[5yes]

Hi everyone, crazy things the market has done here in Temecula, prices are getting lower by the day. I have been working with asset managers, and making lowball offers on different properties we like, not expecting one to be accepted, but an offer was accepted and now I need to know if I should pursue it!

Details: 2800 sq/ft house in the Vintage Reserve development built 2001 behind Harveston (Murrieta schools) over 8,000 sq/ft private lot.

Listed at 460 ish, offer accepted at 305,000. My realtor has a friend working in the asset manager’s office and he has the inside track on targeted properties that the investors want rid of. This one was coming onto the chopping block. There were 3 other offers the day I offered (one the same and two higher than mine) and my was approved(partly due to my excellent credit and large good faith deposit). I know that this was not BS because while I was looking at the house 2 other people came through and I heard them both talking about going over to their realtor’s office to submit an offer. Like I said, I have offered on a few properties and have always been too late or way under the other offers. Still, I want to know if this is a deal worth riding out the downturn in. I don’t doubt that others will get better deals than me, but looking long term I hope I will not be unhappy with this purchase?

Cons: Market going down, needs sod replaced, not upgraded the way I would want (I guess I have been spoiled by all of the new homes out here, no one really needs granite to be happy!), Murrieta schools (though I have friends whose kids go to Buchanan and they love it, plus they have a kindergarten readiness class that would save me $$ on daycare), area could change as housing market goes down, market definitely going down… any others?

Pros: Nicely kept up neighborhood, close to both my husband and I’s work, walking distance to parks and elementary school, difference between renting and buying this house would be about $400/month (Yes, I ran the numbers extensively and no this does not include tax benefits, which make things pretty much a break even situation), no more moving, no more landlords, neighborhood full of kids and very friendly, price is $109 per sq/foot, which seems to be agreed upon as a decent deal… any others?

Thanks for your advice, I am really stressing over this decision. I think that if I could feel assured that in 10 years we will be glad we made this move and see equity than I will buy, but if the general feeling is that buying even at this price is a fool’s paradise than I will keep waiting.

[5yes]

Yesterday’s good deal seems to be today’s norm here in Temecula. TGuy – the house is in Paloma and there are two more today in that price range. Now I know that the good deals will be much lower. It just seems crazy to me that the price to buy could go below the price to rent! By the way, your posts are funny and truthful and I do not get offended easily so bring on the sexism.

I would love to buy a house just south of the 79 in the Redhawk area for about $280 and get about 1800 square feet. Do you think this is a dream worth holding out for? I appreciate the wisdom of a local in learning about areas. A lot of my fellow teachers live in Paloma – no one lives north of Rancho Cal. The house we are renting off of Rancho Cal and Margarita just got a NOD so will be moving soon. The DR Horton development is nice but has tiny lots, which is the only drawback we see.

Thank you to everyone for the advice – Bugs, I think the 30 day idea is an excellent one. I will try my best to follow it, though as others have posted on other threads, this blog and the unwinding of the housing market is addictive!

[5yes]

Yesterday’s good deal seems to be today’s norm here in Temecula. TGuy – the house is in Paloma and there are two more today in that price range. Now I know that the good deals will be much lower. It just seems crazy to me that the price to buy could go below the price to rent! By the way, your posts are funny and truthful and I do not get offended easily so bring on the sexism.

I would love to buy a house just south of the 79 in the Redhawk area for about $280 and get about 1800 square feet. Do you think this is a dream worth holding out for? I appreciate the wisdom of a local in learning about areas. A lot of my fellow teachers live in Paloma – no one lives north of Rancho Cal. The house we are renting off of Rancho Cal and Margarita just got a NOD so will be moving soon. The DR Horton development is nice but has tiny lots, which is the only drawback we see.

Thank you to everyone for the advice – Bugs, I think the 30 day idea is an excellent one. I will try my best to follow it, though as others have posted on other threads, this blog and the unwinding of the housing market is addictive!

[5yes]

Yesterday’s good deal seems to be today’s norm here in Temecula. TGuy – the house is in Paloma and there are two more today in that price range. Now I know that the good deals will be much lower. It just seems crazy to me that the price to buy could go below the price to rent! By the way, your posts are funny and truthful and I do not get offended easily so bring on the sexism.

I would love to buy a house just south of the 79 in the Redhawk area for about $280 and get about 1800 square feet. Do you think this is a dream worth holding out for? I appreciate the wisdom of a local in learning about areas. A lot of my fellow teachers live in Paloma – no one lives north of Rancho Cal. The house we are renting off of Rancho Cal and Margarita just got a NOD so will be moving soon. The DR Horton development is nice but has tiny lots, which is the only drawback we see.

Thank you to everyone for the advice – Bugs, I think the 30 day idea is an excellent one. I will try my best to follow it, though as others have posted on other threads, this blog and the unwinding of the housing market is addictive!

[5yes]

Thanks everyone for your ideas! My husband and I both have jobs in the area (no commute) and have been planning this move from Orange County for a while. First we got local jobs that we knew we could keep – he works for the sherrif’s department. Now that we are here and renting month to month it is so hard to keep waiting since the prices are so much lower those in south Orange County! We have the opposite situation as some of you mildly sexist posters: he is anxious to buy and I am holding him at bay!

I brought up this house because with money down and a nice 30 year fixed I figured I wuold pay about 1600 a month, including HOA, principal and interest. That is pretty equivalent to rents in the area. Of course I would rather buy new so thanks Temeculaguy for the great advice about DR Horton. I would love to buy this winter but don’t want to get in too soon. What are other Temecula-ites planning regarding timelines?

PS. Does the barber do kids haircuts? 🙂

[5yes]

Thanks everyone for your ideas! My husband and I both have jobs in the area (no commute) and have been planning this move from Orange County for a while. First we got local jobs that we knew we could keep – he works for the sherrif’s department. Now that we are here and renting month to month it is so hard to keep waiting since the prices are so much lower those in south Orange County! We have the opposite situation as some of you mildly sexist posters: he is anxious to buy and I am holding him at bay!

I brought up this house because with money down and a nice 30 year fixed I figured I wuold pay about 1600 a month, including HOA, principal and interest. That is pretty equivalent to rents in the area. Of course I would rather buy new so thanks Temeculaguy for the great advice about DR Horton. I would love to buy this winter but don’t want to get in too soon. What are other Temecula-ites planning regarding timelines?

PS. Does the barber do kids haircuts? 🙂

[5yes]

Thanks everyone for your ideas! My husband and I both have jobs in the area (no commute) and have been planning this move from Orange County for a while. First we got local jobs that we knew we could keep – he works for the sherrif’s department. Now that we are here and renting month to month it is so hard to keep waiting since the prices are so much lower those in south Orange County! We have the opposite situation as some of you mildly sexist posters: he is anxious to buy and I am holding him at bay!

I brought up this house because with money down and a nice 30 year fixed I figured I wuold pay about 1600 a month, including HOA, principal and interest. That is pretty equivalent to rents in the area. Of course I would rather buy new so thanks Temeculaguy for the great advice about DR Horton. I would love to buy this winter but don’t want to get in too soon. What are other Temecula-ites planning regarding timelines?

PS. Does the barber do kids haircuts? 🙂

[5yes]

Thanks guys for your advice and humor. I am finding that it is easier to be a bear when things are going well, it is much harder for me when things are crashing and deals starting to pop up. Maybe I’ll just start looking for terrible MLS pictures to post on that thread instead of combing the MLS for deals just yet.

[5yes]

Thanks guys for your advice and humor. I am finding that it is easier to be a bear when things are going well, it is much harder for me when things are crashing and deals starting to pop up. Maybe I’ll just start looking for terrible MLS pictures to post on that thread instead of combing the MLS for deals just yet.

[5yes]

Thanks guys for your advice and humor. I am finding that it is easier to be a bear when things are going well, it is much harder for me when things are crashing and deals starting to pop up. Maybe I’ll just start looking for terrible MLS pictures to post on that thread instead of combing the MLS for deals just yet.

[5yes]

lindismith I am right there with you, especially on #1, #2, and #5, though it is my husband who needs the new car 🙂 I don’t have any advice nearly as worthwhile as some of the financial gurus that post here, but I do want to say that I think we are ahead of the average person just by virtue of our knowledge (thank you Piggington) and preparation.

Good luck to you and all of us!

[5yes]

lindismith I am right there with you, especially on #1, #2, and #5, though it is my husband who needs the new car 🙂 I don’t have any advice nearly as worthwhile as some of the financial gurus that post here, but I do want to say that I think we are ahead of the average person just by virtue of our knowledge (thank you Piggington) and preparation.

Good luck to you and all of us!

[5yes]

lindismith I am right there with you, especially on #1, #2, and #5, though it is my husband who needs the new car 🙂 I don’t have any advice nearly as worthwhile as some of the financial gurus that post here, but I do want to say that I think we are ahead of the average person just by virtue of our knowledge (thank you Piggington) and preparation.

Good luck to you and all of us!

[5yes]

Renters have to be aware of the situation they are getting into. This could be a good opportunity for us – I am renting at less than half market rent in Temecula because the homeowner’s 2/28 is resetting next month. (Payments are jumping from $1800-$3500) They hired a lawyer and are fighting to keep their house and just want someone reliable that will provide a small income and rent month to month. I see this whole decline as an opportunity to save a lot of money on my rent costs and eventually buy something at a reasonable price. If I have to move I can take my pick of any one of hundreds of people in similar situations. I wasn’t dumb enough to take out a mortgage I can’t afford and now I can further benefit from these people’s lack of sense. Thanks to this site I feel affirmed for not buying in the last few years when all of my friends did, and they were very vocal making fun of my husband and me when we kept renting, but no one says anything to us about it now!

[5yes]

Renters have to be aware of the situation they are getting into. This could be a good opportunity for us – I am renting at less than half market rent in Temecula because the homeowner’s 2/28 is resetting next month. (Payments are jumping from $1800-$3500) They hired a lawyer and are fighting to keep their house and just want someone reliable that will provide a small income and rent month to month. I see this whole decline as an opportunity to save a lot of money on my rent costs and eventually buy something at a reasonable price. If I have to move I can take my pick of any one of hundreds of people in similar situations. I wasn’t dumb enough to take out a mortgage I can’t afford and now I can further benefit from these people’s lack of sense. Thanks to this site I feel affirmed for not buying in the last few years when all of my friends did, and they were very vocal making fun of my husband and me when we kept renting, but no one says anything to us about it now!

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