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drboom
Participant[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.
Participant[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.
Participant[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.
Participant[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.
Participant[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.
Participant[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.
Participant[quote=4plexowner]market won’t bottom before 2010 at earliest – are you really looking that far in advance or are you just trying to justify making a purchase that you are going to make anyway?
human beings are not rational – they are rationalIZING[/quote]
True, but try living in a small apartment with a baby. Or try living in a somewhat larger one with a baby and a three year old like my wife and I have been doing. You might not be so rational either.
We just made an offer on a small 3BR crackerbox in El Cajon, and we’re convinced we’re throwing away our down payment since the market will surely sink at least another 20%.
Irrational?
Maybe not. We’re counting on inflation to shrink the relative size of our mortgage down to lunch money within a few years–if we make it through the intervening chaos. If the worst doesn’t come to pass, we still have a decent house that we can afford in a decent neighborhood. The all-in monthly costs are slightly less than renting the same house.
Participant[quote=4plexowner]market won’t bottom before 2010 at earliest – are you really looking that far in advance or are you just trying to justify making a purchase that you are going to make anyway?
human beings are not rational – they are rationalIZING[/quote]
True, but try living in a small apartment with a baby. Or try living in a somewhat larger one with a baby and a three year old like my wife and I have been doing. You might not be so rational either.
We just made an offer on a small 3BR crackerbox in El Cajon, and we’re convinced we’re throwing away our down payment since the market will surely sink at least another 20%.
Irrational?
Maybe not. We’re counting on inflation to shrink the relative size of our mortgage down to lunch money within a few years–if we make it through the intervening chaos. If the worst doesn’t come to pass, we still have a decent house that we can afford in a decent neighborhood. The all-in monthly costs are slightly less than renting the same house.
Participant[quote=4plexowner]market won’t bottom before 2010 at earliest – are you really looking that far in advance or are you just trying to justify making a purchase that you are going to make anyway?
human beings are not rational – they are rationalIZING[/quote]
True, but try living in a small apartment with a baby. Or try living in a somewhat larger one with a baby and a three year old like my wife and I have been doing. You might not be so rational either.
We just made an offer on a small 3BR crackerbox in El Cajon, and we’re convinced we’re throwing away our down payment since the market will surely sink at least another 20%.
Irrational?
Maybe not. We’re counting on inflation to shrink the relative size of our mortgage down to lunch money within a few years–if we make it through the intervening chaos. If the worst doesn’t come to pass, we still have a decent house that we can afford in a decent neighborhood. The all-in monthly costs are slightly less than renting the same house.
Participant[quote=4plexowner]market won’t bottom before 2010 at earliest – are you really looking that far in advance or are you just trying to justify making a purchase that you are going to make anyway?
human beings are not rational – they are rationalIZING[/quote]
True, but try living in a small apartment with a baby. Or try living in a somewhat larger one with a baby and a three year old like my wife and I have been doing. You might not be so rational either.
We just made an offer on a small 3BR crackerbox in El Cajon, and we’re convinced we’re throwing away our down payment since the market will surely sink at least another 20%.
Irrational?
Maybe not. We’re counting on inflation to shrink the relative size of our mortgage down to lunch money within a few years–if we make it through the intervening chaos. If the worst doesn’t come to pass, we still have a decent house that we can afford in a decent neighborhood. The all-in monthly costs are slightly less than renting the same house.
Participant[quote=4plexowner]market won’t bottom before 2010 at earliest – are you really looking that far in advance or are you just trying to justify making a purchase that you are going to make anyway?
human beings are not rational – they are rationalIZING[/quote]
True, but try living in a small apartment with a baby. Or try living in a somewhat larger one with a baby and a three year old like my wife and I have been doing. You might not be so rational either.
We just made an offer on a small 3BR crackerbox in El Cajon, and we’re convinced we’re throwing away our down payment since the market will surely sink at least another 20%.
Irrational?
Maybe not. We’re counting on inflation to shrink the relative size of our mortgage down to lunch money within a few years–if we make it through the intervening chaos. If the worst doesn’t come to pass, we still have a decent house that we can afford in a decent neighborhood. The all-in monthly costs are slightly less than renting the same house.
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