make my first time home purchase

[(former)FormerSanDiegan]

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

And who is pompous ?

Congratulations on finding the deal of the 20th century !

[desmond]

Just take a Sunday drive with your wife down Valley Parkway and see how long it takes for her to lock her door. Stop and visit one of the city parks and go for a stroll, point out all the +’s and -‘s. Stop by Orange Glen H.S. your kid could be a Patriot. That is Escondido. Or you could drive down Revolution Blvd. in T.J. and see the same thing.

[powayseller]

David, read the Bubble Primer. Get yourself a basic understanding of the housing bubble and historical San Diego housing cycles. Then come back and post.

[Chris Johnston]

Chris Johnston
iamafuturestrader.com

David,

Please stay here and contribute, we need some bulls in here for balance. I think your odds based on my model of making a gain like that at the end of a 10 yr upmove, are fairly slim. Remember, the weather as I recall was also nice in the 90’s and land was also scarce, yet RE fell sharply.

If you want to debate cycles, I am the right opponent. However, your decision is made so just enjoy your home and forget about getting reinforcing opinions. I just hope you did not buy the home for appreciation reasons as that is unlikely to happen in the next 5 years from my research.

We could be wrong. I never assume my opinion is correct, as a trader I cannot be that arrogant it is too expensive. The chance of a recession is there but it is far from a certainty. Even if one occurs, people still survive and move on.

Congrats on your place, and stay with us. It is not stupid to buy a house, that is a bit extreme IMO. People are very opinionated about this subject in here for various reasons. I sold in the fall of 2005 just trying to time the market a bit, so obviously I think prices are going to come down. The magnitude is anyone’s guess, but I do not think 50% is going to happen. The last cyle the median dropped about 20% or a smidge more so something on that level is what I am expecting, maybe up to 30%, no more.

Buying a home should be for the reasons you stated except the appreciation portion, any appreciation at any time is a bonus. We have all become RE experts due to the large run up we have had, this does not mean we know anything that others do not.

[salo_t]

davidpeace, I’m in almost the same situation you are with a baby on the way. I am currently renting a nice big 2 bed condo in mission valley for $1250 a month. Let me repeat that – $1250 a month. Between my wife and I we could afford to pay much more but we are enjoying saving the extra money and now we can sit back and watch housing prices fall and jump in anytime we are ready. I too get frustrated at not having my own home but then again I make up for it by buying motorcycles, taking road trips and whatever I want with the extra money we have. Its really about what makes you happy. If you have the option you might want to get out of that contract and wait a little longer.

[waiting hawk]

If you came on and said you plunged into La Jolla or Del Mar that would be one thing. I think where ur moving is the bad press on this thread. Think about it long and hard. No one wants to put their family at risk. What are the schools like? AND most important, Suzane research this right?
http://www.forsakencraft.com/suzy.avi

My website tracking Temecula and South Riverside County

[JES]

Advice to not buy should not be viewed as negative advice. I’m optimistic. If you get out of this deal now I’m very optimistic you will find greater opportunities in the next 1-2 years. Also consider that if you buy right now you still will not really own the house, the bank will. You’ll just be making payments to a different place.

[Anonymous]

davidpeace is braindead. Guys, quit wasting your time trying to explain the obvious to this guy. Based on his emails he is either braindead or on crack. There is no sense in trying to rationalize with people like that.

[davidpeace]

Finally some polite responses….thank you for toning it down! The only thing I protest is I’ve seen several responses about the schools in Escondido, and:

‘Just take a Sunday drive with your wife down Valley Parkway and see how long it takes for her to lock her door. Stop and visit one of the city parks and go for a stroll, point out all the +’s and -‘s. Stop by Orange Glen H.S. your kid could be a Patriot. That is Escondido. Or you could drive down Revolution Blvd. in T.J. and see the same thing.’

It sounds as if you are referring to the eastert sides of Escondido…the west side is much nicer (near San Marcos). Also, I’m having a BABY, and the hardly constitutes me planning for their high school? I, myelf, grew up in Escondido…I went to L R Green! Escondido itself is not bad…it just has ghetto parts! Both my parents live in Escondido…my wife and I know Escondido inside and out. You sound like you’ve only seen the ghetto parts.

Also, to whoever asked about my profession, I’m a senior software architect for a company in Mira Mesa. A month ago I looked for a job, I got 9 calls in 24 hours, and had a job by the following week. My skills are in demand, and I’m confident in that. Since I have 6 figures+ coming in, I am not worried about the monthly payments you all think are ghastly.

I appreciated the POLITE advice I got now, much more than the impulsive negativity i originally got. I do see there is a trend with all your advice. Prices will continue to drop…I know this…my wife knows this. Our OPINION is that the prices will continue to fall for MAX 3 more years. The CA minimum wage will kick up in January 07, HOPEFULLY helping boost salaries over all, devaluing the dollar a little. And it’s supposed to raise a little more in 08. I’m no economic expert…I go by what I see & feel. But by those means, I could easily see my house appreciating in 5 years. (but apparently the ‘recession’ everyone here is talking about, is inevetable)

And BTW: Just because I WANT to disagree with you all, because I’m in the middle of the biggest purchase of my life, doesn’t mean I’m a real estate agent. Anyways, I think I’ve gotten all the advice I need. Thanks.

[davidpeace]

“davidpeace is braindead. Guys, quit wasting your time trying to explain the obvious to this guy. Based on his emails he is either braindead or on crack. There is no sense in trying to rationalize with people like that.”

I stand corrected…there still are pompous aholes here. I’ve been called moronic too.

Wow…thanks guys…this is the positivity I love around here! Lets go have drinks some time!

Is there a way to close this forum, so I don’t get jerks like you judging me?

[JWM in SD]

Then why the hell are even posting here? Sorry, but something about all this doesn’t pass the smell test. If you’re really that certain about what’s going to happen with real estate, then why are posting on a bear site and asking for advice? What kind of advice did think you going to get from bunch strangers on a blog more or less dedicated to why SD housing prices are inflated?

It’s your money.

[Anonymous]

Here is the advice you are looking for: Buy a house in Escondido and sell it in 5 years. By then everthing will be positively rosy.

[salo_t]

Lee? Lee Sterling is that you? Reveal yourself!!!

[JWM in SD]

Oh, and another thing. It seems rather hypocritical to call other people on here “pompous A-holes” when I see that you have no qualms bragging about what you do and how much money you make. Well guess what sparky, I’m in the same income bracket as well as my wife. I found a job in Finance just as quickly as you did when I moved here from Chicago in late ’04. We also have the money for 20% downpayment (yes cash) on a 600K house (you do math genius). But you see, I like to think that I actually get something of value for my money and not the overprice stucco crap boxes that are slapped together here is So Cal. I’ll say it again, go troll somewhere else.

[JWM in SD]

maybe it is lee???

[Author]

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