So I pulled the trigger: My buying experience in Temecula (long story)

[Anonymous]

Psychologically how are you going to handle it in 2-3 years when your neighbor’s houses are selling for half of what you paid?

[Anonymous]

Psychologically how are you going to handle it in 2-3 years when your neighbor’s houses are selling for half of what you paid?

[waiting hawk]

I spoke to the guy who made that Mapleton video today on the phone and told him of a quote I heard a while back, “the market can stay irrational longer than you can stay rational”. I believe most on here will buy before the bottom and there is nothing wrong with that at all. The only problem I have is what will the area look like after this shake out? I cannot buy in any of those tracks because I have to many guns and will not allow scum to live near me (maybe I am the scum lol), but this is why I am looking in wine country or De Luz for some land. I don’t want to grow fancy things or whatnot I just want to be the heck away from most others. Is that weird or what? Being serious congratz on that purchase. Great schools for your kids.

PS take photos for us would ya?

[waiting hawk]

I spoke to the guy who made that Mapleton video today on the phone and told him of a quote I heard a while back, “the market can stay irrational longer than you can stay rational”. I believe most on here will buy before the bottom and there is nothing wrong with that at all. The only problem I have is what will the area look like after this shake out? I cannot buy in any of those tracks because I have to many guns and will not allow scum to live near me (maybe I am the scum lol), but this is why I am looking in wine country or De Luz for some land. I don’t want to grow fancy things or whatnot I just want to be the heck away from most others. Is that weird or what? Being serious congratz on that purchase. Great schools for your kids.

PS take photos for us would ya?

[newguy]

Yes, I would be buying for more than financial gain. Like most people on this board, I think we know that there’s a group who buys with living in mind and there’s a group who buys with money in mind. I’m more of the former (but the money is still on my mind).

And besides, Harveston is literally down the street from where I will be working which is the biggest reason why I was primarily looking at the Harveston area. I also have other factors that lead to me buying so soon, but that’s another story.

And hipmatt, you’re right about the property tax. Definitely on the high side. But hey, I have to look on the bright side (*tax break*). Thanks for the congradulations and good luck. From looking at this site, it looks like I’m going to need a lot of luck to ride this out.

Deadzone: I would laugh at the neighbors who would sell their home 2-3 years from now at half of what I paid for. Cause they paid higher than me. And I would probably buy their properties as investment if I can buy a 3668sf house for 216K. Probably get one of those 100% financing, neg amortization loans with some jumbo 50 year loan. (kidding aside, I would definitely buy homes for 216K at 3668sf)

[newguy]

Yes, I would be buying for more than financial gain. Like most people on this board, I think we know that there’s a group who buys with living in mind and there’s a group who buys with money in mind. I’m more of the former (but the money is still on my mind).

And besides, Harveston is literally down the street from where I will be working which is the biggest reason why I was primarily looking at the Harveston area. I also have other factors that lead to me buying so soon, but that’s another story.

And hipmatt, you’re right about the property tax. Definitely on the high side. But hey, I have to look on the bright side (*tax break*). Thanks for the congradulations and good luck. From looking at this site, it looks like I’m going to need a lot of luck to ride this out.

Deadzone: I would laugh at the neighbors who would sell their home 2-3 years from now at half of what I paid for. Cause they paid higher than me. And I would probably buy their properties as investment if I can buy a 3668sf house for 216K. Probably get one of those 100% financing, neg amortization loans with some jumbo 50 year loan. (kidding aside, I would definitely buy homes for 216K at 3668sf)

[temeculaguy]

Matt, I was thinking the exact same thing as i scrolled down until read your post, I hope 23109 doesn’t see this. I know he will and he’s been a good sport but at some point he’s going to realize that the house he rents will sell in the high 200’s before too long, it just will, granite or not, nobody will pay 350-400 for a 1900 sq ft when the big ones are heading towards $100 a ft.

New guy, you’ll be fine and you are brave man for throwing up your numbers, come back and visit us sometime. I suppose over time we will be saying goodbye to a lot of good people. I paid $100 a ft in 1992 and $80 a ft in 1998, but gas was a dollar in 92, electric was $70 and I my income was less than half of what it is today, at $115 a ft for a long term investment in one of the premier neighborhoods, you did good. Maybe you could have done better but have no regrets because you went in knowing the facts and are prepared for any downturn unlike most buyers in the last few years. You have cusion for the bumpy parts because you can afford it now and the payment won’t be going up. Seems like fiction these days that someone bought a house with 20% down, conventional 30 year loan, can afford it and plans on staying there for years, that’s the way it was meant to be and that formula has always worked. BTW, My last house was a lennar, they build a nice house.

[temeculaguy]

Matt, I was thinking the exact same thing as i scrolled down until read your post, I hope 23109 doesn’t see this. I know he will and he’s been a good sport but at some point he’s going to realize that the house he rents will sell in the high 200’s before too long, it just will, granite or not, nobody will pay 350-400 for a 1900 sq ft when the big ones are heading towards $100 a ft.

New guy, you’ll be fine and you are brave man for throwing up your numbers, come back and visit us sometime. I suppose over time we will be saying goodbye to a lot of good people. I paid $100 a ft in 1992 and $80 a ft in 1998, but gas was a dollar in 92, electric was $70 and I my income was less than half of what it is today, at $115 a ft for a long term investment in one of the premier neighborhoods, you did good. Maybe you could have done better but have no regrets because you went in knowing the facts and are prepared for any downturn unlike most buyers in the last few years. You have cusion for the bumpy parts because you can afford it now and the payment won’t be going up. Seems like fiction these days that someone bought a house with 20% down, conventional 30 year loan, can afford it and plans on staying there for years, that’s the way it was meant to be and that formula has always worked. BTW, My last house was a lennar, they build a nice house.

[mydogsarelazy]

Hi Newguy,

I think you made a fine buy. Harveston is a very nice place.

I have one worry though, long term. If water supplies to this region are cut back, I wonder what that could do. I know that the water at Harveston is all recycled, but just today the Press Enterprise had a cover story about water cutbacks.

At any rate: good job negotiating!

JS

[mydogsarelazy]

Hi Newguy,

I think you made a fine buy. Harveston is a very nice place.

I have one worry though, long term. If water supplies to this region are cut back, I wonder what that could do. I know that the water at Harveston is all recycled, but just today the Press Enterprise had a cover story about water cutbacks.

At any rate: good job negotiating!

JS

[ibjames]

congrats!

[ibjames]

congrats!

[23109VC]

i saw this thread. no i’m not stressed. I looked at prescott but didn’t care for the location. but that’s just ME.

newguy – great deal. congrats! we will be neighbors. 🙂 you got a great price for a HUGE house.

as to those of you who have any interst in my situation – my wife and I bought our rental. $350k for 1866 sq ft. one story. 3BD/2BA.

no need to post the “you’ll be sorry” posts – I already know what many of you will say. 🙂 My wife and talked about the decision to buy or continue renting EXTENSIVELY. In the end – there were numerous factors at play – some personal, some financial. In the end – after weighing *everything* – we feel we made a well informed decision. There was more motivating us than purely price/sq ft and real estate market considerations.

We bought the house to live in – to raise our kids in – to be in a good area. We had specific wants – such as being in Harveston, in a *one story*, in a certain location, with a private yard – and this house met all those needs (which is hard to find in Harveston).

i ran all the numbers of renting vs buying. and candidly – i’m going to be paying about the same to buy this house compared to renting something similar. So we could have rented another year and maybe bought more house for the same amount of money (or less money) – but we like this house.

i sincerely appreciate all the advice i received here. Just because I went against what many of you recommended – please don’t think I didn’t appreciate your time and input. I did listen to you all. I wouldn’t have spent the amount of time here I did had I not cared about what you all thought. So while many of you will post here and bash me – thank you in advance to those of you who gave me your opinions and thoughts.

we are prepared for the very real and very likely scenario of the house being worth less than we paid for it. we are prepared for that – believe me – we talked about it.

we are in this house for the long haul. 10 years at least. We like the house, we are comfortable with our payments, we are paying about what we would pay to rent, and we don’t plan to move for a long time. IN the end, I think we will be ok, and more importantly, we are happy with our decision.

newguy – when do you move in?

[23109VC]

i saw this thread. no i’m not stressed. I looked at prescott but didn’t care for the location. but that’s just ME.

newguy – great deal. congrats! we will be neighbors. 🙂 you got a great price for a HUGE house.

as to those of you who have any interst in my situation – my wife and I bought our rental. $350k for 1866 sq ft. one story. 3BD/2BA.

no need to post the “you’ll be sorry” posts – I already know what many of you will say. 🙂 My wife and talked about the decision to buy or continue renting EXTENSIVELY. In the end – there were numerous factors at play – some personal, some financial. In the end – after weighing *everything* – we feel we made a well informed decision. There was more motivating us than purely price/sq ft and real estate market considerations.

We bought the house to live in – to raise our kids in – to be in a good area. We had specific wants – such as being in Harveston, in a *one story*, in a certain location, with a private yard – and this house met all those needs (which is hard to find in Harveston).

i ran all the numbers of renting vs buying. and candidly – i’m going to be paying about the same to buy this house compared to renting something similar. So we could have rented another year and maybe bought more house for the same amount of money (or less money) – but we like this house.

i sincerely appreciate all the advice i received here. Just because I went against what many of you recommended – please don’t think I didn’t appreciate your time and input. I did listen to you all. I wouldn’t have spent the amount of time here I did had I not cared about what you all thought. So while many of you will post here and bash me – thank you in advance to those of you who gave me your opinions and thoughts.

we are prepared for the very real and very likely scenario of the house being worth less than we paid for it. we are prepared for that – believe me – we talked about it.

we are in this house for the long haul. 10 years at least. We like the house, we are comfortable with our payments, we are paying about what we would pay to rent, and we don’t plan to move for a long time. IN the end, I think we will be ok, and more importantly, we are happy with our decision.

newguy – when do you move in?

[NotCranky]

Congratulations and good luck on your new home!
Seems to me like retirees will be buying up homes in Temecula at the kinds of prices you guys are talking about and even more so if prices continue to drop. Those prices are going to be pretty competitive and Temecula seems very suitable for the relatively able bodied elderly with decent fixed incomes. Just one example..yesterday I was talking to an agent who has an elderly female client who can sell her home in Encanto which is a rough area in San Diego and will make a cash purchase of a brand new home in Temecula. My wife and I spent the long weekend in Prescott AZ.. It is mostly a retiree haven at 5,200 elevation a few hours north or Phoenix. Prices for similiar homes are also in the 400-600k range now. If this is an example of what other desirable retirement areas cost then I think Temecula can really compete.

[Author]

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