usctrojanman29 - 07 September 2008 12:12 PM

JLegend - 07 September 2008 10:40 AM

^^there you go.  Like I said, there’s something to be said about getting “THE” floorplan you like.  You may not be getting a bad shake after all for the more popular plan.  It doesn’t appear you are being financally irresponsible.  If we followed everything that is posted on this forum, it appears nobody would be buying property in OC in the next two years.

That’s because a lot of people on here track home prices like a day trader trading stock every day.  The reality is if you love the house that you buy, don’t get in over your head, use traditional financing like a 15 or 30 year fixed loan, and plan on living there for years then I say go for it.  A home isn’t solely an investment, it is a place where you and your family live their lives.  Prices of real estate will continue to go up and down in the future and no one is smart enough to figure our when we hit bottom.

And if something happens (like a job change or a divorce) and you’re stuck $200K you can just declare bankrupcy and walk away.  I don’t know about you, but I can ill afford to dump 200 dimes and not care. 

We are so far over center (above fair value) and have so far to go,  somebody should have thier head examined if you buy a house in todays market.

Or, you are filthy rich and alergic to money.  If that’s the case, I’d like to invite you to my home poker game…...

you know what, no_vas ? you are just bitter

flmgrip - 07 September 2008 08:00 PM

you know what, no_vas ? you are just bitter

Now why would you say that?

Somebody is gonna toss two hundred dimes into a fireplace and spark it up, I say something about it, and I’m bitter?

I can think of lots of better things to do with the money.  Here’s one:

http://www.unicef.org/

No_Vas speaks truth. My partner and I love our house, love the area, bought in 1997, have it almost paid off, and can easily afford the payment. You don’t get a better situation for staying than that. All the same, I’m going to kick myself for the rest of my life for not having sold around 2006. The hundreds of thousands we could have saved by selling then would have allowed us to retire YEARS early.

Money is valuable! Don’t waste it!

yes money is valuable but it’s not everything.

loving where you live is more value than what you have in the bank when you die.

i’m not saying blow it, but it sounds the OP has the financials under check and if he really would need to sell i would think it would sell for more than the house across the street, there is more to the price of a home than the sqft…

my GF move into a new apartment in the IAC world (the one next to that trailer-park) and she’s misarble paying $2200 a month for a noisy dump. cabinets falling apart, dirty old calking, noisy AC, noisy fridge, street noise, fleas ... and the list goes on…

if you are happy where youlive it’s worth the money. i pay an extra grand or so (for my mortgage + HOA etc.) but I LOVE WHERE I LIFE. worth every penny especially seeing what my GF is going thru

I wish we could quantify all decisions we made or plan to make in life, then we are either an over-analyzer or procrastinator.  Everyone’s situation is different from other’s.  And I guess sometimes one needs to value his time / relationships in addition to money, put these into the decision equation and make an educated choice.

Personally, I bought my first home in 2003, anticipating a price drop up to 20%; invested in a foreclosure at the end of 2007, knowing that it might not be the lowest price yet.  Do I regret my decisions?  Not a bit.  If I waited till today, I would have wasted hundreds of thousands of rent money and tax benefits, I would have squandered my savings, I would have not been able to qualify for a loan today. 

Congratulation, Gas, and enjoy your new home.

I agree with No_Vas. I also bought at a recession in 1996, the house almost doubled in less than a year. Property tax is very low, house is almost paid off. I could retire early if I want to because I was not in a hurry to buy. I also rented 3 years before that.

Informed_Decisions - 08 September 2008 12:30 PM

I wish we could quantify all decisions we made or plan to make in life, then we are either an over-analyzer or procrastinator.  Everyone’s situation is different from other’s.  And I guess sometimes one needs to value his time / relationships in addition to money, put these into the decision equation and make an educated choice.

Personally, I bought my first home in 2003, anticipating a price drop up to 20%; invested in a foreclosure at the end of 2007, knowing that it might not be the lowest price yet.  Do I regret my decisions?  Not a bit.  If I waited till today, I would have wasted hundreds of thousands of rent money and tax benefits, I would have squandered my savings, I would have not been able to qualify for a loan today. 

Congratulation, Gas, and enjoy your new home.

I couldn’t agree with you more.  Everyone is different and values various things differently, including homeownership.  The reality is that housing is a necessity and you can’t get away from paying to live somewhere (except if you choose to move back into your parent’s attic…haha) whether it’s owning or renting.  Some people place a higher value on homeownership and enjoy having a place that they can call their own.  I respect the opinions of the other members on here, but as I stated before none of us are smart enough to time the real estate markets at the peaks and values.  People shouldn’t view their homes as a retirement vehicle, that’s what 401Ks, pensions, and savings are for.  Money makes life easier but happiness is priceless in this unpredictable world.

This has been a great thread! If you look back on my older posting from earlier this year, you’ll see that I proposed this same question for another house with the same floorplan.  You guys convinced me to wait and so I did. So now, we ended up getting a better lot, better elevation, and more upgrades!  Cant thank you all enough!  I know you are thinking we are knife catchers and we may very well be.  However, we are quite happy with our decision and can live with it.  We dont plan to move for some time (10 years or more unless something unexpected comes up).

Now, with the mortgage rates coming down because of the F/F bailout, you might see alot more people jumping in and buying.  Then there may not be the ample inventory of desirable homes because there will be too much competition for them.  Prices may even go back up!  (not likely but who knows). 

I wish everyone the best of luck in finding what you are looking for! 

GasJ

Oh my gosh, are we going back to those realtor lies about wasting money on rent and not getting tax benefits again?  Haven’t we already shown how much bull that nonsense is about one thousand times before?

But, I guess if people want to live in fantasyland, who am I to deny them?

Good luck brother.  Sounds like you’ve done your research, and although I disagree with your choice, you are aware of/prepared for the downside.

gJ,
Congratulations on taking one step into homeownership - forwards or backwards that still up for debate here, but not in your household.    Yes, these maybe changing times in the housing market - plummeting prices, mortgage volatility, etc.  At the end of the day, you are entitled to your joy and no one else should take that away from you.  Heck, if you truly want to stay in the place 10 years, you may very well make some (not tons) of money on your home purchase.  Good luck and keep in touch with us growling bears in the IHB! 

update:  We picked up our keys today and the wife is very happy.  I am quite happy with our purchase and am looking forward to “feathering” the nest. 

BTW nice meeting you IHBers at Cantaloop’s place last weekend.

GasJ