Knife catchers jump in

[Nor-LA-SD-guy]

Admitted knife catcher here,

But got in at about a 2002 price level in Temecula Valley so not worried about it really (I have never held a home less than ten years anyway), I bought in 1992 as well (same deal) held for twelve years and tripled my money when I sold at the end of 2004 (had to live somewhere anyway)

Still have a little gun power left if Coastal SD comes in a range that I would be willing to pay, but to tell the truth starting to lose faith that Coastal SD will go too much lower.

But here’s to hoping.

Good luck to all

[cadream]

I am one of the knife catchers – Many thanks to SD realtor for his great help.

My comments below may be only relevant to potential CV house hunters:

I have been looking at CV properties for the last two years. The one I am buying is 130K less than the last year’s purchase price and ~200K less than our budget. I have submitted ~ 20 offers this year including ~ 10 offers in the last couple months. Every time, I was competing with several other potential buyers. One time, I offered 50K above the bank’s asking price and still lost the bidding game. This time, we won because we offered within 2 hr of MLS listing with a shorter closing term. The situation is very similar to 1998 yr when I bought my current home. There is still so much money around for houses in good areas and in good shapes. Most of my friends have >500K cash in saving counts set aside to purchase houses at the so call invisible “bottom”. I am wondering where the momey come from. May be the good money made in the house booming/tech firm IPO time and may be explain why stocks rose many times in light of all the bad news. My 2 cent conclusion is that there is a lot of free money in this country, they need to be rest somewhere- whether it is the bottom of the house market or the bottom of stocks. To me, the scenario of rent covering mortgage payment is hardly achievable for houses in good locations at near future, since everyone with purchase power like to get into this investment opportunity (positive/minor negative flow with low risk)- which will drive price up based on supply/demand fundamentals, unless we see drastic changes in salaries and employment in next two years.

Another reason or the main reason I buy right now is for my son to start a better school (moving from poway to CV). I can never link his education to the bottom of something. A primary home has more meaning than a purchase price. As far as one can afford housing for 30 yr, one cares less about being a knife catcher. In terms of best investment – if purchasing a home is not the one, there are many chances in life to make best investments elsewhere.

By the way, SD realtor did not encourage me to buy at this time. I respected his advice but still decided to become a knife catcher at the time when house market is already down for two years.

[cadream]

I am one of the knife catchers – Many thanks to SD realtor for his great help.

My comments below may be only relevant to potential CV house hunters:

I have been looking at CV properties for the last two years. The one I am buying is 130K less than the last year’s purchase price and ~200K less than our budget. I have submitted ~ 20 offers this year including ~ 10 offers in the last couple months. Every time, I was competing with several other potential buyers. One time, I offered 50K above the bank’s asking price and still lost the bidding game. This time, we won because we offered within 2 hr of MLS listing with a shorter closing term. The situation is very similar to 1998 yr when I bought my current home. There is still so much money around for houses in good areas and in good shapes. Most of my friends have >500K cash in saving counts set aside to purchase houses at the so call invisible “bottom”. I am wondering where the momey come from. May be the good money made in the house booming/tech firm IPO time and may be explain why stocks rose many times in light of all the bad news. My 2 cent conclusion is that there is a lot of free money in this country, they need to be rest somewhere- whether it is the bottom of the house market or the bottom of stocks. To me, the scenario of rent covering mortgage payment is hardly achievable for houses in good locations at near future, since everyone with purchase power like to get into this investment opportunity (positive/minor negative flow with low risk)- which will drive price up based on supply/demand fundamentals, unless we see drastic changes in salaries and employment in next two years.

Another reason or the main reason I buy right now is for my son to start a better school (moving from poway to CV). I can never link his education to the bottom of something. A primary home has more meaning than a purchase price. As far as one can afford housing for 30 yr, one cares less about being a knife catcher. In terms of best investment – if purchasing a home is not the one, there are many chances in life to make best investments elsewhere.

By the way, SD realtor did not encourage me to buy at this time. I respected his advice but still decided to become a knife catcher at the time when house market is already down for two years.

[cadream]

I am one of the knife catchers – Many thanks to SD realtor for his great help.

My comments below may be only relevant to potential CV house hunters:

I have been looking at CV properties for the last two years. The one I am buying is 130K less than the last year’s purchase price and ~200K less than our budget. I have submitted ~ 20 offers this year including ~ 10 offers in the last couple months. Every time, I was competing with several other potential buyers. One time, I offered 50K above the bank’s asking price and still lost the bidding game. This time, we won because we offered within 2 hr of MLS listing with a shorter closing term. The situation is very similar to 1998 yr when I bought my current home. There is still so much money around for houses in good areas and in good shapes. Most of my friends have >500K cash in saving counts set aside to purchase houses at the so call invisible “bottom”. I am wondering where the momey come from. May be the good money made in the house booming/tech firm IPO time and may be explain why stocks rose many times in light of all the bad news. My 2 cent conclusion is that there is a lot of free money in this country, they need to be rest somewhere- whether it is the bottom of the house market or the bottom of stocks. To me, the scenario of rent covering mortgage payment is hardly achievable for houses in good locations at near future, since everyone with purchase power like to get into this investment opportunity (positive/minor negative flow with low risk)- which will drive price up based on supply/demand fundamentals, unless we see drastic changes in salaries and employment in next two years.

Another reason or the main reason I buy right now is for my son to start a better school (moving from poway to CV). I can never link his education to the bottom of something. A primary home has more meaning than a purchase price. As far as one can afford housing for 30 yr, one cares less about being a knife catcher. In terms of best investment – if purchasing a home is not the one, there are many chances in life to make best investments elsewhere.

By the way, SD realtor did not encourage me to buy at this time. I respected his advice but still decided to become a knife catcher at the time when house market is already down for two years.

[cadream]

I am one of the knife catchers – Many thanks to SD realtor for his great help.

My comments below may be only relevant to potential CV house hunters:

I have been looking at CV properties for the last two years. The one I am buying is 130K less than the last year’s purchase price and ~200K less than our budget. I have submitted ~ 20 offers this year including ~ 10 offers in the last couple months. Every time, I was competing with several other potential buyers. One time, I offered 50K above the bank’s asking price and still lost the bidding game. This time, we won because we offered within 2 hr of MLS listing with a shorter closing term. The situation is very similar to 1998 yr when I bought my current home. There is still so much money around for houses in good areas and in good shapes. Most of my friends have >500K cash in saving counts set aside to purchase houses at the so call invisible “bottom”. I am wondering where the momey come from. May be the good money made in the house booming/tech firm IPO time and may be explain why stocks rose many times in light of all the bad news. My 2 cent conclusion is that there is a lot of free money in this country, they need to be rest somewhere- whether it is the bottom of the house market or the bottom of stocks. To me, the scenario of rent covering mortgage payment is hardly achievable for houses in good locations at near future, since everyone with purchase power like to get into this investment opportunity (positive/minor negative flow with low risk)- which will drive price up based on supply/demand fundamentals, unless we see drastic changes in salaries and employment in next two years.

Another reason or the main reason I buy right now is for my son to start a better school (moving from poway to CV). I can never link his education to the bottom of something. A primary home has more meaning than a purchase price. As far as one can afford housing for 30 yr, one cares less about being a knife catcher. In terms of best investment – if purchasing a home is not the one, there are many chances in life to make best investments elsewhere.

By the way, SD realtor did not encourage me to buy at this time. I respected his advice but still decided to become a knife catcher at the time when house market is already down for two years.

[cadream]

I am one of the knife catchers – Many thanks to SD realtor for his great help.

My comments below may be only relevant to potential CV house hunters:

I have been looking at CV properties for the last two years. The one I am buying is 130K less than the last year’s purchase price and ~200K less than our budget. I have submitted ~ 20 offers this year including ~ 10 offers in the last couple months. Every time, I was competing with several other potential buyers. One time, I offered 50K above the bank’s asking price and still lost the bidding game. This time, we won because we offered within 2 hr of MLS listing with a shorter closing term. The situation is very similar to 1998 yr when I bought my current home. There is still so much money around for houses in good areas and in good shapes. Most of my friends have >500K cash in saving counts set aside to purchase houses at the so call invisible “bottom”. I am wondering where the momey come from. May be the good money made in the house booming/tech firm IPO time and may be explain why stocks rose many times in light of all the bad news. My 2 cent conclusion is that there is a lot of free money in this country, they need to be rest somewhere- whether it is the bottom of the house market or the bottom of stocks. To me, the scenario of rent covering mortgage payment is hardly achievable for houses in good locations at near future, since everyone with purchase power like to get into this investment opportunity (positive/minor negative flow with low risk)- which will drive price up based on supply/demand fundamentals, unless we see drastic changes in salaries and employment in next two years.

Another reason or the main reason I buy right now is for my son to start a better school (moving from poway to CV). I can never link his education to the bottom of something. A primary home has more meaning than a purchase price. As far as one can afford housing for 30 yr, one cares less about being a knife catcher. In terms of best investment – if purchasing a home is not the one, there are many chances in life to make best investments elsewhere.

By the way, SD realtor did not encourage me to buy at this time. I respected his advice but still decided to become a knife catcher at the time when house market is already down for two years.

[peterb]

This is interesting to see market forces/dynamics in action with our own pigg community. Many hold-outs from the bubble are now purchasing, it seems like. I’m curious as to the trigger point for people.

Perhaps someone could do a “poll” on this as I think it may be interesting to see how many that have been on this site awhile decided to purchase at this time and why.

[peterb]

This is interesting to see market forces/dynamics in action with our own pigg community. Many hold-outs from the bubble are now purchasing, it seems like. I’m curious as to the trigger point for people.

Perhaps someone could do a “poll” on this as I think it may be interesting to see how many that have been on this site awhile decided to purchase at this time and why.

[peterb]

This is interesting to see market forces/dynamics in action with our own pigg community. Many hold-outs from the bubble are now purchasing, it seems like. I’m curious as to the trigger point for people.

Perhaps someone could do a “poll” on this as I think it may be interesting to see how many that have been on this site awhile decided to purchase at this time and why.

[peterb]

This is interesting to see market forces/dynamics in action with our own pigg community. Many hold-outs from the bubble are now purchasing, it seems like. I’m curious as to the trigger point for people.

Perhaps someone could do a “poll” on this as I think it may be interesting to see how many that have been on this site awhile decided to purchase at this time and why.

[peterb]

This is interesting to see market forces/dynamics in action with our own pigg community. Many hold-outs from the bubble are now purchasing, it seems like. I’m curious as to the trigger point for people.

Perhaps someone could do a “poll” on this as I think it may be interesting to see how many that have been on this site awhile decided to purchase at this time and why.

[Ren]

[quote=peterb]What the rate on these sweet loans?[/quote]

I believe they are comparable to typical 20% down loans, except you pay a 1.25% to 2.25% (depending on your credit score) insurance premium on the mortgage up front, which is due at closing. You can add that onto the loan. It’s their version of PMI.

[Ren]

[quote=peterb]What the rate on these sweet loans?[/quote]

I believe they are comparable to typical 20% down loans, except you pay a 1.25% to 2.25% (depending on your credit score) insurance premium on the mortgage up front, which is due at closing. You can add that onto the loan. It’s their version of PMI.

[Ren]

[quote=peterb]What the rate on these sweet loans?[/quote]

I believe they are comparable to typical 20% down loans, except you pay a 1.25% to 2.25% (depending on your credit score) insurance premium on the mortgage up front, which is due at closing. You can add that onto the loan. It’s their version of PMI.

[Ren]

[quote=peterb]What the rate on these sweet loans?[/quote]

I believe they are comparable to typical 20% down loans, except you pay a 1.25% to 2.25% (depending on your credit score) insurance premium on the mortgage up front, which is due at closing. You can add that onto the loan. It’s their version of PMI.

[Author]

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