If you are waiting What are you waiting for?

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[quote author="hbguybill" date=1224056590]I'm getting closer to buying in Irvine and just curious of the serious potential homebuyers on this blog what will make you buy?</blockquote>
It's simple: when it's cheaper to buy than to rent.

And I'm not talking about taking out an interest-only loan.

This would be 20% down, 30-year fixed, traditional loan.
 
[quote author="CalGal" date=1224056713][quote author="hbguybill" date=1224056590]I'm getting closer to buying in Irvine and just curious of the serious potential homebuyers on this blog what will make you buy?</blockquote>
It's simple: when it's cheaper to buy than to rent.

And I'm not talking about taking out an interest-only loan.

This would be 20% down, 30-year fixed, traditional loan.</blockquote>


Wow. Some people will be renting for a long time. 20% down? this is $80K for a $400K property. I don't know about you, but I imagine that this will take years for people to save.
 
[quote author="JLegend" date=1224057347][quote author="CalGal" date=1224056713][quote author="hbguybill" date=1224056590]I'm getting closer to buying in Irvine and just curious of the serious potential homebuyers on this blog what will make you buy?</blockquote>
It's simple: when it's cheaper to buy than to rent.

And I'm not talking about taking out an interest-only loan.

This would be 20% down, 30-year fixed, traditional loan.</blockquote>


Wow. Some people will be renting for a long time. 20% down? this is $80K for a $400K property. I don't know about you, but I imagine that this will take years for people to save.</blockquote>


It will take years...

but many people started years ago so there may not be more needed to save.
 
I'm starting to get rather impatient and instead of waiting for a great (or even good) deal, am just waiting for something that I like that is within the stratosphere of affordability but I really don't want an attached home so I'm screwed. I have been having second-thoughts lately about even waiting around for Irvine. Call me crazy, but Aliso Viejo, Ladera Ranch, and Foothill Ranch are all starting to look better and better each day. Man, I must be having a bad day! LOL! ...but, yeah...I've already left the area once and I'm not afraid to do it again.
 
[quote author="JLegend" date=1224057347][quote author="CalGal" date=1224056713][quote author="hbguybill" date=1224056590]I'm getting closer to buying in Irvine and just curious of the serious potential homebuyers on this blog what will make you buy?</blockquote>
It's simple: when it's cheaper to buy than to rent.

And I'm not talking about taking out an interest-only loan.

This would be 20% down, 30-year fixed, traditional loan.</blockquote>


Wow. Some people will be renting for a long time. 20% down? this is $80K for a $400K property. I don't know about you, but I imagine that this will take years for people to save.</blockquote>


This is a big part of IR's reasoning for why prices will continue to drop. With tighter lending standards and 20% now becoming the norm, there will be a smaller pool of buyers and this will leading to more declines.



It is supposed to take time to save for for a house. It takes responsibility and commitment, something a lender would want in a borrower :)



and same as others say. When I can check online for a comparable rent vs. buy and when the buy makes more sense, I will buy.



Otherwise, I can just continue to rent and invest/save/spend/whatever the extra cash
 
My wife gets her way in every aspect except when it comes to finances. She is inpatient and wants a house now. We have enough saved for 20%, but I'm not even pondering the thought until its cheaper to rent. Even then will be very hard to let go of the money we saved up (since I can play with it in the stock market....muahahahha)
 
[quote author="blackvault_cm" date=1224064818]My wife gets her way in every aspect except when it comes to finances. She is inpatient and wants a house now. We have enough saved for 20%, but I'm not even pondering the thought until its cheaper to rent. Even then will be very hard to let go of the money we saved up (since I can play with it in the stock market....muahahahha)</blockquote>


So, you wear the pants but she tells you which ones to put on? ;)
 
[quote author="SoCal78" date=1224059141]I'm starting to get rather impatient and instead of waiting for a great (or even good) deal, am just waiting for something that I like that is within the stratosphere of affordability but I really don't want an attached home so I'm screwed. I have been having second-thoughts lately about even waiting around for Irvine. Call me crazy, but Aliso Viejo, Ladera Ranch, and Foothill Ranch are all starting to look better and better each day. Man, I must be having a bad day! LOL! ...but, yeah...I've already left the area once and I'm not afraid to do it again.</blockquote>


SoCal78 - If I recall correctly, you shared that you had saved yourself for marriage.



If you can do that, you can save yourself for a house.
 
[quote author="hbguybill" date=1224056590]I'm getting closer to buying in Irvine and just curious of the serious potential homebuyers on this blog what will make you buy?</blockquote>


We will buy at the earlier of A) near rental parity, as we would be willing to pay a slight premium to own vs. rent, or B) Summer 2010 as we'd like to be in a more permanent home before my oldest son starts 1st grade... The clock is ticking loudly on the IPO family.



Based on my particular rental and current mortgage interest rates, it would take another 15% decline or so to get us near enough to rental parity to pull the trigger.
 
There are 4 or 5 floorplans I like, and as soon as they reach a certain price per sq ft i'm going to try and pick them up. I want to be able to break even on it with a rental even though i'm planning on living there.



That way if something happens with my job or if I want to work for less, I can always go rent a room somewhere and break even on the house and still get the tax benefit.



Also, i've actually *seen* my target properties on the market for the price i'd take, they were just snatched up before I had the chance to put an offer in.
 
[quote author="IrvineRealtor" date=1224065901][quote author="SoCal78" date=1224059141]I'm starting to get rather impatient and instead of waiting for a great (or even good) deal, am just waiting for something that I like that is within the stratosphere of affordability but I really don't want an attached home so I'm screwed. I have been having second-thoughts lately about even waiting around for Irvine. Call me crazy, but Aliso Viejo, Ladera Ranch, and Foothill Ranch are all starting to look better and better each day. Man, I must be having a bad day! LOL! ...but, yeah...I've already left the area once and I'm not afraid to do it again.</blockquote>


SoCal78 - If I recall correctly, you shared that you had saved yourself for marriage.



If you can do that, you can save yourself for a house.</blockquote>


<u>Score</u>



IrvineRealtor: 1

SoCal78 : 0
 
[quote author="JLegend" date=1224057347][quote author="CalGal" date=1224056713][quote author="hbguybill" date=1224056590]I'm getting closer to buying in Irvine and just curious of the serious potential homebuyers on this blog what will make you buy?</blockquote>
It's simple: when it's cheaper to buy than to rent.

And I'm not talking about taking out an interest-only loan.

This would be 20% down, 30-year fixed, traditional loan.</blockquote>


Wow. Some people will be renting for a long time. 20% down? this is $80K for a $400K property. I don't know about you, but I imagine that this will take years for people to save.</blockquote>
Saving for a downpayment should be the norm, not the exception.

For our first house, we saved <u>years</u> for our downpayment.

We sacrificed luxuries and my husband and I worked two jobs.

It looks like these times are coming back around.
 
[quote author="jbatzmaru" date=1224071958]Since i am too lazy to do my own analysis.... I am waiting for IR to signal that it is safe to go back into the water.</blockquote>
As soon as IR buys a house and gives his fellow bloggers the green light, the market will miraculously turn and all the buyers will come out in full force.

Years from now the real estate market will look back and call it the "IR Incline."
 
[quote author="SoCal78" date=1224065640][quote author="blackvault_cm" date=1224064818]My wife gets her way in every aspect except when it comes to finances. She is inpatient and wants a house now. We have enough saved for 20%, but I'm not even pondering the thought until its cheaper to rent. Even then will be very hard to let go of the money we saved up (since I can play with it in the stock market....muahahahha)</blockquote>


So, you wear the pants but she tells you which ones to put on? ;)</blockquote>


Bingo! :P
 
[quote author="blackvault_cm" date=1224073162][quote author="SoCal78" date=1224065640][quote author="blackvault_cm" date=1224064818]My wife gets her way in every aspect except when it comes to finances. She is inpatient and wants a house now. We have enough saved for 20%, but I'm not even pondering the thought until its cheaper to rent. Even then will be very hard to let go of the money we saved up (since I can play with it in the stock market....muahahahha)</blockquote>


So, you wear the pants but she tells you which ones to put on? ;)</blockquote>


Bingo! :P</blockquote>
Ah, the sign of a happy marriage.

Both parties think they are in control. %-P
 
[quote author="No_Such_Reality" date=1224069589]Isn't that one of the signs of the end times? A realtor telling someone they can wait to buy...</blockquote>


Maybe... if it was Gary Watts who said it. But, deuce doesn't mainline the Kool-Aid. He actually values that thing called credibility, and one day he will be rewarded for it. You will also know when that day comes, the day when Gary Watts is asking you if he can wash your windows. Deuce will actually cite the reason for the increase of sales at the time as the "IR incline". He will provide chartpr0n posted at IHB, CR, and the Big Picture. He will also break out his now famous quotes from the time to wait, and compare them to the likes of Gary Watts, Steve Thomas, and <a href="http://lansner.freedomblogging.com/2008/10/14/economys-shadow-felt-at-realtor-convention/4803/">this gem from his fellow Realtors from the time</a> (be sure to check the comments for a historical perspective courtesy of crackercakes).
 
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