[temeculaguy]

Maybe the mortgage rate is a factor but I think FHA loan limits are about 697k, if you had more than 200k down you wouldn’t use fha so that argument doesn’t work. The tax credit is a decent incentive in the lower price range and in other states but on a 900k house it’s like 1%. You can get 2% back using redfin, plus in order to qual for a 900k house your income probably takes you out of eligibility. It’s also not a traditional 1st time buyer price range.

Those are three reasons for the low end rebound, but not really a big factor in that scenario. I’m sure there is an explanation but a loan you can’t use and a credit that is lower than what can be negotiated in comissions aren’t among them.

[temeculaguy]

Maybe the mortgage rate is a factor but I think FHA loan limits are about 697k, if you had more than 200k down you wouldn’t use fha so that argument doesn’t work. The tax credit is a decent incentive in the lower price range and in other states but on a 900k house it’s like 1%. You can get 2% back using redfin, plus in order to qual for a 900k house your income probably takes you out of eligibility. It’s also not a traditional 1st time buyer price range.

Those are three reasons for the low end rebound, but not really a big factor in that scenario. I’m sure there is an explanation but a loan you can’t use and a credit that is lower than what can be negotiated in comissions aren’t among them.

[temeculaguy]

Maybe the mortgage rate is a factor but I think FHA loan limits are about 697k, if you had more than 200k down you wouldn’t use fha so that argument doesn’t work. The tax credit is a decent incentive in the lower price range and in other states but on a 900k house it’s like 1%. You can get 2% back using redfin, plus in order to qual for a 900k house your income probably takes you out of eligibility. It’s also not a traditional 1st time buyer price range.

Those are three reasons for the low end rebound, but not really a big factor in that scenario. I’m sure there is an explanation but a loan you can’t use and a credit that is lower than what can be negotiated in comissions aren’t among them.

[temeculaguy]

Maybe the mortgage rate is a factor but I think FHA loan limits are about 697k, if you had more than 200k down you wouldn’t use fha so that argument doesn’t work. The tax credit is a decent incentive in the lower price range and in other states but on a 900k house it’s like 1%. You can get 2% back using redfin, plus in order to qual for a 900k house your income probably takes you out of eligibility. It’s also not a traditional 1st time buyer price range.

Those are three reasons for the low end rebound, but not really a big factor in that scenario. I’m sure there is an explanation but a loan you can’t use and a credit that is lower than what can be negotiated in comissions aren’t among them.

[temeculaguy]

I rented in sdrealtor’s hood about 20 years ago, it wasn’t affordable then. I was newly married, we had both just graduated from college, we both landed decent jobs and had no kids. I think our apartment was $950 and while we were west of the 5, it was not a walk to the ocean, nor could we see it from our windows, the sound of the freeway was louder than the ocean. We were actually commuting North and East, it was an equal drive from temecula so be bought an fha financed house with 5k down and our mortgage was $30 less than our rent was.

I tell this story because I think it illustrates what sdrealtor is trying to say, that the prices in NCC cannot entirely be attributed to the bubble of 2003-2006. I think the numbers would be the same today for some young couple who is 20 years younger, going through the same thing I did in 1989-1991.

I’m sure there are examples of housing stock, price strata and particular neighborhoods that may have appreciaed a little more or a little less for a variety of reasons but that has always happened and always will. Some houses are always overpriced and there are always good deals too, but NCC may have found it’s historical balance. 20 years ago when I packed my bags in frustration I said I would return when prices became reasonable, now I believe it’s not going to happen, it wasn’t them being unreasonable, it was me, just because I don’t think you should pay that much for a house (then and now) doesn’t mean I can prevent anyone else from doing so. If you are waiting for a 5 or 10% correction, that’s a bet worth taking, but if you need it to come down 30-50% from here, you need to get a mapbook and look elsewhere or be prepared for a lifetime of disapointment.

[temeculaguy]

I rented in sdrealtor’s hood about 20 years ago, it wasn’t affordable then. I was newly married, we had both just graduated from college, we both landed decent jobs and had no kids. I think our apartment was $950 and while we were west of the 5, it was not a walk to the ocean, nor could we see it from our windows, the sound of the freeway was louder than the ocean. We were actually commuting North and East, it was an equal drive from temecula so be bought an fha financed house with 5k down and our mortgage was $30 less than our rent was.

I tell this story because I think it illustrates what sdrealtor is trying to say, that the prices in NCC cannot entirely be attributed to the bubble of 2003-2006. I think the numbers would be the same today for some young couple who is 20 years younger, going through the same thing I did in 1989-1991.

I’m sure there are examples of housing stock, price strata and particular neighborhoods that may have appreciaed a little more or a little less for a variety of reasons but that has always happened and always will. Some houses are always overpriced and there are always good deals too, but NCC may have found it’s historical balance. 20 years ago when I packed my bags in frustration I said I would return when prices became reasonable, now I believe it’s not going to happen, it wasn’t them being unreasonable, it was me, just because I don’t think you should pay that much for a house (then and now) doesn’t mean I can prevent anyone else from doing so. If you are waiting for a 5 or 10% correction, that’s a bet worth taking, but if you need it to come down 30-50% from here, you need to get a mapbook and look elsewhere or be prepared for a lifetime of disapointment.

[temeculaguy]

I rented in sdrealtor’s hood about 20 years ago, it wasn’t affordable then. I was newly married, we had both just graduated from college, we both landed decent jobs and had no kids. I think our apartment was $950 and while we were west of the 5, it was not a walk to the ocean, nor could we see it from our windows, the sound of the freeway was louder than the ocean. We were actually commuting North and East, it was an equal drive from temecula so be bought an fha financed house with 5k down and our mortgage was $30 less than our rent was.

I tell this story because I think it illustrates what sdrealtor is trying to say, that the prices in NCC cannot entirely be attributed to the bubble of 2003-2006. I think the numbers would be the same today for some young couple who is 20 years younger, going through the same thing I did in 1989-1991.

I’m sure there are examples of housing stock, price strata and particular neighborhoods that may have appreciaed a little more or a little less for a variety of reasons but that has always happened and always will. Some houses are always overpriced and there are always good deals too, but NCC may have found it’s historical balance. 20 years ago when I packed my bags in frustration I said I would return when prices became reasonable, now I believe it’s not going to happen, it wasn’t them being unreasonable, it was me, just because I don’t think you should pay that much for a house (then and now) doesn’t mean I can prevent anyone else from doing so. If you are waiting for a 5 or 10% correction, that’s a bet worth taking, but if you need it to come down 30-50% from here, you need to get a mapbook and look elsewhere or be prepared for a lifetime of disapointment.

[temeculaguy]

I rented in sdrealtor’s hood about 20 years ago, it wasn’t affordable then. I was newly married, we had both just graduated from college, we both landed decent jobs and had no kids. I think our apartment was $950 and while we were west of the 5, it was not a walk to the ocean, nor could we see it from our windows, the sound of the freeway was louder than the ocean. We were actually commuting North and East, it was an equal drive from temecula so be bought an fha financed house with 5k down and our mortgage was $30 less than our rent was.

I tell this story because I think it illustrates what sdrealtor is trying to say, that the prices in NCC cannot entirely be attributed to the bubble of 2003-2006. I think the numbers would be the same today for some young couple who is 20 years younger, going through the same thing I did in 1989-1991.

I’m sure there are examples of housing stock, price strata and particular neighborhoods that may have appreciaed a little more or a little less for a variety of reasons but that has always happened and always will. Some houses are always overpriced and there are always good deals too, but NCC may have found it’s historical balance. 20 years ago when I packed my bags in frustration I said I would return when prices became reasonable, now I believe it’s not going to happen, it wasn’t them being unreasonable, it was me, just because I don’t think you should pay that much for a house (then and now) doesn’t mean I can prevent anyone else from doing so. If you are waiting for a 5 or 10% correction, that’s a bet worth taking, but if you need it to come down 30-50% from here, you need to get a mapbook and look elsewhere or be prepared for a lifetime of disapointment.

[temeculaguy]

I rented in sdrealtor’s hood about 20 years ago, it wasn’t affordable then. I was newly married, we had both just graduated from college, we both landed decent jobs and had no kids. I think our apartment was $950 and while we were west of the 5, it was not a walk to the ocean, nor could we see it from our windows, the sound of the freeway was louder than the ocean. We were actually commuting North and East, it was an equal drive from temecula so be bought an fha financed house with 5k down and our mortgage was $30 less than our rent was.

I tell this story because I think it illustrates what sdrealtor is trying to say, that the prices in NCC cannot entirely be attributed to the bubble of 2003-2006. I think the numbers would be the same today for some young couple who is 20 years younger, going through the same thing I did in 1989-1991.

I’m sure there are examples of housing stock, price strata and particular neighborhoods that may have appreciaed a little more or a little less for a variety of reasons but that has always happened and always will. Some houses are always overpriced and there are always good deals too, but NCC may have found it’s historical balance. 20 years ago when I packed my bags in frustration I said I would return when prices became reasonable, now I believe it’s not going to happen, it wasn’t them being unreasonable, it was me, just because I don’t think you should pay that much for a house (then and now) doesn’t mean I can prevent anyone else from doing so. If you are waiting for a 5 or 10% correction, that’s a bet worth taking, but if you need it to come down 30-50% from here, you need to get a mapbook and look elsewhere or be prepared for a lifetime of disapointment.

[temeculaguy]

AN, I was joking about him moving to temecula, I was trying to drive home a point about being “pushed inland” vs. income ratios. It’s all about balance and he has to find his. Some people would prefer a closer drive, some would prefer to rent, some prefer to not have kids. The point is, decisions will have to be made because on 100k, you don’t get it all, you don’t get a half million dollar home on the coast and a stay at home wife, you pick the sacrifice that works for you. I like him, he has his head screwed on straight and is thinking about it ahead of time as opposed to afterwards, me, I make my mistakes first, then learn.

[temeculaguy]

AN, I was joking about him moving to temecula, I was trying to drive home a point about being “pushed inland” vs. income ratios. It’s all about balance and he has to find his. Some people would prefer a closer drive, some would prefer to rent, some prefer to not have kids. The point is, decisions will have to be made because on 100k, you don’t get it all, you don’t get a half million dollar home on the coast and a stay at home wife, you pick the sacrifice that works for you. I like him, he has his head screwed on straight and is thinking about it ahead of time as opposed to afterwards, me, I make my mistakes first, then learn.

[temeculaguy]

AN, I was joking about him moving to temecula, I was trying to drive home a point about being “pushed inland” vs. income ratios. It’s all about balance and he has to find his. Some people would prefer a closer drive, some would prefer to rent, some prefer to not have kids. The point is, decisions will have to be made because on 100k, you don’t get it all, you don’t get a half million dollar home on the coast and a stay at home wife, you pick the sacrifice that works for you. I like him, he has his head screwed on straight and is thinking about it ahead of time as opposed to afterwards, me, I make my mistakes first, then learn.

[temeculaguy]

AN, I was joking about him moving to temecula, I was trying to drive home a point about being “pushed inland” vs. income ratios. It’s all about balance and he has to find his. Some people would prefer a closer drive, some would prefer to rent, some prefer to not have kids. The point is, decisions will have to be made because on 100k, you don’t get it all, you don’t get a half million dollar home on the coast and a stay at home wife, you pick the sacrifice that works for you. I like him, he has his head screwed on straight and is thinking about it ahead of time as opposed to afterwards, me, I make my mistakes first, then learn.

[temeculaguy]

AN, I was joking about him moving to temecula, I was trying to drive home a point about being “pushed inland” vs. income ratios. It’s all about balance and he has to find his. Some people would prefer a closer drive, some would prefer to rent, some prefer to not have kids. The point is, decisions will have to be made because on 100k, you don’t get it all, you don’t get a half million dollar home on the coast and a stay at home wife, you pick the sacrifice that works for you. I like him, he has his head screwed on straight and is thinking about it ahead of time as opposed to afterwards, me, I make my mistakes first, then learn.

[temeculaguy]

Cafe, how old are you, are you married, do you have kids and if not are any of these things possibilities in the next 5-10 years? The answers will affect my advice.

You can get away with 3% and can work all kinds of deals with the closing costs, so that can vary, but you can squeak in with 25k total and keep your safety net. Ignore the 401k money, that’s not part of this formula.

But the real question is, are you a 500k homeshopper and my answer is no, I apologize but that’s my advice.

I’m not even good telling you to look at 400k, not even 350k.

If you are going minimal down, and you make 100k, your ceiling is 300-325k, 3x earnings borrowed max, the ultimate fundamental.

Pushing you inland??? You are gonna get more than pushed baby, welcome to Temecula!!!!

[Author]

Posts