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FormerOwner
ParticipantWhat I did was list my house at the full 6% commission – the selling agent’s office always gets half – so that would be the normal 3% incentive for them to show my house. My realtor (listing agent) wrote up a little agreement for me, agreeing to credit me back .5% out of his half.
This means that, while I paid a 5.5% commission, the SELLING agent got 3% and the listing agent got 2.5%. You want the selling agent to have an incentive to sell so I would NEVER have anything less than 3% going to them. I don’t think there’s anything wrong with having more than 3% go to the selling agent either. This is how it was explained to me by my realtor and it seemed to work – the place sold and I paid 5.5%.
ParticipantThis is exactly what the problem is in many neighborhoods in Temecula/Murrieta: traffic gridlock and residents having to spend to much total time behind the wheel of a car on a daily basis. Here’s an interesting link on this topic:
ParticipantThis is exactly what the problem is in many neighborhoods in Temecula/Murrieta: traffic gridlock and residents having to spend to much total time behind the wheel of a car on a daily basis. Here’s an interesting link on this topic:
ParticipantForget it! That’s what I think. That area sucks and it is WAAAAAAAAAY overpriced for so many reasons. To name a few: no jobs, too much low income/Section 8 housing, people who couldn’t make it in LA move out there with their gang-banger kids. The housing crash is just getting going; land there will drop like a rock – wait till it hits bottom. I wouldn’t buy there ever but that’s just my opinion.
ParticipantForget it! That’s what I think. That area sucks and it is WAAAAAAAAAY overpriced for so many reasons. To name a few: no jobs, too much low income/Section 8 housing, people who couldn’t make it in LA move out there with their gang-banger kids. The housing crash is just getting going; land there will drop like a rock – wait till it hits bottom. I wouldn’t buy there ever but that’s just my opinion.
ParticipantI agree 100% with everything you said. I think of the same issues. There are risks with buying – like the neighborhood or building going downhill. When you rent, you can just take off if that happens. It’s a sad state of affairs but that’s the way our country seems to be going.
For the most part, HOA’s due appear to be a total rip-off. I rent a house in Temecula that has a HOA and it’s a complete waste of $100/month. All they do is mow 3 strips of grass, pull weeds on a couple of slopes, and go around fining people for not mowing their lawns. Meanwhile, all of the investors are bailing and the neigborhood is starting to look like a ghost town. I don’t think someone in pre-foreclosure is going to pay their HOA fines anyway.
ParticipantI agree 100% with everything you said. I think of the same issues. There are risks with buying – like the neighborhood or building going downhill. When you rent, you can just take off if that happens. It’s a sad state of affairs but that’s the way our country seems to be going.
For the most part, HOA’s due appear to be a total rip-off. I rent a house in Temecula that has a HOA and it’s a complete waste of $100/month. All they do is mow 3 strips of grass, pull weeds on a couple of slopes, and go around fining people for not mowing their lawns. Meanwhile, all of the investors are bailing and the neigborhood is starting to look like a ghost town. I don’t think someone in pre-foreclosure is going to pay their HOA fines anyway.
ParticipantOnce Temecula hits bottom, I think it will stay low for a lot longer than San Diego will. Other than the advantages San Diego has in jobs, climate, and proximity to the airport and ocean, I’ve been noticing that you see of lot of what appear to be wealthy Europeans and Asians in the nicer parts of San Diego. This trend seems to be increasing – just from my personal observation.
In Temecula/Murrieta, more and more, you see minority families that appear to be barely scraping by.
ParticipantOnce Temecula hits bottom, I think it will stay low for a lot longer than San Diego will. Other than the advantages San Diego has in jobs, climate, and proximity to the airport and ocean, I’ve been noticing that you see of lot of what appear to be wealthy Europeans and Asians in the nicer parts of San Diego. This trend seems to be increasing – just from my personal observation.
In Temecula/Murrieta, more and more, you see minority families that appear to be barely scraping by.
Participantlucmom,
Just HOW bad are the public schools in Mission Hills? Can you describe the schools there? I like that area a lot and I’m aware that the schools are the biggest issue for a lot of people. I’ve also noticed that a lot of the people you see walking around and doing yardwork there are in their 60’s or better. I’d like to get some inside scoop on this though.
Participantlucmom,
Just HOW bad are the public schools in Mission Hills? Can you describe the schools there? I like that area a lot and I’m aware that the schools are the biggest issue for a lot of people. I’ve also noticed that a lot of the people you see walking around and doing yardwork there are in their 60’s or better. I’d like to get some inside scoop on this though.
ParticipantI’ve spoken to two friends within the last couple of weeks; both had mortgage broker friends that “helped” them refinance their fixed rate mortgages to adjustable rate mortgages to lower their monthly payments. With friends like those, who needs enemies?
ParticipantI’ve spoken to two friends within the last couple of weeks; both had mortgage broker friends that “helped” them refinance their fixed rate mortgages to adjustable rate mortgages to lower their monthly payments. With friends like those, who needs enemies?
ParticipantIn any company, there are a few key people that run the whole operation and make all the major decisions. Those people decide where the office(s), manufacturing facilities, warehouses, etc. will be located. These people generally work out of the main office so they will locate it in the area where THEY want to live and they aren’t constrained by housing prices. Areas like this also have a “critical mass” of like minded people and are often near research universities and major airports – plus they are just nice places to live as far as cultural amenities, etc. La Jolla fits this bill for the biotech industry. Because there are a lot of biotech firms in La Jolla, there are a lot of biotech jobs in La Jolla. Because there are jobs, there are people that want to live near those jobs. Those people can either buy or rent.
However, MOST people are NOT highly paid biotech workers. The issue is that in our global economy, wages for the average Joe get held down by global competition so the bulk of the population just doesn’t have much in the way of buying power unless they go into horrendous debt. That’s what will cause prices to crash back down. It remains to be seen how that crash affects the lower cost neighborhoods vs. the middle vs. the high exactly.
Personally, I have no problem with “throwing my money away on rent” and will never buy a house again unless the numbers pencil out – period. One thing I really like about renting is that if the neigborhood goes downhill or if you get a new job, you can just move when your lease is up or go month-to-month if you think you might be moving soon. No stress of having to show your house, etc. and no closing costs.
Long term, it appears to me that future generations are going to be making even less money (since most new jobs are in low-pay industries) and having fewer kids – this really increases the downside risk of homeownership, making it even more important to make sure that the price you’re paying is in line with rent.
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