- This topic has 206 replies, 43 voices, and was last updated 16 years, 10 months ago by
North County Jim.
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June 19, 2007 at 3:30 PM #9343June 19, 2007 at 4:12 PM #60555
SanDiegoDave
ParticipantWe’re “looking”, but not yet buying. Although I will admit that we’re not your typical San Diego buyer. We actually will be able to put up a 25%-35% down payment. No 100%, “stated income” mortgages here. And we’re looking for a place to STAY, not flip and move out of in 6 months. All above-board and fiscally responsible.
The million dollar question, of course, is when do prices stop declining? We’re in absolutely no rush. We simply want a larger place in which to raise some rugrats. (and we want to be in the Carmel Valley area.)
June 19, 2007 at 4:12 PM #60588ParticipantWe’re “looking”, but not yet buying. Although I will admit that we’re not your typical San Diego buyer. We actually will be able to put up a 25%-35% down payment. No 100%, “stated income” mortgages here. And we’re looking for a place to STAY, not flip and move out of in 6 months. All above-board and fiscally responsible.
The million dollar question, of course, is when do prices stop declining? We’re in absolutely no rush. We simply want a larger place in which to raise some rugrats. (and we want to be in the Carmel Valley area.)
June 19, 2007 at 4:37 PM #60560SDowner
ParticipantThere was a total of 6 sales of homes similar to ours in 3 month period (max on market date was 3 months). I was amazed that people are buying. Given a choice, I wouldnt buy right now, but maybe I have become bearish by reading piggington.
June 19, 2007 at 4:37 PM #60594ParticipantThere was a total of 6 sales of homes similar to ours in 3 month period (max on market date was 3 months). I was amazed that people are buying. Given a choice, I wouldnt buy right now, but maybe I have become bearish by reading piggington.
June 19, 2007 at 4:45 PM #60565SD Realtor
ParticipantJason we have had several other threads and posts on this topic. Suffice it to say there are buyers out there. In 2006 there were more. In 2005 there were more then in 06….What you have filtered out of the market are speculators and flippers. We are also starting to see the filtering out of people who need 100% financing although NOT NEARLY as much as people on this site would hope for. There is plenty of 100% financing still out there.
In general I believe alot more buyers are fiscally sound, looking for a good deal, not in a rush, have cash available for a nice size down payment, and are going to be settling in for awhile. Basically I would characterize the buyers in todays market as a the type of buyers you want in a market.
Before everyone jumps on me I am not saying there are alot of buyers out there. I am also not saying prices will not continue to decline. I am saying that I think we have weeded alot of the muck out.
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It seems to me that we get posts at least once a week and maybe more of people who are thinking to buy. Now I would suppose just like crime, the number of things we see posted is alot smaller then the actual number out there. So maybe for every person that posts this thinking of buying post, maybe there are 10 lurkers out there who are thinking of buying but don’t post it because they don’t want to get flamed by the posters here.
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So the long winded answer to your question Jason is that there are buyers out there and no they are not idiots. In fact they are savy and may be wanting to buy or needing to buy for many different reasons. At least they know what is going on and they are going to keep their eyes open.
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dpsvend you are not alone and there are plenty like you. I am one of them… I have a healthy downpayment ready to go and am being very selective and am in no rush. I am buying for the long run as well… I undoubtedly will not be able to wait until the bottom because I project it to be a few years out, maybe 2010 or 11.. but I know what I don’t know so I will be okay. Sounds like you will be as well. If you can hold off, try to do so… I think CV will come down but it is holding up pretty well so you may need to wait awhile…
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SD Realtor
June 19, 2007 at 4:45 PM #60598ParticipantJason we have had several other threads and posts on this topic. Suffice it to say there are buyers out there. In 2006 there were more. In 2005 there were more then in 06….What you have filtered out of the market are speculators and flippers. We are also starting to see the filtering out of people who need 100% financing although NOT NEARLY as much as people on this site would hope for. There is plenty of 100% financing still out there.
In general I believe alot more buyers are fiscally sound, looking for a good deal, not in a rush, have cash available for a nice size down payment, and are going to be settling in for awhile. Basically I would characterize the buyers in todays market as a the type of buyers you want in a market.
Before everyone jumps on me I am not saying there are alot of buyers out there. I am also not saying prices will not continue to decline. I am saying that I think we have weeded alot of the muck out.
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It seems to me that we get posts at least once a week and maybe more of people who are thinking to buy. Now I would suppose just like crime, the number of things we see posted is alot smaller then the actual number out there. So maybe for every person that posts this thinking of buying post, maybe there are 10 lurkers out there who are thinking of buying but don’t post it because they don’t want to get flamed by the posters here.
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So the long winded answer to your question Jason is that there are buyers out there and no they are not idiots. In fact they are savy and may be wanting to buy or needing to buy for many different reasons. At least they know what is going on and they are going to keep their eyes open.
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dpsvend you are not alone and there are plenty like you. I am one of them… I have a healthy downpayment ready to go and am being very selective and am in no rush. I am buying for the long run as well… I undoubtedly will not be able to wait until the bottom because I project it to be a few years out, maybe 2010 or 11.. but I know what I don’t know so I will be okay. Sounds like you will be as well. If you can hold off, try to do so… I think CV will come down but it is holding up pretty well so you may need to wait awhile…
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SD Realtor
June 19, 2007 at 5:03 PM #60569Jason
ParticipantThanks, SD Realtor. I just re-read my post and I can see how I may have come across as insulting without meaning to. For that I apologize. I really meant it as an honest question. Thanks for offering a very clear perspective on who is buying. I can see now that it comes down to an individual’s current situation as well as what that person believes is going to happen in the market. No one can predict the future, so your opinion could be as good as mine.
June 19, 2007 at 5:03 PM #60602ParticipantThanks, SD Realtor. I just re-read my post and I can see how I may have come across as insulting without meaning to. For that I apologize. I really meant it as an honest question. Thanks for offering a very clear perspective on who is buying. I can see now that it comes down to an individual’s current situation as well as what that person believes is going to happen in the market. No one can predict the future, so your opinion could be as good as mine.
June 19, 2007 at 5:07 PM #60571ParticipantYou got it… and yep it is only my opinion… nothing more then that.
SD Realtor
June 19, 2007 at 5:07 PM #60604ParticipantYou got it… and yep it is only my opinion… nothing more then that.
SD Realtor
June 19, 2007 at 5:16 PM #60573Bugs
ParticipantHomeownership represents a sign of success and stability in our society. It provides most people with emotional rewards that go beyond bragging rights at work. Billions of dollars in advertising are spent encouraging us to consume, and housing is the largest consumption we can make.
A person has to have a tremendous sense of self to voluntarily put those social pressures aside and sit on the sidelines while waiting for the market to correct. It takes a certain perverse nature to go out of your way to look for the data and viewpoints that contradict the messages being thrown at you from the advertisers, your friends, family and peers.
Most people don’t yet have that sense of urgency – a lot of the sellers are selling not because they think it’s a good choice but because they are compelled to sell. They feel shamed to have “failed” and do not see this as the better alternative.
The people here at Piggington’s are not normal people (sorry guys). We shouldn’t lose sight of that fact and think that everyone is seeing the same picture we’re seeing. For some people, the NAR line always applies:
“Now is a great time to buy real estate.”
June 19, 2007 at 5:16 PM #60606ParticipantHomeownership represents a sign of success and stability in our society. It provides most people with emotional rewards that go beyond bragging rights at work. Billions of dollars in advertising are spent encouraging us to consume, and housing is the largest consumption we can make.
A person has to have a tremendous sense of self to voluntarily put those social pressures aside and sit on the sidelines while waiting for the market to correct. It takes a certain perverse nature to go out of your way to look for the data and viewpoints that contradict the messages being thrown at you from the advertisers, your friends, family and peers.
Most people don’t yet have that sense of urgency – a lot of the sellers are selling not because they think it’s a good choice but because they are compelled to sell. They feel shamed to have “failed” and do not see this as the better alternative.
The people here at Piggington’s are not normal people (sorry guys). We shouldn’t lose sight of that fact and think that everyone is seeing the same picture we’re seeing. For some people, the NAR line always applies:
“Now is a great time to buy real estate.”
June 19, 2007 at 7:20 PM #60609GoUSC
ParticipantI am a buyer…Similar situation. Will put 30-40% down, traditional 30 year (maybe 15 year). I am “looking” but have no intention of buying anything unless I see something selling for what I see as “land value”. No rush on my part, rent a house in Bay Park and love it. Only issue is that the owner of my house bought it for $700k in ’05 and put another $50k in to it for a haphazard remodel (fine for renting but not buying). The house is 2000sf and wouldn’t sell for $600k today. He put 95% down so I am worried he might default or jack my rent up through the roof.
June 19, 2007 at 7:20 PM #60642ParticipantI am a buyer…Similar situation. Will put 30-40% down, traditional 30 year (maybe 15 year). I am “looking” but have no intention of buying anything unless I see something selling for what I see as “land value”. No rush on my part, rent a house in Bay Park and love it. Only issue is that the owner of my house bought it for $700k in ’05 and put another $50k in to it for a haphazard remodel (fine for renting but not buying). The house is 2000sf and wouldn’t sell for $600k today. He put 95% down so I am worried he might default or jack my rent up through the roof.
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