CalBears96
Well-known member
Danimal said:CalBears96 said:sleepy5136 said:Hopefully you wait at least 2 years to collect the 500k tax exemptionCalBears96 said:sleepy5136 said:The low interest rates during 2020-2021 really screwed over first time home buyers that did not get in during that time. We now have a situation where people with those low rates are not going to move and hog up those homes. So much so that even if those people were to up-size, they might just rent it out and cash flow. That will only create less inventory and push prices up longer term.
My wife has taken a liking to Cielo 3. We'll give ourselves 1.5-2 years to earn enough for 40%-50% down payment from the proceeds selling our Eastvale and Lake Elsinore homes to see if we can buy one. That really depends on how the housing market fares. Now I'm hoping for a 20% drop. ;D If we can somehow afford to buy it, and by the time we move in the housing market has recovered, we'll sell the Bluffs home. Otherwise, we'll rent it out for 3 years and then sell.
That's why we're giving ourselves 1.5-2 years before buying. With the 6 months or so construction time, we'll pass the 2 years period.
We love our current home, but it has its flaws. At least, it lets us to be in Irvine, so it's going to be a lot easier to upsize. If things don't work out with Cielo 3, we still have this one. If it works out, then great.
Already thinking about buying new place? That was fast. You have barely lived in Bluff 2 for less than 3 months. What flaws do you see?
Cielo 3 is nice but current price is outrageous.
Yeah, the price is outrageous right now, but so is the market. If it drops 10%, then it's reasonable. If it drops 20%, then great. I think $2.1M to $2.4M range is pretty good.
It's not that we want to buy a new place. It's just that my wife had been watching too many Youtube videos from real estate agents on Cielo and she really likes Cielo 3. ;D
As much as we love Bluffs 2, the one thing that I start disliking even more is the lack of driveway. Two of my neighbors haven't moved in yet and most of the street parking is full. It's especially bad on garbage day. And my wife really loves the volume ceiling (vs. vaulted ceiling). And Cielo's master closet and bathroom is huge compared to ours.
I guess I would say that the flaw is lack of driveway and the others are more desirable features. But then again, once our landscaping is done, we could park both cars in the garage, so the flaw isn't really bad that. It's more accurate to say that Cielo 3 has a lot of additional features that we could check off our dream house boxes.