What can I afford?

[AK]

First of all let me say how amazed I am at your savings ability! I consider myself pretty frugal and I haven’t been able to save much at all these past few years!

With a wife and baby, a $250K mortgage might be pushing it just a little tiny bit, but in my opinion that’s not too far off.

I’m of the opinion that the lower end of the market has been bouncing and skidding off the bottom for the past few months. Look around … you might be able to find a nice townhouse or even a SFR in your price range. Just watch out for Mello-Roos, etc., in some of the newer developments!

Now if you’re waiting for 4S, Carlsbad, Encinitas, etc., to start tumbling down, open up a cold one and find yourself a good seat 🙂

[drboom]

[quote=AK]
With a wife and baby, a $250K mortgage might be pushing it just a little tiny bit, but in my opinion that’s not too far off.
[/quote]

My wife makes c. $58k, and a $190k mortgage @ 5-5.25% is pushing it when you factor in property tax, trash/water/sewer, higher utilities vs. an apartment, etc.

The OP should run, not walk, to the nearest Office Depot/Staples/Fry’s and buy a good financial calculator. My HP-12C has paid for itself many times over in financial education value.

[quote]I’m of the opinion that the lower end of the market has been bouncing and skidding off the bottom for the past few months.[/quote]

In the da ‘hood, maybe, but I haven’t seen anything near a bottom elsewhere.

[drboom]

[quote=AK]
With a wife and baby, a $250K mortgage might be pushing it just a little tiny bit, but in my opinion that’s not too far off.
[/quote]

My wife makes c. $58k, and a $190k mortgage @ 5-5.25% is pushing it when you factor in property tax, trash/water/sewer, higher utilities vs. an apartment, etc.

The OP should run, not walk, to the nearest Office Depot/Staples/Fry’s and buy a good financial calculator. My HP-12C has paid for itself many times over in financial education value.

[quote]I’m of the opinion that the lower end of the market has been bouncing and skidding off the bottom for the past few months.[/quote]

In the da ‘hood, maybe, but I haven’t seen anything near a bottom elsewhere.

[drboom]

[quote=AK]
With a wife and baby, a $250K mortgage might be pushing it just a little tiny bit, but in my opinion that’s not too far off.
[/quote]

My wife makes c. $58k, and a $190k mortgage @ 5-5.25% is pushing it when you factor in property tax, trash/water/sewer, higher utilities vs. an apartment, etc.

The OP should run, not walk, to the nearest Office Depot/Staples/Fry’s and buy a good financial calculator. My HP-12C has paid for itself many times over in financial education value.

[quote]I’m of the opinion that the lower end of the market has been bouncing and skidding off the bottom for the past few months.[/quote]

In the da ‘hood, maybe, but I haven’t seen anything near a bottom elsewhere.

[drboom]

[quote=AK]
With a wife and baby, a $250K mortgage might be pushing it just a little tiny bit, but in my opinion that’s not too far off.
[/quote]

My wife makes c. $58k, and a $190k mortgage @ 5-5.25% is pushing it when you factor in property tax, trash/water/sewer, higher utilities vs. an apartment, etc.

The OP should run, not walk, to the nearest Office Depot/Staples/Fry’s and buy a good financial calculator. My HP-12C has paid for itself many times over in financial education value.

[quote]I’m of the opinion that the lower end of the market has been bouncing and skidding off the bottom for the past few months.[/quote]

In the da ‘hood, maybe, but I haven’t seen anything near a bottom elsewhere.

[drboom]

[quote=AK]
With a wife and baby, a $250K mortgage might be pushing it just a little tiny bit, but in my opinion that’s not too far off.
[/quote]

My wife makes c. $58k, and a $190k mortgage @ 5-5.25% is pushing it when you factor in property tax, trash/water/sewer, higher utilities vs. an apartment, etc.

The OP should run, not walk, to the nearest Office Depot/Staples/Fry’s and buy a good financial calculator. My HP-12C has paid for itself many times over in financial education value.

[quote]I’m of the opinion that the lower end of the market has been bouncing and skidding off the bottom for the past few months.[/quote]

In the da ‘hood, maybe, but I haven’t seen anything near a bottom elsewhere.

[patientrenter]

[quote=AK]….I’m of the opinion that the lower end of the market has been bouncing and skidding off the bottom for the past few months….[/quote]

Except for the two houses on either side of TG, in Temecula, this market is going to continue to go down for a while yet.

For heaven’s sake, the unemployment rate is just beginning to move up in earnest, and the Main Street impact of the Wall Street crash in general is just starting to work through the system. And part of the coastal So Cal housing market is about to turn up? I hope you enjoy the rest of your dream!

[patientrenter]

[quote=AK]….I’m of the opinion that the lower end of the market has been bouncing and skidding off the bottom for the past few months….[/quote]

Except for the two houses on either side of TG, in Temecula, this market is going to continue to go down for a while yet.

For heaven’s sake, the unemployment rate is just beginning to move up in earnest, and the Main Street impact of the Wall Street crash in general is just starting to work through the system. And part of the coastal So Cal housing market is about to turn up? I hope you enjoy the rest of your dream!

[patientrenter]

[quote=AK]….I’m of the opinion that the lower end of the market has been bouncing and skidding off the bottom for the past few months….[/quote]

Except for the two houses on either side of TG, in Temecula, this market is going to continue to go down for a while yet.

For heaven’s sake, the unemployment rate is just beginning to move up in earnest, and the Main Street impact of the Wall Street crash in general is just starting to work through the system. And part of the coastal So Cal housing market is about to turn up? I hope you enjoy the rest of your dream!

[patientrenter]

[quote=AK]….I’m of the opinion that the lower end of the market has been bouncing and skidding off the bottom for the past few months….[/quote]

Except for the two houses on either side of TG, in Temecula, this market is going to continue to go down for a while yet.

For heaven’s sake, the unemployment rate is just beginning to move up in earnest, and the Main Street impact of the Wall Street crash in general is just starting to work through the system. And part of the coastal So Cal housing market is about to turn up? I hope you enjoy the rest of your dream!

[patientrenter]

[quote=AK]….I’m of the opinion that the lower end of the market has been bouncing and skidding off the bottom for the past few months….[/quote]

Except for the two houses on either side of TG, in Temecula, this market is going to continue to go down for a while yet.

For heaven’s sake, the unemployment rate is just beginning to move up in earnest, and the Main Street impact of the Wall Street crash in general is just starting to work through the system. And part of the coastal So Cal housing market is about to turn up? I hope you enjoy the rest of your dream!

[drboom]

[quote=dozzao]Yes I agree Drboom. It is not easy with kids. Good luck with your purchase – it sounds like you have done your homework.[/quote]

Monitoring the SD housing market, along with larger economic and policy issues, is something of a hobby in our house. My wife is in full nesting mode, but she is willing to listen to reason. 🙂

[quote]I am trying to hold off buying for the time being and maybe get a 2bedroom rental apartment. But it will mean we wont save any money each month which will suck but at least we will have more space.[/quote]

I think an apartment is doable with a 1-2 year old, but it gets harder the closer they get to 3. Going to the park every day just isn’t realistic, especially if you have to work around a baby’s meal and nap schedule.

My 3.5 year old is literally running in circles in our living room as I write this. It’s both cute and sad at the same time.

[drboom]

[quote=dozzao]Yes I agree Drboom. It is not easy with kids. Good luck with your purchase – it sounds like you have done your homework.[/quote]

Monitoring the SD housing market, along with larger economic and policy issues, is something of a hobby in our house. My wife is in full nesting mode, but she is willing to listen to reason. 🙂

[quote]I am trying to hold off buying for the time being and maybe get a 2bedroom rental apartment. But it will mean we wont save any money each month which will suck but at least we will have more space.[/quote]

I think an apartment is doable with a 1-2 year old, but it gets harder the closer they get to 3. Going to the park every day just isn’t realistic, especially if you have to work around a baby’s meal and nap schedule.

My 3.5 year old is literally running in circles in our living room as I write this. It’s both cute and sad at the same time.

[drboom]

[quote=dozzao]Yes I agree Drboom. It is not easy with kids. Good luck with your purchase – it sounds like you have done your homework.[/quote]

Monitoring the SD housing market, along with larger economic and policy issues, is something of a hobby in our house. My wife is in full nesting mode, but she is willing to listen to reason. 🙂

[quote]I am trying to hold off buying for the time being and maybe get a 2bedroom rental apartment. But it will mean we wont save any money each month which will suck but at least we will have more space.[/quote]

I think an apartment is doable with a 1-2 year old, but it gets harder the closer they get to 3. Going to the park every day just isn’t realistic, especially if you have to work around a baby’s meal and nap schedule.

My 3.5 year old is literally running in circles in our living room as I write this. It’s both cute and sad at the same time.

[drboom]

[quote=dozzao]Yes I agree Drboom. It is not easy with kids. Good luck with your purchase – it sounds like you have done your homework.[/quote]

Monitoring the SD housing market, along with larger economic and policy issues, is something of a hobby in our house. My wife is in full nesting mode, but she is willing to listen to reason. 🙂

[quote]I am trying to hold off buying for the time being and maybe get a 2bedroom rental apartment. But it will mean we wont save any money each month which will suck but at least we will have more space.[/quote]

I think an apartment is doable with a 1-2 year old, but it gets harder the closer they get to 3. Going to the park every day just isn’t realistic, especially if you have to work around a baby’s meal and nap schedule.

My 3.5 year old is literally running in circles in our living room as I write this. It’s both cute and sad at the same time.

[Author]

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