- This topic has 206 replies, 43 voices, and was last updated 17 years, 5 months ago by
North County Jim.
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June 20, 2007 at 12:28 PM #60766June 20, 2007 at 12:28 PM #60801
NorthCountyMan
ParticipantI am a buyer who will put 320-30% down, traditional 30 year (maybe 15 year). I put a lowball offer on a house a year ago but didn’t get (which is good) but am willing to wait to find the right house. By the way, we need a 5+ bedroom house. Period.
Currently renting (and probably paying too much) in Encinitas but my wife wants and needs a bigger house. The kids are growing and soon we’ll have to make a move to a bigger house.
I follow this site and properties found on redfin.com every day. I love seeing a new article every day saying the market is in trouble backed up by the massive inventory in my area. Let me see a big drop in the next six months and I’m buying.
June 20, 2007 at 12:47 PM #60772sdrealtor
ParticipantWas just out showing properties in Encinitas/South Carlsbad. Don’t know about the prices but there are some really nice homes coming on the market htese days. Probably the nicest homes/locations I’ve seen in at least 3 years. I wouldnt expect a massive drop in the next 6 months. Five percent could happen but 10% seems very unlikely as there isnt massive inventory. As nice as the homes are that I saw today (about 8), I’d be very surprised if at least 4 of them dont sell within 30 days. The problem isnt getting a big house at a great price, its finding one you actually really like at a good deal or otherwise.
June 20, 2007 at 12:47 PM #60807ParticipantWas just out showing properties in Encinitas/South Carlsbad. Don’t know about the prices but there are some really nice homes coming on the market htese days. Probably the nicest homes/locations I’ve seen in at least 3 years. I wouldnt expect a massive drop in the next 6 months. Five percent could happen but 10% seems very unlikely as there isnt massive inventory. As nice as the homes are that I saw today (about 8), I’d be very surprised if at least 4 of them dont sell within 30 days. The problem isnt getting a big house at a great price, its finding one you actually really like at a good deal or otherwise.
June 20, 2007 at 12:47 PM #60776g2006
Participant“I remember 20 years ago, my mother could buy a home in Nor Cal for about 140K — she thought it was too much on her $38K/year job. She also thought prices would come down dramatically and kept renting. Guess what??? Rent went up and quickly surpassed what that mortgage for the $140K home would have been.”
With 38K/year and 140K . The ratio is around 3.7
For 500K home it is around 135K/year . Not sure how many people make this much money
June 20, 2007 at 12:47 PM #60811Participant“I remember 20 years ago, my mother could buy a home in Nor Cal for about 140K — she thought it was too much on her $38K/year job. She also thought prices would come down dramatically and kept renting. Guess what??? Rent went up and quickly surpassed what that mortgage for the $140K home would have been.”
With 38K/year and 140K . The ratio is around 3.7
For 500K home it is around 135K/year . Not sure how many people make this much money
June 20, 2007 at 1:46 PM #60790CardiffBaseball
ParticipantAbout the only thing I feel I am failing the kids on, is that the landlords do not want us to get a dog. Now since we have been in the house 2 years if we sign another lease it seems as if they’ll need to change carpets and such anyway, they might give in. Now the house is small, 1050 Sq. Feet, with two boys 10 and 12.
Since moving here two years ago, the kids are well adjusted at our upper class schools (Cardiff), both very well-liked, LL baseball all-stars, honor roll students, etc. They are enjoying quite a little childhood, for the $1800 a month I pay for this junker. And we could literally stay here for years, so maybe renting is ok IF and only IF you find the right house/landlord.
Coming from 2400 Sq. Feet with a 1200 Sq. feet basement was a bit of a shock, as well as losing the pool and basketball court in my 3 acre yard. However the kids manage. They’d move back to the midwest and have a big yard in a heartbeat, but right now I’d say things are pretty stable.
June 20, 2007 at 1:46 PM #60825ParticipantAbout the only thing I feel I am failing the kids on, is that the landlords do not want us to get a dog. Now since we have been in the house 2 years if we sign another lease it seems as if they’ll need to change carpets and such anyway, they might give in. Now the house is small, 1050 Sq. Feet, with two boys 10 and 12.
Since moving here two years ago, the kids are well adjusted at our upper class schools (Cardiff), both very well-liked, LL baseball all-stars, honor roll students, etc. They are enjoying quite a little childhood, for the $1800 a month I pay for this junker. And we could literally stay here for years, so maybe renting is ok IF and only IF you find the right house/landlord.
Coming from 2400 Sq. Feet with a 1200 Sq. feet basement was a bit of a shock, as well as losing the pool and basketball court in my 3 acre yard. However the kids manage. They’d move back to the midwest and have a big yard in a heartbeat, but right now I’d say things are pretty stable.
June 20, 2007 at 2:18 PM #60798Anonymous
GuestI am also a long-time lurker here, and had to comment on this topic. My husband & I moved here from VA in 2005. We bought a house in San Marcos last year for what I felt was a ridiculous price. I firmly believed that housing prices here were unsupportable and that if we bought we should expect to ‘loose’ about 50% of the value of the house. My husband is the optimist and he sincerely believes that housing prices can only go up. It was also very important to him that we owned a house rather than renting. In the end I went along because I figured that the equally ridiculous profits from the sale of our house in VA made up for expected loses here. While I would have preferred to see that money earning interest, I am looking at this as a case of paper profits from VA balanced out by paper loses in CA. This way I can sleep at night and have family harmony.
June 20, 2007 at 2:18 PM #60833GuestI am also a long-time lurker here, and had to comment on this topic. My husband & I moved here from VA in 2005. We bought a house in San Marcos last year for what I felt was a ridiculous price. I firmly believed that housing prices here were unsupportable and that if we bought we should expect to ‘loose’ about 50% of the value of the house. My husband is the optimist and he sincerely believes that housing prices can only go up. It was also very important to him that we owned a house rather than renting. In the end I went along because I figured that the equally ridiculous profits from the sale of our house in VA made up for expected loses here. While I would have preferred to see that money earning interest, I am looking at this as a case of paper profits from VA balanced out by paper loses in CA. This way I can sleep at night and have family harmony.
June 20, 2007 at 3:13 PM #60802doublewide
ParticipantHey PerryChase,
No shame in having that mcmansion, we had a great time in ours with lots of family parties and you can’t beat owning a home if you bought at a great time. We’d bought our place in 2004 for 555K so we had a bear of a property tax bill especially when you tacked on “special assessments” and little things within the house were nickle and diming us to death so we got out, thanks to this site filling us in on the coming market conditions.
We thought we might rent for year then buy again but during this year we’ve learned we love our freedom. We took a road trip across the US w/ our dogs over Christmas that was a once in a lifetime event and not too long ago we got to go to the U.K. There is no more stress about paying the property tax bill or the homeowners insurance and no more worries about losing the 25% we’d put down on the house back in 2004, instead it’s earning money for us now in a CD.
I’m just so tired of “renter” having a stigma attached to it as if we’re all “unstable” and our kids don’t have roots.
You enjoy that mcmansion till you don’t need it any more. By the time you want to sell it you’ll still have plenty of equity because you got in at a good time unlike people who are just hell bent on buying this year.
doublewide
June 20, 2007 at 3:13 PM #60837ParticipantHey PerryChase,
No shame in having that mcmansion, we had a great time in ours with lots of family parties and you can’t beat owning a home if you bought at a great time. We’d bought our place in 2004 for 555K so we had a bear of a property tax bill especially when you tacked on “special assessments” and little things within the house were nickle and diming us to death so we got out, thanks to this site filling us in on the coming market conditions.
We thought we might rent for year then buy again but during this year we’ve learned we love our freedom. We took a road trip across the US w/ our dogs over Christmas that was a once in a lifetime event and not too long ago we got to go to the U.K. There is no more stress about paying the property tax bill or the homeowners insurance and no more worries about losing the 25% we’d put down on the house back in 2004, instead it’s earning money for us now in a CD.
I’m just so tired of “renter” having a stigma attached to it as if we’re all “unstable” and our kids don’t have roots.
You enjoy that mcmansion till you don’t need it any more. By the time you want to sell it you’ll still have plenty of equity because you got in at a good time unlike people who are just hell bent on buying this year.
doublewide
June 20, 2007 at 6:09 PM #60866North County Native
ParticipantMyito,
My 3 kids are very stable while we rent our 3 bedroom apartment. I’m a stay-at-home-mom. My choice was to raise my own kids in an apartment or have someone else raise them and own a house. Of course I chose to raise them myself! We have plenty of area parks to play in so I don’t have to worry about not having a yard. Sure, it would be nice to have my own yard and it will happen someday.If I had focused on my career first and bought a home when I first got married …. I’d probably have a very fine home……without any kids inside because I would’ve delayed bearing children. I’d be thinking about having kids but I still wouldn’t be “financially ready.” So in my mid-30’s I’d start trying to have babies, find out that I and/or my husband has issues and be starting infertility treatment. I’m so happy to be renting because I have 3 wonderful children that wouldn’t be here today if I owned a home!
When I’m 35 I will have a 13 year old, an 11 year old and a 7 year old. Hopefully even more children. I hope to own a home by then. If not, its not the end of the world! My kids are happy that I am there for them every single day.
So here it is again – if I had a home now, there would be no kids living in it or there would be kids in daycare all day who enjoy the home on the weekends only (and a very stressed out mom).
My family is local. They can play in the backyards of our friends and family almost any day of the week!
Also, this might horrify you but…. kids who live in houses come over and play in our apartment with my kids!!!!!! We are normal people! The kids who live in houses have fun at our apartment and vice versa!
That is great that you could buy. I’m impressed with your amount of money socked away. Unfortunately I don’t have that kind of money but it really doesn’t matter to me. 6 years ago when our first child was born, I was determined to stay home with her. We cut back on everything! We still don’t have cable! I was able to stay at home with her while my wonderful hardworking husband went to college full time and worked full time – for $9 an hour! It was a tough time but we learned so much from that time of our lives and I look back on that time with fondness.
I love my friends that are homeowners and I love that they don’t look down on me for renting.
June 20, 2007 at 6:09 PM #60901ParticipantMyito,
My 3 kids are very stable while we rent our 3 bedroom apartment. I’m a stay-at-home-mom. My choice was to raise my own kids in an apartment or have someone else raise them and own a house. Of course I chose to raise them myself! We have plenty of area parks to play in so I don’t have to worry about not having a yard. Sure, it would be nice to have my own yard and it will happen someday.If I had focused on my career first and bought a home when I first got married …. I’d probably have a very fine home……without any kids inside because I would’ve delayed bearing children. I’d be thinking about having kids but I still wouldn’t be “financially ready.” So in my mid-30’s I’d start trying to have babies, find out that I and/or my husband has issues and be starting infertility treatment. I’m so happy to be renting because I have 3 wonderful children that wouldn’t be here today if I owned a home!
When I’m 35 I will have a 13 year old, an 11 year old and a 7 year old. Hopefully even more children. I hope to own a home by then. If not, its not the end of the world! My kids are happy that I am there for them every single day.
So here it is again – if I had a home now, there would be no kids living in it or there would be kids in daycare all day who enjoy the home on the weekends only (and a very stressed out mom).
My family is local. They can play in the backyards of our friends and family almost any day of the week!
Also, this might horrify you but…. kids who live in houses come over and play in our apartment with my kids!!!!!! We are normal people! The kids who live in houses have fun at our apartment and vice versa!
That is great that you could buy. I’m impressed with your amount of money socked away. Unfortunately I don’t have that kind of money but it really doesn’t matter to me. 6 years ago when our first child was born, I was determined to stay home with her. We cut back on everything! We still don’t have cable! I was able to stay at home with her while my wonderful hardworking husband went to college full time and worked full time – for $9 an hour! It was a tough time but we learned so much from that time of our lives and I look back on that time with fondness.
I love my friends that are homeowners and I love that they don’t look down on me for renting.
June 20, 2007 at 7:43 PM #60882uncomfortably numb
ParticipantMe me me me…money money money money…pathetic Americans.
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