Should I wait a year or buy now?

[zzz]

Hi Marion, I agree with FormerSanDiegan, I would buy next year. You should save this while watching the market decline further, and build up your cash reserves so that you have at minimum 6 months of reserves for emergency funds. I know several people who didn’t have the reserves and justified that they they were in jobs they would never get laid off from (government, university) and did. The stress is not worth it!

[sd_bear]

Marion – Basically you want to buy with very little down in an area that is sliding in price quickly.

Seems to me like you’d end up underwater soon after the purchase.

But if you can afford the payments (even through an emergency medical bill/car repair), and do not care if you are under water, go ahead and buy. Otherwise, you may just end up as another foreclosure/walkaway statistic.

[sd_bear]

Marion – Basically you want to buy with very little down in an area that is sliding in price quickly.

Seems to me like you’d end up underwater soon after the purchase.

But if you can afford the payments (even through an emergency medical bill/car repair), and do not care if you are under water, go ahead and buy. Otherwise, you may just end up as another foreclosure/walkaway statistic.

[sd_bear]

Marion – Basically you want to buy with very little down in an area that is sliding in price quickly.

Seems to me like you’d end up underwater soon after the purchase.

But if you can afford the payments (even through an emergency medical bill/car repair), and do not care if you are under water, go ahead and buy. Otherwise, you may just end up as another foreclosure/walkaway statistic.

[sd_bear]

Marion – Basically you want to buy with very little down in an area that is sliding in price quickly.

Seems to me like you’d end up underwater soon after the purchase.

But if you can afford the payments (even through an emergency medical bill/car repair), and do not care if you are under water, go ahead and buy. Otherwise, you may just end up as another foreclosure/walkaway statistic.

[sd_bear]

Marion – Basically you want to buy with very little down in an area that is sliding in price quickly.

Seems to me like you’d end up underwater soon after the purchase.

But if you can afford the payments (even through an emergency medical bill/car repair), and do not care if you are under water, go ahead and buy. Otherwise, you may just end up as another foreclosure/walkaway statistic.

[Anonymous]

Maybe if I rent for a year, I’ll be in a better position overall, because I definitely don’t have the reserves right now?

Keep advice/suggestions coming.

Sd-bear, thanks. That’s it, save me from myself.

I’m not financially/market saavy like a lot of you guys on here. That’s not where my head has been at. I really wasn’t thinking beyond the fact that if my payment is the same as rent, then it should be ok to buy. And no, I definitely do NOT want to be underwater in a year’s time. I do not plan to be walking away from any houses I buy.

I was thinking along the lines of banking on my education. According to the judge who just reduced my alimony, I’m in a better position than most education wise. But, I digress, that’s a whole ‘nother story.

[Anonymous]

Maybe if I rent for a year, I’ll be in a better position overall, because I definitely don’t have the reserves right now?

Keep advice/suggestions coming.

Sd-bear, thanks. That’s it, save me from myself.

I’m not financially/market saavy like a lot of you guys on here. That’s not where my head has been at. I really wasn’t thinking beyond the fact that if my payment is the same as rent, then it should be ok to buy. And no, I definitely do NOT want to be underwater in a year’s time. I do not plan to be walking away from any houses I buy.

I was thinking along the lines of banking on my education. According to the judge who just reduced my alimony, I’m in a better position than most education wise. But, I digress, that’s a whole ‘nother story.

[Anonymous]

Maybe if I rent for a year, I’ll be in a better position overall, because I definitely don’t have the reserves right now?

Keep advice/suggestions coming.

Sd-bear, thanks. That’s it, save me from myself.

I’m not financially/market saavy like a lot of you guys on here. That’s not where my head has been at. I really wasn’t thinking beyond the fact that if my payment is the same as rent, then it should be ok to buy. And no, I definitely do NOT want to be underwater in a year’s time. I do not plan to be walking away from any houses I buy.

I was thinking along the lines of banking on my education. According to the judge who just reduced my alimony, I’m in a better position than most education wise. But, I digress, that’s a whole ‘nother story.

[Anonymous]

Maybe if I rent for a year, I’ll be in a better position overall, because I definitely don’t have the reserves right now?

Keep advice/suggestions coming.

Sd-bear, thanks. That’s it, save me from myself.

I’m not financially/market saavy like a lot of you guys on here. That’s not where my head has been at. I really wasn’t thinking beyond the fact that if my payment is the same as rent, then it should be ok to buy. And no, I definitely do NOT want to be underwater in a year’s time. I do not plan to be walking away from any houses I buy.

I was thinking along the lines of banking on my education. According to the judge who just reduced my alimony, I’m in a better position than most education wise. But, I digress, that’s a whole ‘nother story.

[Anonymous]

Maybe if I rent for a year, I’ll be in a better position overall, because I definitely don’t have the reserves right now?

Keep advice/suggestions coming.

Sd-bear, thanks. That’s it, save me from myself.

I’m not financially/market saavy like a lot of you guys on here. That’s not where my head has been at. I really wasn’t thinking beyond the fact that if my payment is the same as rent, then it should be ok to buy. And no, I definitely do NOT want to be underwater in a year’s time. I do not plan to be walking away from any houses I buy.

I was thinking along the lines of banking on my education. According to the judge who just reduced my alimony, I’m in a better position than most education wise. But, I digress, that’s a whole ‘nother story.

[mixxalot]

I agree with the other posters- wait at least another year. That is what I am doing. I was layed off twice in past 5 years in San Diego. Now that I am consulting I make a lot more in less time. However, I still want at least a year of cash reserves in the bank and to see how steady the work is before I take a plunge and buy.

At first, I considered Point Loma, Ocean Beach, and Pacific Beach. Then gas prices skyrocketed overnight.

Then I considered places like Poway and Rancho Penasquitos. Then the wildfires struck twice in a row in these areas. No way for buying a home in these areas to get burned down.

So now, I am looking in Carlsbad, Sorrento Valley or Carmel Valley as these are where 99% of the high tech jobs are and with gas rapidly approaching $7-9 a gallon, I really don’t want a long commute and money wasted on gas.

I hope to achieve my goal of 2 years cash reserves and then have monies for down payment 10-20% in few years.

[mixxalot]

I agree with the other posters- wait at least another year. That is what I am doing. I was layed off twice in past 5 years in San Diego. Now that I am consulting I make a lot more in less time. However, I still want at least a year of cash reserves in the bank and to see how steady the work is before I take a plunge and buy.

At first, I considered Point Loma, Ocean Beach, and Pacific Beach. Then gas prices skyrocketed overnight.

Then I considered places like Poway and Rancho Penasquitos. Then the wildfires struck twice in a row in these areas. No way for buying a home in these areas to get burned down.

So now, I am looking in Carlsbad, Sorrento Valley or Carmel Valley as these are where 99% of the high tech jobs are and with gas rapidly approaching $7-9 a gallon, I really don’t want a long commute and money wasted on gas.

I hope to achieve my goal of 2 years cash reserves and then have monies for down payment 10-20% in few years.

[mixxalot]

I agree with the other posters- wait at least another year. That is what I am doing. I was layed off twice in past 5 years in San Diego. Now that I am consulting I make a lot more in less time. However, I still want at least a year of cash reserves in the bank and to see how steady the work is before I take a plunge and buy.

At first, I considered Point Loma, Ocean Beach, and Pacific Beach. Then gas prices skyrocketed overnight.

Then I considered places like Poway and Rancho Penasquitos. Then the wildfires struck twice in a row in these areas. No way for buying a home in these areas to get burned down.

So now, I am looking in Carlsbad, Sorrento Valley or Carmel Valley as these are where 99% of the high tech jobs are and with gas rapidly approaching $7-9 a gallon, I really don’t want a long commute and money wasted on gas.

I hope to achieve my goal of 2 years cash reserves and then have monies for down payment 10-20% in few years.

[mixxalot]

I agree with the other posters- wait at least another year. That is what I am doing. I was layed off twice in past 5 years in San Diego. Now that I am consulting I make a lot more in less time. However, I still want at least a year of cash reserves in the bank and to see how steady the work is before I take a plunge and buy.

At first, I considered Point Loma, Ocean Beach, and Pacific Beach. Then gas prices skyrocketed overnight.

Then I considered places like Poway and Rancho Penasquitos. Then the wildfires struck twice in a row in these areas. No way for buying a home in these areas to get burned down.

So now, I am looking in Carlsbad, Sorrento Valley or Carmel Valley as these are where 99% of the high tech jobs are and with gas rapidly approaching $7-9 a gallon, I really don’t want a long commute and money wasted on gas.

I hope to achieve my goal of 2 years cash reserves and then have monies for down payment 10-20% in few years.

[Author]

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