. All I could see was $$$$.

Now, I’m so relieved that he was more conservative and stubborn. We’d be screwed right now if he had listened to me. That is possibly the ONLY time you will hear me say THAT!

Like your wife, I am DYING to get into our own house. The last three years have been nothing but moving, change, not knowing my neighbors, not feeling a sense of place, or roots. I just want to get into a place where I can paint the dining room red if I want to…plant a garden and be a part of a COMMUNITY.

But, after crusiing around this forum, I’m beginning to see the light. It will be really hard for me to wait till 2009 to buy…I am chomping at the bit. And part of me thinks, “nah…it cant go much lower.” But I’m going to be much more restrained than I usually am.

I’m not sure if you have a specific reason for Oceanside, but have you considered Temecula? Not sure if you have kids but it’s very family friendly up here – and I mean VERY – and the prices are dropping rapidly. Houses are bigger and I think it’s generally safer. Schools are good, wineries are nice and it’s not far from Pendleton. I’m going there tomorrow for an appt and it will probably only take about 20 minutes.

Good luck. Just wanted to give you another chick’s perspective!

Bunny 🙂

[Bunny Meadows]

Hey Gun,

Are you active duty? You mentioned working on base? My husband just retired from the USAF after 20 years, and we’re living in Temecula.

I can really understand where your wife is coming from. A few years ago, I bought a condo in La Costa and quickly saw the price rise from $300K to $415K. It was INTOXICATING. When I married my husband, and moved to VA with him, I immediately began pressuring him to go in on a rental property – multi unit – with me. All I could see was $$$$.

Now, I’m so relieved that he was more conservative and stubborn. We’d be screwed right now if he had listened to me. That is possibly the ONLY time you will hear me say THAT!

Like your wife, I am DYING to get into our own house. The last three years have been nothing but moving, change, not knowing my neighbors, not feeling a sense of place, or roots. I just want to get into a place where I can paint the dining room red if I want to…plant a garden and be a part of a COMMUNITY.

But, after crusiing around this forum, I’m beginning to see the light. It will be really hard for me to wait till 2009 to buy…I am chomping at the bit. And part of me thinks, “nah…it cant go much lower.” But I’m going to be much more restrained than I usually am.

I’m not sure if you have a specific reason for Oceanside, but have you considered Temecula? Not sure if you have kids but it’s very family friendly up here – and I mean VERY – and the prices are dropping rapidly. Houses are bigger and I think it’s generally safer. Schools are good, wineries are nice and it’s not far from Pendleton. I’m going there tomorrow for an appt and it will probably only take about 20 minutes.

Good luck. Just wanted to give you another chick’s perspective!

Bunny 🙂

[Bunny Meadows]

Hey Gun,

Are you active duty? You mentioned working on base? My husband just retired from the USAF after 20 years, and we’re living in Temecula.

I can really understand where your wife is coming from. A few years ago, I bought a condo in La Costa and quickly saw the price rise from $300K to $415K. It was INTOXICATING. When I married my husband, and moved to VA with him, I immediately began pressuring him to go in on a rental property – multi unit – with me. All I could see was $$$$.

Now, I’m so relieved that he was more conservative and stubborn. We’d be screwed right now if he had listened to me. That is possibly the ONLY time you will hear me say THAT!

Like your wife, I am DYING to get into our own house. The last three years have been nothing but moving, change, not knowing my neighbors, not feeling a sense of place, or roots. I just want to get into a place where I can paint the dining room red if I want to…plant a garden and be a part of a COMMUNITY.

But, after crusiing around this forum, I’m beginning to see the light. It will be really hard for me to wait till 2009 to buy…I am chomping at the bit. And part of me thinks, “nah…it cant go much lower.” But I’m going to be much more restrained than I usually am.

I’m not sure if you have a specific reason for Oceanside, but have you considered Temecula? Not sure if you have kids but it’s very family friendly up here – and I mean VERY – and the prices are dropping rapidly. Houses are bigger and I think it’s generally safer. Schools are good, wineries are nice and it’s not far from Pendleton. I’m going there tomorrow for an appt and it will probably only take about 20 minutes.

Good luck. Just wanted to give you another chick’s perspective!

Bunny 🙂

[Bunny Meadows]

Hey Gun,

Are you active duty? You mentioned working on base? My husband just retired from the USAF after 20 years, and we’re living in Temecula.

I can really understand where your wife is coming from. A few years ago, I bought a condo in La Costa and quickly saw the price rise from $300K to $415K. It was INTOXICATING. When I married my husband, and moved to VA with him, I immediately began pressuring him to go in on a rental property – multi unit – with me. All I could see was $$$$.

Now, I’m so relieved that he was more conservative and stubborn. We’d be screwed right now if he had listened to me. That is possibly the ONLY time you will hear me say THAT!

Like your wife, I am DYING to get into our own house. The last three years have been nothing but moving, change, not knowing my neighbors, not feeling a sense of place, or roots. I just want to get into a place where I can paint the dining room red if I want to…plant a garden and be a part of a COMMUNITY.

But, after crusiing around this forum, I’m beginning to see the light. It will be really hard for me to wait till 2009 to buy…I am chomping at the bit. And part of me thinks, “nah…it cant go much lower.” But I’m going to be much more restrained than I usually am.

I’m not sure if you have a specific reason for Oceanside, but have you considered Temecula? Not sure if you have kids but it’s very family friendly up here – and I mean VERY – and the prices are dropping rapidly. Houses are bigger and I think it’s generally safer. Schools are good, wineries are nice and it’s not far from Pendleton. I’m going there tomorrow for an appt and it will probably only take about 20 minutes.

Good luck. Just wanted to give you another chick’s perspective!

Bunny 🙂

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