[Scarlett]

Thanks, I’ll take that in consideration and explore that option. I was also considering borrowing from 401K 10 yr loan at ~4.25%. 10% on a ~500K property is then about $500 a month. I just don’t know if the sellers would bother with something like that, or take that risk, even if they have the wherewithal. I wouldn’t – I’d wait for a buyer that doesn’t need my help, there are plenty. Finish the sale neatly and cleanly. Just me.

So, BG, what were the rules/questions you would ask for 30+ yr older properties, that are different than the ones before?

[Scarlett]

[quote=bearishgurl]You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

(…)
After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.[/quote]

As I said, I am keeping my eyes open and have auto alerts for those older areas too. I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.

[Scarlett]

[quote=bearishgurl]You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

(…)
After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.[/quote]

As I said, I am keeping my eyes open and have auto alerts for those older areas too. I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.

[Scarlett]

[quote=bearishgurl]You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

(…)
After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.[/quote]

As I said, I am keeping my eyes open and have auto alerts for those older areas too. I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.

[Scarlett]

[quote=bearishgurl]You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

(…)
After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.[/quote]

As I said, I am keeping my eyes open and have auto alerts for those older areas too. I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.

[Scarlett]

[quote=bearishgurl]You’re welcome, Scarlett. Interest-rate levels, price levels and a “comfortable” amount of available cash for a downpayment and reserves rarely, if ever, happen all at the same time in a person’s lifetime.

(…)
After you conduct a plat-map study in one of these older micro-areas of your choice against a newer tract micro-area of interest, I think you will find the older areas to be far less prone to dipping in value in the future (below what you paid) and their locations infinitely more convenient for your purposes.[/quote]

As I said, I am keeping my eyes open and have auto alerts for those older areas too. I’d rather not count on a seller ability to help me – I doubt they would go beyond 10-15K credit in most cases. Just me. If that happens, then great.

It’s just that in 2-3 years certain current fixed expenses will go away and we’d able to save more and/or afford larger payments. After that point in time, I wouldn’t be worried at all about where the prices go (unless there is another bubble, LOL) or what the rates would be. It’s a comfort level. Besides, it is still significantly cheaper for me to rent where I do and extremely convenient to boot, really no rush to buy now.

[Scarlett]

[quote=bearishgurl]Scarlett, a little OT now, but if you were interested in purchasing in custom areas or areas more than 30 years old, the “rules” (that an “educated purchaser”) would follow are different :=}

All of your posts heretofore have indicated that you want a tract home <=30 years old.[/quote] How would those be different? Just curious - because the points you mentioned seem pretty universal. In general, that's what we'd prefer, yes, but if something really good comes up in older PQ (70s) or in UC, we would consider it.

[Scarlett]

[quote=bearishgurl]Scarlett, a little OT now, but if you were interested in purchasing in custom areas or areas more than 30 years old, the “rules” (that an “educated purchaser”) would follow are different :=}

All of your posts heretofore have indicated that you want a tract home <=30 years old.[/quote] How would those be different? Just curious - because the points you mentioned seem pretty universal. In general, that's what we'd prefer, yes, but if something really good comes up in older PQ (70s) or in UC, we would consider it.

[Scarlett]

[quote=bearishgurl]Scarlett, a little OT now, but if you were interested in purchasing in custom areas or areas more than 30 years old, the “rules” (that an “educated purchaser”) would follow are different :=}

All of your posts heretofore have indicated that you want a tract home <=30 years old.[/quote] How would those be different? Just curious - because the points you mentioned seem pretty universal. In general, that's what we'd prefer, yes, but if something really good comes up in older PQ (70s) or in UC, we would consider it.

[Scarlett]

[quote=bearishgurl]Scarlett, a little OT now, but if you were interested in purchasing in custom areas or areas more than 30 years old, the “rules” (that an “educated purchaser”) would follow are different :=}

All of your posts heretofore have indicated that you want a tract home <=30 years old.[/quote] How would those be different? Just curious - because the points you mentioned seem pretty universal. In general, that's what we'd prefer, yes, but if something really good comes up in older PQ (70s) or in UC, we would consider it.

[Scarlett]

[quote=bearishgurl]Scarlett, a little OT now, but if you were interested in purchasing in custom areas or areas more than 30 years old, the “rules” (that an “educated purchaser”) would follow are different :=}

All of your posts heretofore have indicated that you want a tract home <=30 years old.[/quote] How would those be different? Just curious - because the points you mentioned seem pretty universal. In general, that's what we'd prefer, yes, but if something really good comes up in older PQ (70s) or in UC, we would consider it.

[Scarlett]

Those are very good points, BG; thanks.

My reluctance to buy NOW has nothing to do with the shadow inventory. I’d feel more comfortable with some more reserves in addition to the downpayment. So we are weighing the risk of somewhat stretching ourselves now for a few years against the risk of possible significantly higher rates (without much price decline) in the future, when we’d have save more.

[Scarlett]

Those are very good points, BG; thanks.

My reluctance to buy NOW has nothing to do with the shadow inventory. I’d feel more comfortable with some more reserves in addition to the downpayment. So we are weighing the risk of somewhat stretching ourselves now for a few years against the risk of possible significantly higher rates (without much price decline) in the future, when we’d have save more.

[Scarlett]

Those are very good points, BG; thanks.

My reluctance to buy NOW has nothing to do with the shadow inventory. I’d feel more comfortable with some more reserves in addition to the downpayment. So we are weighing the risk of somewhat stretching ourselves now for a few years against the risk of possible significantly higher rates (without much price decline) in the future, when we’d have save more.

[Scarlett]

Those are very good points, BG; thanks.

My reluctance to buy NOW has nothing to do with the shadow inventory. I’d feel more comfortable with some more reserves in addition to the downpayment. So we are weighing the risk of somewhat stretching ourselves now for a few years against the risk of possible significantly higher rates (without much price decline) in the future, when we’d have save more.

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