Opinion requested on 92104 South Park Area – please

[jpinpb]

[quote=sdrealtor]The under 500K mark is big because of the 417K conventional loan limit. All houses under that can be bought with conventional loans and 20% down. Granted all dont have 20% down but enough have that and more to impact the market. The income required for a 417K loan these days is about $100K which isnt tough for a one professional or a 2 income family. These numbers are for 500k and as you go down in price there are more people who can meet the 20% down or the required income. A nice home in a nice location will be contested under this price.[/quote]

I thought they raised the 417k loan limit. 20% down? I wish I could remember where I read it and the percentage, but I can’t. But from what I remember, I read somewhere about how high of a percentage the FHA loans were, overshadowing any conventional loans.

[sdrealtor]

There is what they call a Super Conforming loan up to $697,000. You can get close to the same rates for a 30 year fixed loan with one of them but there are lots of other products that arent as available particualrly Interest Only Loans.

FHA is bigger in the lower price ranges but there are plenty of conventional buyers with 20%. There are also conventional loans with less than 20% from my understanding.

[sdrealtor]

There is what they call a Super Conforming loan up to $697,000. You can get close to the same rates for a 30 year fixed loan with one of them but there are lots of other products that arent as available particualrly Interest Only Loans.

FHA is bigger in the lower price ranges but there are plenty of conventional buyers with 20%. There are also conventional loans with less than 20% from my understanding.

[sdrealtor]

There is what they call a Super Conforming loan up to $697,000. You can get close to the same rates for a 30 year fixed loan with one of them but there are lots of other products that arent as available particualrly Interest Only Loans.

FHA is bigger in the lower price ranges but there are plenty of conventional buyers with 20%. There are also conventional loans with less than 20% from my understanding.

[sdrealtor]

There is what they call a Super Conforming loan up to $697,000. You can get close to the same rates for a 30 year fixed loan with one of them but there are lots of other products that arent as available particualrly Interest Only Loans.

FHA is bigger in the lower price ranges but there are plenty of conventional buyers with 20%. There are also conventional loans with less than 20% from my understanding.

[sdrealtor]

There is what they call a Super Conforming loan up to $697,000. You can get close to the same rates for a 30 year fixed loan with one of them but there are lots of other products that arent as available particualrly Interest Only Loans.

FHA is bigger in the lower price ranges but there are plenty of conventional buyers with 20%. There are also conventional loans with less than 20% from my understanding.

[CA renter]

[quote=jpinpb][quote=sdcellar]Yeah, but that place is tiny and you should be able to get more for your money. [/quote]

should is the key word. You would think, but I’m not seeing it, at least for the decent streets.

[quote=sdcellar]
Honestly, there are a lot of canyon facing lots in central San Diego, so if that’s what you really want, there will be more out there. [/quote]

I hope so. The canyon ones in the nicer areas go quick and at a higher price.

[quote=sdcellar]
Also, I’m not sure how much land you’d like to have, but if you’re okay with a smaller house like that, you should probably be able to get by with a smaller lot and still have a respectable garden. You won’t get the view, but I don’t know how important that is to you. [/quote]

Well, I was okay w/the smaller house because it was on a big lot. Even though the house was small, the outdoors was BIG, expansive and private, so it seemed less claustrophobic.

[quote=sdcellar]
Also, not sure how big your search radius is, but there are a lot of zips with similar properties, just depends on what’s most important to you.[/quote]

I’m really embarrassed to say, but I’ve been checking about 10 ZIPs. I’m pretty picky. I would like a canyon view, but it’s not critical. It has to make sense. Some places are close to making sense. Others have qualities that are desirous, but don’t pencil out.

Makes me think of what TG said at our last meetup. Always the bridesmaid, never the bride. I keep getting close, but no cigar.

Some of the canyon properties I’ve seen are like on a cliff and though the view is great, I feel like I’m just going to fall off, like 4610 Iroquois. Pretty much unusable.[/quote]

Another example of crazy appraisers. That one got almost $200K in three months!!!

I don’t care what kind of upgrades you do to a house, it should not increase the value by $200K in a few months.

[CA renter]

[quote=jpinpb][quote=sdcellar]Yeah, but that place is tiny and you should be able to get more for your money. [/quote]

should is the key word. You would think, but I’m not seeing it, at least for the decent streets.

[quote=sdcellar]
Honestly, there are a lot of canyon facing lots in central San Diego, so if that’s what you really want, there will be more out there. [/quote]

I hope so. The canyon ones in the nicer areas go quick and at a higher price.

[quote=sdcellar]
Also, I’m not sure how much land you’d like to have, but if you’re okay with a smaller house like that, you should probably be able to get by with a smaller lot and still have a respectable garden. You won’t get the view, but I don’t know how important that is to you. [/quote]

Well, I was okay w/the smaller house because it was on a big lot. Even though the house was small, the outdoors was BIG, expansive and private, so it seemed less claustrophobic.

[quote=sdcellar]
Also, not sure how big your search radius is, but there are a lot of zips with similar properties, just depends on what’s most important to you.[/quote]

I’m really embarrassed to say, but I’ve been checking about 10 ZIPs. I’m pretty picky. I would like a canyon view, but it’s not critical. It has to make sense. Some places are close to making sense. Others have qualities that are desirous, but don’t pencil out.

Makes me think of what TG said at our last meetup. Always the bridesmaid, never the bride. I keep getting close, but no cigar.

Some of the canyon properties I’ve seen are like on a cliff and though the view is great, I feel like I’m just going to fall off, like 4610 Iroquois. Pretty much unusable.[/quote]

Another example of crazy appraisers. That one got almost $200K in three months!!!

I don’t care what kind of upgrades you do to a house, it should not increase the value by $200K in a few months.

[CA renter]

[quote=jpinpb][quote=sdcellar]Yeah, but that place is tiny and you should be able to get more for your money. [/quote]

should is the key word. You would think, but I’m not seeing it, at least for the decent streets.

[quote=sdcellar]
Honestly, there are a lot of canyon facing lots in central San Diego, so if that’s what you really want, there will be more out there. [/quote]

I hope so. The canyon ones in the nicer areas go quick and at a higher price.

[quote=sdcellar]
Also, I’m not sure how much land you’d like to have, but if you’re okay with a smaller house like that, you should probably be able to get by with a smaller lot and still have a respectable garden. You won’t get the view, but I don’t know how important that is to you. [/quote]

Well, I was okay w/the smaller house because it was on a big lot. Even though the house was small, the outdoors was BIG, expansive and private, so it seemed less claustrophobic.

[quote=sdcellar]
Also, not sure how big your search radius is, but there are a lot of zips with similar properties, just depends on what’s most important to you.[/quote]

I’m really embarrassed to say, but I’ve been checking about 10 ZIPs. I’m pretty picky. I would like a canyon view, but it’s not critical. It has to make sense. Some places are close to making sense. Others have qualities that are desirous, but don’t pencil out.

Makes me think of what TG said at our last meetup. Always the bridesmaid, never the bride. I keep getting close, but no cigar.

Some of the canyon properties I’ve seen are like on a cliff and though the view is great, I feel like I’m just going to fall off, like 4610 Iroquois. Pretty much unusable.[/quote]

Another example of crazy appraisers. That one got almost $200K in three months!!!

I don’t care what kind of upgrades you do to a house, it should not increase the value by $200K in a few months.

[CA renter]

[quote=jpinpb][quote=sdcellar]Yeah, but that place is tiny and you should be able to get more for your money. [/quote]

should is the key word. You would think, but I’m not seeing it, at least for the decent streets.

[quote=sdcellar]
Honestly, there are a lot of canyon facing lots in central San Diego, so if that’s what you really want, there will be more out there. [/quote]

I hope so. The canyon ones in the nicer areas go quick and at a higher price.

[quote=sdcellar]
Also, I’m not sure how much land you’d like to have, but if you’re okay with a smaller house like that, you should probably be able to get by with a smaller lot and still have a respectable garden. You won’t get the view, but I don’t know how important that is to you. [/quote]

Well, I was okay w/the smaller house because it was on a big lot. Even though the house was small, the outdoors was BIG, expansive and private, so it seemed less claustrophobic.

[quote=sdcellar]
Also, not sure how big your search radius is, but there are a lot of zips with similar properties, just depends on what’s most important to you.[/quote]

I’m really embarrassed to say, but I’ve been checking about 10 ZIPs. I’m pretty picky. I would like a canyon view, but it’s not critical. It has to make sense. Some places are close to making sense. Others have qualities that are desirous, but don’t pencil out.

Makes me think of what TG said at our last meetup. Always the bridesmaid, never the bride. I keep getting close, but no cigar.

Some of the canyon properties I’ve seen are like on a cliff and though the view is great, I feel like I’m just going to fall off, like 4610 Iroquois. Pretty much unusable.[/quote]

Another example of crazy appraisers. That one got almost $200K in three months!!!

I don’t care what kind of upgrades you do to a house, it should not increase the value by $200K in a few months.

[CA renter]

[quote=jpinpb][quote=sdcellar]Yeah, but that place is tiny and you should be able to get more for your money. [/quote]

should is the key word. You would think, but I’m not seeing it, at least for the decent streets.

[quote=sdcellar]
Honestly, there are a lot of canyon facing lots in central San Diego, so if that’s what you really want, there will be more out there. [/quote]

I hope so. The canyon ones in the nicer areas go quick and at a higher price.

[quote=sdcellar]
Also, I’m not sure how much land you’d like to have, but if you’re okay with a smaller house like that, you should probably be able to get by with a smaller lot and still have a respectable garden. You won’t get the view, but I don’t know how important that is to you. [/quote]

Well, I was okay w/the smaller house because it was on a big lot. Even though the house was small, the outdoors was BIG, expansive and private, so it seemed less claustrophobic.

[quote=sdcellar]
Also, not sure how big your search radius is, but there are a lot of zips with similar properties, just depends on what’s most important to you.[/quote]

I’m really embarrassed to say, but I’ve been checking about 10 ZIPs. I’m pretty picky. I would like a canyon view, but it’s not critical. It has to make sense. Some places are close to making sense. Others have qualities that are desirous, but don’t pencil out.

Makes me think of what TG said at our last meetup. Always the bridesmaid, never the bride. I keep getting close, but no cigar.

Some of the canyon properties I’ve seen are like on a cliff and though the view is great, I feel like I’m just going to fall off, like 4610 Iroquois. Pretty much unusable.[/quote]

Another example of crazy appraisers. That one got almost $200K in three months!!!

I don’t care what kind of upgrades you do to a house, it should not increase the value by $200K in a few months.

[CA renter]

[quote=jpinpb][quote=urbanrealtor]The 500k mark is major point of cleavage in the way people buy.
You are totally right.[/quote]

Why do you think that is? I have my opinions on it, but would love to hear why you think it is so.[/quote]

The lower priced homes have always been the most contested because there are a greater number of people who can afford them.

Also, with 6% “seller concessions” on a $500K house ($30,000), and the $8,000 tax credit, with a 3.5% FHA loan, you get $38,000, while only having to pay $17,500 (the 3.5% downpayment), plus perhaps $5,000 in closing costs (someone correct me if my numbers are off too much). In other words, someone buying under these conditions is BEING PAID $15,500 to buy the house. All of it legal, from what I understand. It’s not just a free call option, the buyer is being paid a premium to take it!

Any wonder the market under $500K is hot right now? 🙁

[CA renter]

[quote=jpinpb][quote=urbanrealtor]The 500k mark is major point of cleavage in the way people buy.
You are totally right.[/quote]

Why do you think that is? I have my opinions on it, but would love to hear why you think it is so.[/quote]

The lower priced homes have always been the most contested because there are a greater number of people who can afford them.

Also, with 6% “seller concessions” on a $500K house ($30,000), and the $8,000 tax credit, with a 3.5% FHA loan, you get $38,000, while only having to pay $17,500 (the 3.5% downpayment), plus perhaps $5,000 in closing costs (someone correct me if my numbers are off too much). In other words, someone buying under these conditions is BEING PAID $15,500 to buy the house. All of it legal, from what I understand. It’s not just a free call option, the buyer is being paid a premium to take it!

Any wonder the market under $500K is hot right now? 🙁

[CA renter]

[quote=jpinpb][quote=urbanrealtor]The 500k mark is major point of cleavage in the way people buy.
You are totally right.[/quote]

Why do you think that is? I have my opinions on it, but would love to hear why you think it is so.[/quote]

The lower priced homes have always been the most contested because there are a greater number of people who can afford them.

Also, with 6% “seller concessions” on a $500K house ($30,000), and the $8,000 tax credit, with a 3.5% FHA loan, you get $38,000, while only having to pay $17,500 (the 3.5% downpayment), plus perhaps $5,000 in closing costs (someone correct me if my numbers are off too much). In other words, someone buying under these conditions is BEING PAID $15,500 to buy the house. All of it legal, from what I understand. It’s not just a free call option, the buyer is being paid a premium to take it!

Any wonder the market under $500K is hot right now? 🙁

[CA renter]

[quote=jpinpb][quote=urbanrealtor]The 500k mark is major point of cleavage in the way people buy.
You are totally right.[/quote]

Why do you think that is? I have my opinions on it, but would love to hear why you think it is so.[/quote]

The lower priced homes have always been the most contested because there are a greater number of people who can afford them.

Also, with 6% “seller concessions” on a $500K house ($30,000), and the $8,000 tax credit, with a 3.5% FHA loan, you get $38,000, while only having to pay $17,500 (the 3.5% downpayment), plus perhaps $5,000 in closing costs (someone correct me if my numbers are off too much). In other words, someone buying under these conditions is BEING PAID $15,500 to buy the house. All of it legal, from what I understand. It’s not just a free call option, the buyer is being paid a premium to take it!

Any wonder the market under $500K is hot right now? 🙁

[Author]

Posts