ilivehere
Posts:128
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| 09/03/2008 11:27 PM |
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| How long are people willing to wait to buy a home? Are people fine with renting? What is the sign that it is ok to go back into the water? If we all wait until mid or late 2009 to start buying then we will have multiple, multiple offers and the sellor's will be back in the drivers seat which will cause prices to start to climb again. I'm so confused. I wish somebody would just post when it's ok for us to start buying. I feel much safer if everyone else is doing it. I'm not buying another home until Brian(SD RE expert) buys his first condo. I can't wait to see the feedback. |
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LoonyQT
Posts:894
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| 09/03/2008 11:47 PM |
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people are in the water already. don't worry - there won't be any great upshot even with competition... even if the bottom is soon approaching, we will bump along for a while.
then again, perhaps real doom and gloom is really on the horizon and some benevolent force is keeping my hard earned savings from being eaten up by having one of my offers actually be accepted!! |
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UnsureBuyer
Posts:211
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| 09/04/2008 3:07 AM |
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My suggestion to you would be to buy a house after Wilson but before Brian :-)
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kmes
Posts:1
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| 09/04/2008 7:17 AM |
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| We bought a home in June, and another couple was kind enough to buy our former house from us around the same time. So there are a few buyers out there. |
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anon66
Posts:36
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| 09/04/2008 8:02 AM |
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Posted By ilivehere on 09/03/2008 11:27 PM
How long are people willing to wait to buy a home? Are people fine with renting? What is the sign that it is ok to go back into the water? If we all wait until mid or late 2009 to start buying then we will have multiple, multiple offers and the sellor's will be back in the drivers seat which will cause prices to start to climb again. I'm so confused. I wish somebody would just post when it's ok for us to start buying. I feel much safer if everyone else is doing it. I'm not buying another home until Brian(SD RE expert) buys his first condo. I can't wait to see the feedback.
Come on people. You don't really think this is a sincere post, do you? |
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airplanedad
Posts:131
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| 09/04/2008 8:26 AM |
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Posted By UnsureBuyer on 09/04/2008 3:07 AM
My suggestion to you would be to buy a house after Wilson but before Brian :-)
very good response!! |
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78TTop
Posts:88
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| 09/04/2008 8:41 AM |
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| I'd wait till after Brian buys a condo. That's your guarantee 'the bottom' is firmly in place. |
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sleepybear
Posts:116
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| 09/04/2008 9:00 AM |
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It's hard to separate the facetiousness from the naivete in this message thread. IMO Brian is the Pied Piper of SD RE.
http://en.wikipedia.org/wiki/The_Pied_Piper_of_Hamelin
Having been burned by rising prices in the 90s, left behind with no spouse, no McMansion, and no prospects, he gets his kicks from enticing the gullible into his own morass. His clerical skills are well-used in providing SDLookup fans bits-and-pieces of the MLS (selected to support his views), but his hostility gives him away. He is a deeply disturbed person. Beware!! |
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NCgirl
Posts:206
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| 09/04/2008 9:13 AM |
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| Off topic.. Brian , Crest or Colgate?, I'll wait for your response before I buy. |
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Caligirl43
Posts:133
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| 09/04/2008 9:23 AM |
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A little extreme Sleepy Bear. Brian never toots his own horn on here, he just provides factual information and his opinion, just like the rest of us do. I appreciate his posts but he is not my real estate God; however, I do respect and research the information he provides on here that is of interest to me.
There are a few simpletons on here, such as myself, just looking to purchase their first home, which I will do when the time, price, and circumstances are right for me - not based on someone's prediction. |
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sleepybear
Posts:116
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| 09/04/2008 9:28 AM |
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Expected prototypical reply, NCGirl:
Don't try to catch a falling tube. Wait for 30-50 years, Your teeth will fall out eventually, so why waste $ on toothpaste? 30 years x $3.25 per tube x opportunity costs = "benefit" of healthy teeth. Josephine Blitz (see cited blog) bought toothpaste and then had to have 4 teetc extracted. Not everyone benefits from daily brushing. I'm thinking of flossing with reused floss or maybe I'll buy a horse ranch. I love horses, and they don't need toothpaste. |
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sleepybear
Posts:116
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| 09/04/2008 9:32 AM |
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Caligirl: It is good that you appear not to be taken in (see OP, "I'm not buying another home until Brian(SD RE expert) buys his first condo."). Again, it may be facetiousness or it may be for real.
But, more to your point, what is posted here is not the whole picture; at least what Brian posts is not. Do your own research about the localities you might really want to live in, at the price points you might really buy, rather than being blown away by all the "information" posted here. It isn't hard to do the research, if you are serious. |
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Brian
Posts:2210
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| 09/04/2008 9:34 AM |
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Posted By airplanedad on 09/04/2008 8:26 AM Posted By UnsureBuyer on 09/04/2008 3:07 AM
My suggestion to you would be to buy a house after Wilson but before Brian :-)
[/quote]
very good response!! I second that advice. Wilson will not be buying for at least another 12 to 18 months. :) |
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jpinpb
Posts:1450
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| 09/04/2008 9:35 AM |
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| ilivehere - buy when it makes sense to you. Do your homework in the area of San Diego in which you are interested in purchasing. Find out if there are defaults and foreclosures. Monitor the sales. Monitor the inventory. When you find one you like that is doable in your comfort price range w/out going in over your head, make an offer. Make sure you have some money down and good credit w/low debt so you will qualify. Make this purchase w/the thought that you plan to be there for a while, JIC prices go down a little more, it won't be so painful knowing eventually over time the market will settle and someday perhaps even go up as real estate is cyclical. Some parts of San Diego county are pretty close to bottom. It depends where you're looking. |
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airplanedad
Posts:131
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| 09/04/2008 9:40 AM |
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Posted By sleepybear on 09/04/2008 9:00 AM
It's hard to separate the facetiousness from the naivete in this message thread. IMO Brian is the Pied Piper of SD RE.
http://en.wikipedia.org/wiki/The_Pied_Piper_of_Hamelin
Having been burned by rising prices in the 90s, left behind with no spouse, no McMansion, and no prospects, he gets his kicks from enticing the gullible into his own morass. His clerical skills are well-used in providing SDLookup fans bits-and-pieces of the MLS (selected to support his views), but his hostility gives him away. He is a deeply disturbed person. Beware!!
Hey, you told us you were done posting...what gives? Just can't stomach the thought that there are some smart people who like to hear what Brian says? Whether anyone takes his advice is their own business.
Here is what I see of the majority of people who post on this site: On average, they appear to be more educated, intelligent, deliberate, purposeful and conservative than average. They also appear to be willing to research their options and weigh options before making big decisions. I wish there were more people like this bunch. Unfortunately, it seems the opposite types proliferate and I think that is the root of our economic woes.
I don't detect hostility in Brian and I don't detect gullibility and naivete in those who seek his opinion. I do detect hostility in his detractors, many of whom appear to post on this forum ONLY to try to give Brian a bunch of (#*$. Now, if that is not "disturbed" I don't know what is.
sleepybear: you're making a fool of yourself. You have an unhealthy addiction to this site and to Brian. Let it go... |
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PolarBearKing
Posts:161
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| 09/04/2008 10:18 AM |
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Posted By sleepybear on 09/04/2008 9:00 AM
Having been burned by rising prices in the 90s,
Posted By airplanedad on 09/04/2008 9:40 AM sleepybear: you're making a fool of yourself. You have an unhealthy addiction to this site and to Brian. Let it go... Exactly airplanedad... SleepyBear, I don't know where you lived in the '90's but RE prices declined drastically throughout that decade with the possible exception of late '98/99. Those that don't like what Brian has to say are for the most part those that have been negitively affected by the downturn in the market. Don't blame Brian. You can go to any number of RE based websites and find the same seniments posted there as well. I don't know how long SDLookUp has been around, nor Brian either, but I would guess that if they were both around five or six years ago, the post here would have been more bullish. Back on topic. I wouldn't hesitate to buy today if I found a McMansion in my price range. Next year would be better to buy and I may loose some in equity over the short term, but I have another ten years or so until retirement so I plan on being around these parts for a little while longer. I think a better question, is can I get a loan in todays tuff market. My prediction ~ Interest rates will go up, as will inflation. Home prices will remain flat at best for many years while the other sectors of the economy catch up. |
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Brian
Posts:2210
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| 09/04/2008 10:37 AM |
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Posted By sleepybear on 09/04/2008 9:32 AM
Do your own research about the localities you might really want to live in, at the price points you might really buy.
Here's what I advocate for everyone.
1) Review ALL the listings in your zips of interest for a least 6 months before you buy.
2) Look for listings that are near previous purchase price and borderline "profitable" after selling costs. Pay attention to those properties with very high loan to value ratios.
3) Monitor those borderline listings and, after some list and relists, you'll see them slip into short sales then foreclosure. That will tell you that people don't have financial wherewithal and stealth inventory is building as the market is dropping in the fall and winter months.
4) Get a subscription to foreclosure.com or foreclosureradar.com and monitor the foreclosures before you buy. I have not even done that because I don't intend to buy -- yet.
5) Take trips to the County Recorder's office to find out ownership and loan balance information before you place an offer. Know the seller and anticipate his next move. I live downtown so it's easy for me -- just a walk. ;) But the recorder's office has branches around the County.
etc...
Before You Buy Thread
I need to update that thread :-)
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REIdiot
Posts:7
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| 09/04/2008 10:40 AM |
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Look for a great deal that you can be happy with. I bought my first home in 95 (an REO). It was a 3br/2.5 bath fixer in Lakeside for 130k. With 5% down the lender gave me a 10 percent interest only loan with a 1 year balloon payment of 125k. After spending about $5,000 on flooring paint, drywall and landscaping, I refinanced it 7 months later and it appraised for 166k even with a bathroom gutted! Values went up every year after that. Rents will not remain flat and your fixed rate mortgage will stay flat. Buy, but only if you want to stay in the home for 5 years or more. Try to get a newer home in the North or South County if you dont want to do a lot of remodeling. Or buy an old one if you can do the work.
The deals are back! Do your homework and find one that suits you! But take your time, prices probably won't go up until the 3 year window for no taxes on a 1099 goes away in 2009. |
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airplanedad
Posts:131
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| 09/04/2008 10:48 AM |
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Posted By REIdiot on 09/04/2008 10:40 AM
But take your time, prices probably won't go up until the 3 year window for no taxes on a 1099 goes away in 2009.
Can you tell us more about "3 year window for no taxes on a 1099 ..."
Thanks. |
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sandiego67
Posts:25
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| 09/04/2008 11:15 AM |
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I think the fact that your HERO has 1500+ posts on a message board tells you that he has no other meaningful hobbies or occupation.
Copying and pasting every new MLS listing does not qualify someone as a Market Guru. |
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