Tough call in Murrieta

[Anonymous]

Consider:
1) If you can continue to rent a similar house for $1,000/month less – well, there’s your answer.
2) Is your emotional attachment to this house (having previously selected it, put in the options etc.) playing a role in this decision?
3) Do you have a desire to ‘recover from past bad decisions’ that is driving this decision to buy?
4) Look to the current market weakness, not the price spread between what the home used to sell for and what it now sells for as your guide. EG: Just because it is now 200k less does not mean it is a good deal.
5) Do you have a false sense of ‘this was meant to be’ going on here? Coincidence of the same house you almost bought being up for sale again etc.

Just some thoughts, and emotional issues not normally discussed…

[RatherOpinionated]

Juice, those are great! I comment you on bringing up some really valid questions on the emotional side of the decision.

Good job!

Now, what is the poster to do if his answers to numbers 2, 3, and 5 are YES. Should that prevent him from buying?
[img_assist|nid=5758|title=|desc=|link=node|align=left|width=419|height=500]

[RatherOpinionated]

Juice, those are great! I comment you on bringing up some really valid questions on the emotional side of the decision.

Good job!

Now, what is the poster to do if his answers to numbers 2, 3, and 5 are YES. Should that prevent him from buying?
[img_assist|nid=5758|title=|desc=|link=node|align=left|width=419|height=500]

[RatherOpinionated]

Juice, those are great! I comment you on bringing up some really valid questions on the emotional side of the decision.

Good job!

Now, what is the poster to do if his answers to numbers 2, 3, and 5 are YES. Should that prevent him from buying?
[img_assist|nid=5758|title=|desc=|link=node|align=left|width=419|height=500]

[RatherOpinionated]

Juice, those are great! I comment you on bringing up some really valid questions on the emotional side of the decision.

Good job!

Now, what is the poster to do if his answers to numbers 2, 3, and 5 are YES. Should that prevent him from buying?
[img_assist|nid=5758|title=|desc=|link=node|align=left|width=419|height=500]

[RatherOpinionated]

Juice, those are great! I comment you on bringing up some really valid questions on the emotional side of the decision.

Good job!

Now, what is the poster to do if his answers to numbers 2, 3, and 5 are YES. Should that prevent him from buying?
[img_assist|nid=5758|title=|desc=|link=node|align=left|width=419|height=500]

[SD Realtor]

Bluefins my read would be as follows… To me the nice thing about the outlying areas such as Temecula and Murrieta is that they have been leading the curve downward. While many people who are looking for more premium areas like CV, 4S, LCV etc, and frustrated by lack of movement or slower movements, this is not the case for the area you are looking in.

It could is arguable that areas that have depreciated substantially will hit a support level sooner because eventually the properties will pencil out to investors. Please do not confuse my statement with saying Murrieta is going to stop depreciating. The truth is that I have no clue if it will or will not. I would SPECULATE that it will continue to move down HOWEVER I THINK it could bottom out sooner then say more premium areas of San Diego. Thus, while I believe a bottom is achieved sometime on 2010 or 2011 for some parts of town, you may find significant risk reduction in Murrieta by waiting another year or 18 months as opposed to say 3 years.

Now, will the drop in price mitigate the rise in interest rates? Hard to say. I think it will because rising interest rates will push pricing lower.

Probably not to helpful but hopefully you get something out of it. You did not mention any intangibles about the home such as how long it was on the market, recent comps in the neighborhood, etc…

My personal read is that if you pull out and chill for another year you will get a better deal then todays deal.

SD Realtor

[SD Realtor]

Bluefins my read would be as follows… To me the nice thing about the outlying areas such as Temecula and Murrieta is that they have been leading the curve downward. While many people who are looking for more premium areas like CV, 4S, LCV etc, and frustrated by lack of movement or slower movements, this is not the case for the area you are looking in.

It could is arguable that areas that have depreciated substantially will hit a support level sooner because eventually the properties will pencil out to investors. Please do not confuse my statement with saying Murrieta is going to stop depreciating. The truth is that I have no clue if it will or will not. I would SPECULATE that it will continue to move down HOWEVER I THINK it could bottom out sooner then say more premium areas of San Diego. Thus, while I believe a bottom is achieved sometime on 2010 or 2011 for some parts of town, you may find significant risk reduction in Murrieta by waiting another year or 18 months as opposed to say 3 years.

Now, will the drop in price mitigate the rise in interest rates? Hard to say. I think it will because rising interest rates will push pricing lower.

Probably not to helpful but hopefully you get something out of it. You did not mention any intangibles about the home such as how long it was on the market, recent comps in the neighborhood, etc…

My personal read is that if you pull out and chill for another year you will get a better deal then todays deal.

SD Realtor

[SD Realtor]

Bluefins my read would be as follows… To me the nice thing about the outlying areas such as Temecula and Murrieta is that they have been leading the curve downward. While many people who are looking for more premium areas like CV, 4S, LCV etc, and frustrated by lack of movement or slower movements, this is not the case for the area you are looking in.

It could is arguable that areas that have depreciated substantially will hit a support level sooner because eventually the properties will pencil out to investors. Please do not confuse my statement with saying Murrieta is going to stop depreciating. The truth is that I have no clue if it will or will not. I would SPECULATE that it will continue to move down HOWEVER I THINK it could bottom out sooner then say more premium areas of San Diego. Thus, while I believe a bottom is achieved sometime on 2010 or 2011 for some parts of town, you may find significant risk reduction in Murrieta by waiting another year or 18 months as opposed to say 3 years.

Now, will the drop in price mitigate the rise in interest rates? Hard to say. I think it will because rising interest rates will push pricing lower.

Probably not to helpful but hopefully you get something out of it. You did not mention any intangibles about the home such as how long it was on the market, recent comps in the neighborhood, etc…

My personal read is that if you pull out and chill for another year you will get a better deal then todays deal.

SD Realtor

[SD Realtor]

Bluefins my read would be as follows… To me the nice thing about the outlying areas such as Temecula and Murrieta is that they have been leading the curve downward. While many people who are looking for more premium areas like CV, 4S, LCV etc, and frustrated by lack of movement or slower movements, this is not the case for the area you are looking in.

It could is arguable that areas that have depreciated substantially will hit a support level sooner because eventually the properties will pencil out to investors. Please do not confuse my statement with saying Murrieta is going to stop depreciating. The truth is that I have no clue if it will or will not. I would SPECULATE that it will continue to move down HOWEVER I THINK it could bottom out sooner then say more premium areas of San Diego. Thus, while I believe a bottom is achieved sometime on 2010 or 2011 for some parts of town, you may find significant risk reduction in Murrieta by waiting another year or 18 months as opposed to say 3 years.

Now, will the drop in price mitigate the rise in interest rates? Hard to say. I think it will because rising interest rates will push pricing lower.

Probably not to helpful but hopefully you get something out of it. You did not mention any intangibles about the home such as how long it was on the market, recent comps in the neighborhood, etc…

My personal read is that if you pull out and chill for another year you will get a better deal then todays deal.

SD Realtor

[SD Realtor]

Bluefins my read would be as follows… To me the nice thing about the outlying areas such as Temecula and Murrieta is that they have been leading the curve downward. While many people who are looking for more premium areas like CV, 4S, LCV etc, and frustrated by lack of movement or slower movements, this is not the case for the area you are looking in.

It could is arguable that areas that have depreciated substantially will hit a support level sooner because eventually the properties will pencil out to investors. Please do not confuse my statement with saying Murrieta is going to stop depreciating. The truth is that I have no clue if it will or will not. I would SPECULATE that it will continue to move down HOWEVER I THINK it could bottom out sooner then say more premium areas of San Diego. Thus, while I believe a bottom is achieved sometime on 2010 or 2011 for some parts of town, you may find significant risk reduction in Murrieta by waiting another year or 18 months as opposed to say 3 years.

Now, will the drop in price mitigate the rise in interest rates? Hard to say. I think it will because rising interest rates will push pricing lower.

Probably not to helpful but hopefully you get something out of it. You did not mention any intangibles about the home such as how long it was on the market, recent comps in the neighborhood, etc…

My personal read is that if you pull out and chill for another year you will get a better deal then todays deal.

SD Realtor

[bluefins]

Thank you Piggington’s. You guys are awesome!

Someone ask about income and jobs. My wife and I both teach. Combined income of 170K. We have each taught for about 10 years and feel relatively secure. Although the 14 billion dollar deficit sounds frightening. And then as teachers like to say you’re only as good as your last set of test scores! lol

Im not surprised by the comment about investing out of state. I am origionally from Indiana and was back there recently for a funeral. In the the sleepy little farm town there are houses that cost about 60 k that rent from $600- $700 per month. This amount compared to what I get from my 60 k in the bank sounds pretty good. I know there are always those that say why buy one when you can buy ten. But I’m not looking for anything other than a check in the mail each month.

In a perfect world we would buy and pay for one of these a year and continually add to our income. The dilemma for me is that by taking the plunge with the house here, that this plan is not likely. I have made the statement lately to my kids that it is no fun being a grownup and having to make this kind of decision. It seems so obvious until you throw in the desires of a few others. lol

[bluefins]

Thank you Piggington’s. You guys are awesome!

Someone ask about income and jobs. My wife and I both teach. Combined income of 170K. We have each taught for about 10 years and feel relatively secure. Although the 14 billion dollar deficit sounds frightening. And then as teachers like to say you’re only as good as your last set of test scores! lol

Im not surprised by the comment about investing out of state. I am origionally from Indiana and was back there recently for a funeral. In the the sleepy little farm town there are houses that cost about 60 k that rent from $600- $700 per month. This amount compared to what I get from my 60 k in the bank sounds pretty good. I know there are always those that say why buy one when you can buy ten. But I’m not looking for anything other than a check in the mail each month.

In a perfect world we would buy and pay for one of these a year and continually add to our income. The dilemma for me is that by taking the plunge with the house here, that this plan is not likely. I have made the statement lately to my kids that it is no fun being a grownup and having to make this kind of decision. It seems so obvious until you throw in the desires of a few others. lol

[bluefins]

Thank you Piggington’s. You guys are awesome!

Someone ask about income and jobs. My wife and I both teach. Combined income of 170K. We have each taught for about 10 years and feel relatively secure. Although the 14 billion dollar deficit sounds frightening. And then as teachers like to say you’re only as good as your last set of test scores! lol

Im not surprised by the comment about investing out of state. I am origionally from Indiana and was back there recently for a funeral. In the the sleepy little farm town there are houses that cost about 60 k that rent from $600- $700 per month. This amount compared to what I get from my 60 k in the bank sounds pretty good. I know there are always those that say why buy one when you can buy ten. But I’m not looking for anything other than a check in the mail each month.

In a perfect world we would buy and pay for one of these a year and continually add to our income. The dilemma for me is that by taking the plunge with the house here, that this plan is not likely. I have made the statement lately to my kids that it is no fun being a grownup and having to make this kind of decision. It seems so obvious until you throw in the desires of a few others. lol

[bluefins]

Thank you Piggington’s. You guys are awesome!

Someone ask about income and jobs. My wife and I both teach. Combined income of 170K. We have each taught for about 10 years and feel relatively secure. Although the 14 billion dollar deficit sounds frightening. And then as teachers like to say you’re only as good as your last set of test scores! lol

Im not surprised by the comment about investing out of state. I am origionally from Indiana and was back there recently for a funeral. In the the sleepy little farm town there are houses that cost about 60 k that rent from $600- $700 per month. This amount compared to what I get from my 60 k in the bank sounds pretty good. I know there are always those that say why buy one when you can buy ten. But I’m not looking for anything other than a check in the mail each month.

In a perfect world we would buy and pay for one of these a year and continually add to our income. The dilemma for me is that by taking the plunge with the house here, that this plan is not likely. I have made the statement lately to my kids that it is no fun being a grownup and having to make this kind of decision. It seems so obvious until you throw in the desires of a few others. lol

[Author]

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