Survey: At what price will YOU most likely buy?

[Anonymous]

We’ll buy when (1) NODs start moving down, (2) employment starts moving up, and (3) sales start increasing.

And, when household debt-to-income gets cut in half.

Only then will the factors causing falling volumes and prices be purged. Why buy beforehand, if you have a comfortable rental?

It may take 10 years for these things to happen.

Prices will be 15-20% of current levels, then. We’ll buy then.

[Anonymous]

We’ll buy when (1) NODs start moving down, (2) employment starts moving up, and (3) sales start increasing.

And, when household debt-to-income gets cut in half.

Only then will the factors causing falling volumes and prices be purged. Why buy beforehand, if you have a comfortable rental?

It may take 10 years for these things to happen.

Prices will be 15-20% of current levels, then. We’ll buy then.

[kev374]

200/sqft is my target point.
That is around 40-60% off todays prices. I have a budget of around $300-350k for a 1500-1600sqft in Mission Viejo/Aliso Viejo/Laguna Niguel.

Even for a $300k property the affordability metrics are quite steep, one would need $40,000 cash to bring to the table for down and closing costs, at least 3 months reserves of $10,000 and furnishing/moving in expenses are going to be there for a new home..let’s not kid ourselves. $60,000 cash minimum is required. In addition a typical family with 2 kids, $120,000/yr income is needed. Not many have these attributes.

[kev374]

200/sqft is my target point.
That is around 40-60% off todays prices. I have a budget of around $300-350k for a 1500-1600sqft in Mission Viejo/Aliso Viejo/Laguna Niguel.

Even for a $300k property the affordability metrics are quite steep, one would need $40,000 cash to bring to the table for down and closing costs, at least 3 months reserves of $10,000 and furnishing/moving in expenses are going to be there for a new home..let’s not kid ourselves. $60,000 cash minimum is required. In addition a typical family with 2 kids, $120,000/yr income is needed. Not many have these attributes.

[patientrenter]

Thanks to the 8 other contributors to date.

Here are the summary results so far:

# | Contributor | Trigger%* | Comments
1 | patientrenter | 65% | Eastside Costa Mesa
2 | BuyerWillEPB | ?% | (300 / 2003 Price = ?)
3 | temeculaguy | 67% | Of current resale home prices
4 | stansd | 75% | Without inflation adjustment
5 | PD | 80% | Coronado
6 | golfproz | 65% | (550 / 850)
7 | eccen in esc | 75% | (450 / ?)
8 | jg | 18% | Can wait 10 years
9 | kev374 | 50% | So. OC

*Most likely trigger price as % of current price for most likely future purchase

eccen in esc, did I get you right at pulling the trigger at 75% of today’s prices, or was that 75% off today’s prices?

Patient renter in OC

[patientrenter]

Thanks to the 8 other contributors to date.

Here are the summary results so far:

# | Contributor | Trigger%* | Comments
1 | patientrenter | 65% | Eastside Costa Mesa
2 | BuyerWillEPB | ?% | (300 / 2003 Price = ?)
3 | temeculaguy | 67% | Of current resale home prices
4 | stansd | 75% | Without inflation adjustment
5 | PD | 80% | Coronado
6 | golfproz | 65% | (550 / 850)
7 | eccen in esc | 75% | (450 / ?)
8 | jg | 18% | Can wait 10 years
9 | kev374 | 50% | So. OC

*Most likely trigger price as % of current price for most likely future purchase

eccen in esc, did I get you right at pulling the trigger at 75% of today’s prices, or was that 75% off today’s prices?

Patient renter in OC

[SD Realtor]

I would not base my purchase on % of price decline. If I had the time, I would wait until the sales volume reached a consistent level. To me that would show that the market reached an equilibrium that would signal most of the price risk was unwound. I would also look at the rate of inventory coming on the market and things like foreclosure rates.

Once more, things like the price median are pretty useless to me.

SD Realtor

[SD Realtor]

I would not base my purchase on % of price decline. If I had the time, I would wait until the sales volume reached a consistent level. To me that would show that the market reached an equilibrium that would signal most of the price risk was unwound. I would also look at the rate of inventory coming on the market and things like foreclosure rates.

Once more, things like the price median are pretty useless to me.

SD Realtor

[eccen in esc]

eccen in esc

20-30% off today’s prices – thanks

[eccen in esc]

eccen in esc

20-30% off today’s prices – thanks

[patientrenter]

SD Realtor,

Sorry, looks like my survey question was not very clear. I should have anticipated this from all the other surveys I’ve been involved in.

I don’t know how many people will be basing their purchase decision primarily on the % price decline. For me, it will be only one of many factors, just as appears to be the case for you.

My question is, considering all the complicated economic and personal factors that go into your own decisions, at the end of the day, what’s your best guess at what the price will be when you buy divided by the current price (based on what the most comparable properties are selling for today)?

Patient renter in OC

[patientrenter]

SD Realtor,

Sorry, looks like my survey question was not very clear. I should have anticipated this from all the other surveys I’ve been involved in.

I don’t know how many people will be basing their purchase decision primarily on the % price decline. For me, it will be only one of many factors, just as appears to be the case for you.

My question is, considering all the complicated economic and personal factors that go into your own decisions, at the end of the day, what’s your best guess at what the price will be when you buy divided by the current price (based on what the most comparable properties are selling for today)?

Patient renter in OC

[uncomfortably numb]

I don’t know about anybody else, but I don’t really care how much $$ you make, what you educationally level is, what your girlfriend’s/wife’s bra size is, ribbed or smooth, great taste/less filling, or any other damn thing about you and your insecurities.

[uncomfortably numb]

I don’t know about anybody else, but I don’t really care how much $$ you make, what you educationally level is, what your girlfriend’s/wife’s bra size is, ribbed or smooth, great taste/less filling, or any other damn thing about you and your insecurities.

[PD]

Somebody got up on the wrong side of the rock this morning.

[Author]

Posts