make my first time home purchase

[(former)FormerSanDiegan]

If you plan to move out of state in 5 years, it’s not a safe bet, since So Cal real estate cycle are typically 10 years or more from peak to peak. I think you need a longer commitment to this area before it makes sense to purchase.

Why not buy a house in Denver today, rent it out at a loss (you’ll get the tax break you would get on the SD house) and rent your residence here for the few years.

You’ll lock in today’s prices in Denver for a place you can be committed to live in 10 years from now. This seems to me a safer bet.

If the national RE bubble crowd is wrong you win. If they are right, you win because you plan to be in that house 10 years from now, long enough to ride out the 7-10 year RE cycle.

[davidpeace]

whats with all this “troll” nonsense? I came here for real world advice…got nothing but a-holes with oppinions that obviously have no basis, because no one has brought me any proof except for their negative oppinions.

Thanks for all the useless information guys…I’ll be sure to take you oppinions to the bank!

[davidpeace]

did I mention you all sound like pompous self-righteous a-holes? cuz that’s what I meant…

[Chrispy]

Talk about speculation and psychic thinking: how about your own?

San Diego will always be desirable. How can you predict this? What it’s like today may not be what it’s like in ten years.

Your other predictive comment: We are running out of space, so prices will continue to rise.

One does not necessarily follow the other. Condos are an excellent example of housing whose prices plunge over time. Lack of space doesn’t mean housing is always expensive – look at our own downtown. Tons of units in a very small space and all of them cheaper by the day!

You’re right about one thing though – you won’t get any REAL advice here – would you go to a mortgage broker site for information about buying certificates of deposit?

[Tracy]

It seems to me that you’re getting defensive because you want everyone here to validate the decision you made to buy your home right now. If you want people to co-sign your decision, you’ve come to the wrong place.

If you’ve been reading this site for any length of time you’d realize that pretty much everyone here agrees that property values will fall.

What goes up must come down, no?

[PD]

I’m thinking davidpeace might have house for sale in Escondido. Instead of planting a St. Joseph statue in his yard, he’s trying drum up interest in Escondido real estate and convince us all that the giant spike in prices is reasonable sunshine tax.
There is no way this guy has been reading Piggingtons or he would not have trotted out the same old mantra about how great it is to live here.

[waiting hawk]

$3,500 payment in Escondido
Say no more.

My website tracking Temecula and South Riverside County

[Chrispy]

We try not to call each other names here. Also, you might want to spell-check the word opinion.

[PerryChase]

davidpeace, if you want to buy and that makes you happy, please buy.

Also please come back next year and tell us how you’re enjoying your new neighborhood.

[JWM in SD]

Advice?? Yeah, don’t buy a house right now…how’s that for advice.

I really don’t think you’ve been reading this blog for a year. If you really had been reading it, you would not be entering into a contract to buy a house right now in Escondido of all places. If you truly had been reading this blog for a year, then you would not pull out the lame arguments you did which have been discussed here and on Ben’s blog for months now. It’s that response which makes your whole post very suspect of Trolling. Either that, or you need justification of a really bad decision that you were somehow cajoled into recently. Either way, you won’t get support here for buying a house right now.

[mydogsarelazy]

So here is my advice:

Let’s say that you can rent a really nice place for $2,000 per month. Let’s also say that since you won’t have a huge interest deduction for your tax return that you can kiss another $500 per month goodbye.

If you rent for five years, save $1,000 per month and earn 5% interest you will have — I need math help here — what close to $70k in the bank in addition to what you have saved now?

If you buy you risk losing your equity. You also might need to spend some $$ redecorating or repairing this home.

Renting looks good to me

JS

Not a real estate professional, just someone who follows the market
http://www.johnseed.com

[lendingbubblecontinues]

Self-righteous, no.

Smart enough to know that $3500 a month for a house in Escondido is ree-farkin-dick-yuh-liss, yes.

Congratulations…you have just inhaled the equivalent of “housing bubble anthrax”.

[Bugs]

I don’t think you’ll find a bigger group of bears anywhere, but that doesn’t mean we’re wrong. If you’ve been following this forum you’ll see that one of our favorite subjects is trying to ascertain the price point that makes re-entry into the market a profitable endeavor. That’s not what I would call sour grapes or negativity. I’d call it optimism.

The bottom line is that this region currently has a record number of listings available for sale and the volume of sales is down. Just in the last 12 months many of the lower priced residential markets have declined 10% and some more than that. There’s no reason anyone can point at to say it can’t drop another 10% – or more – in the next 12 months. If SD County was golden because everyone wants to be here, we wouldn’t be losing the high-dollar employment or the number of high-dollar wage earners we’re currently losing.

There’s nothing wrong with wanting a buy a home for your child. Everyone wants to do right by their kids. If you are confident of your staying power over the next 10 years the chances are reasonable – but by no means a lock – that you won’t lose money in the long haul. Just make sure you understand the difference between being able to suffer the results of such a decision and being able to make a good decision that doesn’t require suffering in the first place. Hopefully your employment situation has nothing to do with real estate, real-estate-driven consumer spending, or anything related to real estate.

It kinda looks like you’ve already made up your mind. If so we wish you and yours well, and we sincerely hope not to see your house come up with some tale of woe on Craig’s List. But if you haven’t come to a decision, try this: Write down your 3 biggest reasons why you think the market won’t continue to decline and your 3 biggest reasons why you think it might decline. Then compare your best reasons for each side of the argument and see which ones are based more on facts and data vs. which ones are based on what other people are saying.

[barnaby33]

I hate to say it but you sound like a troll. Bubble primer be damned buy the house in Escondido. Its hardly a place people WANT to live. You’re gonna find that out the hard way. Good luck Dave.

Josh

[(former)FormerSanDiegan]

did I mention you all sound like pompous self-righteous a-holes? cuz that’s what I meant…

In this thread there were at least three POSITIVE responses to your situation as follows:

“davidpeace, if you want to buy and that makes you happy, please buy”

“i don’t know which camp this advice fits in. it’s simple. if you need it and can afford it, buy it.”

“It sounds to me like you made a (relatively) good decision. “

Were those those responses from pompous a-holes ?
Do not paint us all with the same brush.

[Author]

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