Sticky sellers in RSF and Santaluz

[Navydoc]

“Navydoc you are living up in West LA aren’t you? ”

No, I’m living in Carson, as it is a mere stone’s throw away from Harbor UCLA, where I’m doing my fellowship in Maternal-Fetal Medicine. I’m Navy sponsored, so as soon as I finish I go where the Navy sends me. Fortunately, as a subspecialist I can only go 4 places: San Diego, Bethesda, Portsmouth or Okinawa. If I go to Okinawa it’s only for 1 year, then go where I want. San Diego is obviosly my first choice, and training on the West coast gives me an advantage to go there.

[raptorduck]

SDRealtor. I don’t know that I can help. My wife started pushing to upgrade homes 2 years after we bought our current one and we have been in it now for 8 years give or take. Her view is that we should live in the most house we can afford. My view is that we should live in the house we “need.”

Because of changed family circumstances, we now need 3 times the house we have, but I don’t want to spend the max I can afford if I can spend much less and get what we need. If I can get that for $2M great, that is what I will do. If I must pay $5M to get what we want, then I will, but no more (could not anyway with a conventional mortgage). I suspect I will find what we want in my sweet range of $3-$4M, preferably on the lower end of that range.

Although I have seen my equity in my current house drop dramatically this past year, I still have well over 55% equity in my current house and I like that feeling. In this market, 20% down won’t buy me much equity after a year or two so I prefer something closer to 25%-35% to buffer further market depreciation in case of emergency (the better buffer is to not overpay to begin with of course). After I buy, I will follow my philosophy of agressively paying down principal above the min payment until I have at least 70%-80% equity, depending on my starting point.

[raptorduck]

SDRealtor. I don’t know that I can help. My wife started pushing to upgrade homes 2 years after we bought our current one and we have been in it now for 8 years give or take. Her view is that we should live in the most house we can afford. My view is that we should live in the house we “need.”

Because of changed family circumstances, we now need 3 times the house we have, but I don’t want to spend the max I can afford if I can spend much less and get what we need. If I can get that for $2M great, that is what I will do. If I must pay $5M to get what we want, then I will, but no more (could not anyway with a conventional mortgage). I suspect I will find what we want in my sweet range of $3-$4M, preferably on the lower end of that range.

Although I have seen my equity in my current house drop dramatically this past year, I still have well over 55% equity in my current house and I like that feeling. In this market, 20% down won’t buy me much equity after a year or two so I prefer something closer to 25%-35% to buffer further market depreciation in case of emergency (the better buffer is to not overpay to begin with of course). After I buy, I will follow my philosophy of agressively paying down principal above the min payment until I have at least 70%-80% equity, depending on my starting point.

[raptorduck]

SDRealtor. I don’t know that I can help. My wife started pushing to upgrade homes 2 years after we bought our current one and we have been in it now for 8 years give or take. Her view is that we should live in the most house we can afford. My view is that we should live in the house we “need.”

Because of changed family circumstances, we now need 3 times the house we have, but I don’t want to spend the max I can afford if I can spend much less and get what we need. If I can get that for $2M great, that is what I will do. If I must pay $5M to get what we want, then I will, but no more (could not anyway with a conventional mortgage). I suspect I will find what we want in my sweet range of $3-$4M, preferably on the lower end of that range.

Although I have seen my equity in my current house drop dramatically this past year, I still have well over 55% equity in my current house and I like that feeling. In this market, 20% down won’t buy me much equity after a year or two so I prefer something closer to 25%-35% to buffer further market depreciation in case of emergency (the better buffer is to not overpay to begin with of course). After I buy, I will follow my philosophy of agressively paying down principal above the min payment until I have at least 70%-80% equity, depending on my starting point.

[raptorduck]

SDRealtor. I don’t know that I can help. My wife started pushing to upgrade homes 2 years after we bought our current one and we have been in it now for 8 years give or take. Her view is that we should live in the most house we can afford. My view is that we should live in the house we “need.”

Because of changed family circumstances, we now need 3 times the house we have, but I don’t want to spend the max I can afford if I can spend much less and get what we need. If I can get that for $2M great, that is what I will do. If I must pay $5M to get what we want, then I will, but no more (could not anyway with a conventional mortgage). I suspect I will find what we want in my sweet range of $3-$4M, preferably on the lower end of that range.

Although I have seen my equity in my current house drop dramatically this past year, I still have well over 55% equity in my current house and I like that feeling. In this market, 20% down won’t buy me much equity after a year or two so I prefer something closer to 25%-35% to buffer further market depreciation in case of emergency (the better buffer is to not overpay to begin with of course). After I buy, I will follow my philosophy of agressively paying down principal above the min payment until I have at least 70%-80% equity, depending on my starting point.

[raptorduck]

SDRealtor. I don’t know that I can help. My wife started pushing to upgrade homes 2 years after we bought our current one and we have been in it now for 8 years give or take. Her view is that we should live in the most house we can afford. My view is that we should live in the house we “need.”

Because of changed family circumstances, we now need 3 times the house we have, but I don’t want to spend the max I can afford if I can spend much less and get what we need. If I can get that for $2M great, that is what I will do. If I must pay $5M to get what we want, then I will, but no more (could not anyway with a conventional mortgage). I suspect I will find what we want in my sweet range of $3-$4M, preferably on the lower end of that range.

Although I have seen my equity in my current house drop dramatically this past year, I still have well over 55% equity in my current house and I like that feeling. In this market, 20% down won’t buy me much equity after a year or two so I prefer something closer to 25%-35% to buffer further market depreciation in case of emergency (the better buffer is to not overpay to begin with of course). After I buy, I will follow my philosophy of agressively paying down principal above the min payment until I have at least 70%-80% equity, depending on my starting point.

[TheBreeze]

What about the poor Pigg who has been waiting to buy a house since 2004 or so? He may have to wait until 2012 to see a bottom in this market and even then, depending on his preferred location, prices may not get back to the 2004 level.

Home ownership is strictly an economic decision for me, so I can wait forever. However, for buyers that really want to own their own home, well, I don’t know if it would be worth it for them to try to time a bubble. A bubble-sitter could easily wait 5 years from the time they want to buy until the time the market seems reasonable.

For folks that really want to own a home, they need to weigh their “emotional need” for a home versus the economics. Is it worth 5 years in the prime of your life spent waiting to buy a home if you can easily afford it and really want to buy? Probably not for some.

[TheBreeze]

What about the poor Pigg who has been waiting to buy a house since 2004 or so? He may have to wait until 2012 to see a bottom in this market and even then, depending on his preferred location, prices may not get back to the 2004 level.

Home ownership is strictly an economic decision for me, so I can wait forever. However, for buyers that really want to own their own home, well, I don’t know if it would be worth it for them to try to time a bubble. A bubble-sitter could easily wait 5 years from the time they want to buy until the time the market seems reasonable.

For folks that really want to own a home, they need to weigh their “emotional need” for a home versus the economics. Is it worth 5 years in the prime of your life spent waiting to buy a home if you can easily afford it and really want to buy? Probably not for some.

[TheBreeze]

What about the poor Pigg who has been waiting to buy a house since 2004 or so? He may have to wait until 2012 to see a bottom in this market and even then, depending on his preferred location, prices may not get back to the 2004 level.

Home ownership is strictly an economic decision for me, so I can wait forever. However, for buyers that really want to own their own home, well, I don’t know if it would be worth it for them to try to time a bubble. A bubble-sitter could easily wait 5 years from the time they want to buy until the time the market seems reasonable.

For folks that really want to own a home, they need to weigh their “emotional need” for a home versus the economics. Is it worth 5 years in the prime of your life spent waiting to buy a home if you can easily afford it and really want to buy? Probably not for some.

[TheBreeze]

What about the poor Pigg who has been waiting to buy a house since 2004 or so? He may have to wait until 2012 to see a bottom in this market and even then, depending on his preferred location, prices may not get back to the 2004 level.

Home ownership is strictly an economic decision for me, so I can wait forever. However, for buyers that really want to own their own home, well, I don’t know if it would be worth it for them to try to time a bubble. A bubble-sitter could easily wait 5 years from the time they want to buy until the time the market seems reasonable.

For folks that really want to own a home, they need to weigh their “emotional need” for a home versus the economics. Is it worth 5 years in the prime of your life spent waiting to buy a home if you can easily afford it and really want to buy? Probably not for some.

[TheBreeze]

What about the poor Pigg who has been waiting to buy a house since 2004 or so? He may have to wait until 2012 to see a bottom in this market and even then, depending on his preferred location, prices may not get back to the 2004 level.

Home ownership is strictly an economic decision for me, so I can wait forever. However, for buyers that really want to own their own home, well, I don’t know if it would be worth it for them to try to time a bubble. A bubble-sitter could easily wait 5 years from the time they want to buy until the time the market seems reasonable.

For folks that really want to own a home, they need to weigh their “emotional need” for a home versus the economics. Is it worth 5 years in the prime of your life spent waiting to buy a home if you can easily afford it and really want to buy? Probably not for some.

[XBoxBoy]

SD Realtor wrote: Let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks.

To all those with this problem let me say that the solution I found that worked the best was to go rent a really nice place. (With a big emphasis on the word nice!) My wife was really after me to buy, putting on daily pressure, but I was reluctant for all the reasons that people write about here. (We have a good bit of money saved so we could afford to buy, I just didn’t think it was a good idea.) We were living in an apartment that was okay, but just okay, certainly not as nice as we could afford. But we were saving money. But I realized that living in the less than ideal situation was making things all the more difficult. So, I went out and found a really nice house to rent. Yes, we are spending a lot in rent, but still less than we would be losing if we had bought. Now my wife’s concern is that we are living in a house that is nicer than we will be able to afford. This seems to be much easier for her to deal with, and lately she has not put any pressure on me to buy a place. (Probably because she realizes that buying will mean a step down in living conditions.)

Anyway, bottom line, if your wife is after you to buy, go rent the nicest place you can find/afford. You might not be able to bank as much money, but then again you are living well, not watching your equity shrink, and rents are still half what a mortgage payment would be. Overall a much better deal. I highly recommend this strategy.

XBoxBoy

[XBoxBoy]

SD Realtor wrote: Let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks.

To all those with this problem let me say that the solution I found that worked the best was to go rent a really nice place. (With a big emphasis on the word nice!) My wife was really after me to buy, putting on daily pressure, but I was reluctant for all the reasons that people write about here. (We have a good bit of money saved so we could afford to buy, I just didn’t think it was a good idea.) We were living in an apartment that was okay, but just okay, certainly not as nice as we could afford. But we were saving money. But I realized that living in the less than ideal situation was making things all the more difficult. So, I went out and found a really nice house to rent. Yes, we are spending a lot in rent, but still less than we would be losing if we had bought. Now my wife’s concern is that we are living in a house that is nicer than we will be able to afford. This seems to be much easier for her to deal with, and lately she has not put any pressure on me to buy a place. (Probably because she realizes that buying will mean a step down in living conditions.)

Anyway, bottom line, if your wife is after you to buy, go rent the nicest place you can find/afford. You might not be able to bank as much money, but then again you are living well, not watching your equity shrink, and rents are still half what a mortgage payment would be. Overall a much better deal. I highly recommend this strategy.

XBoxBoy

[XBoxBoy]

SD Realtor wrote: Let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks.

To all those with this problem let me say that the solution I found that worked the best was to go rent a really nice place. (With a big emphasis on the word nice!) My wife was really after me to buy, putting on daily pressure, but I was reluctant for all the reasons that people write about here. (We have a good bit of money saved so we could afford to buy, I just didn’t think it was a good idea.) We were living in an apartment that was okay, but just okay, certainly not as nice as we could afford. But we were saving money. But I realized that living in the less than ideal situation was making things all the more difficult. So, I went out and found a really nice house to rent. Yes, we are spending a lot in rent, but still less than we would be losing if we had bought. Now my wife’s concern is that we are living in a house that is nicer than we will be able to afford. This seems to be much easier for her to deal with, and lately she has not put any pressure on me to buy a place. (Probably because she realizes that buying will mean a step down in living conditions.)

Anyway, bottom line, if your wife is after you to buy, go rent the nicest place you can find/afford. You might not be able to bank as much money, but then again you are living well, not watching your equity shrink, and rents are still half what a mortgage payment would be. Overall a much better deal. I highly recommend this strategy.

XBoxBoy

[XBoxBoy]

SD Realtor wrote: Let me know of any secrets you come across with to help keep your wife patient as I am running out of tricks.

To all those with this problem let me say that the solution I found that worked the best was to go rent a really nice place. (With a big emphasis on the word nice!) My wife was really after me to buy, putting on daily pressure, but I was reluctant for all the reasons that people write about here. (We have a good bit of money saved so we could afford to buy, I just didn’t think it was a good idea.) We were living in an apartment that was okay, but just okay, certainly not as nice as we could afford. But we were saving money. But I realized that living in the less than ideal situation was making things all the more difficult. So, I went out and found a really nice house to rent. Yes, we are spending a lot in rent, but still less than we would be losing if we had bought. Now my wife’s concern is that we are living in a house that is nicer than we will be able to afford. This seems to be much easier for her to deal with, and lately she has not put any pressure on me to buy a place. (Probably because she realizes that buying will mean a step down in living conditions.)

Anyway, bottom line, if your wife is after you to buy, go rent the nicest place you can find/afford. You might not be able to bank as much money, but then again you are living well, not watching your equity shrink, and rents are still half what a mortgage payment would be. Overall a much better deal. I highly recommend this strategy.

XBoxBoy

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