I'm Glad I Bought.

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traceimage

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So I used to read all the time on IHB not to buy a home, that the bottom was coming, etc. Even though we were already looking for a house at the point, it made me a little nervous. What if we bought a house and THEN the bottom fell out of prices and everything dropped dramatically? What if all the foreclosures came onto the market, as IR predicted, causing once-limited inventory to surge and prices to drop?

But because it was the right time for our family to buy a house, we bit the bullet and bought anyway, and I'm glad we did. I don't worry anymore about the elusive "bottom," or when it might be coming, or if it passed already, etc. We're not investors looking to make money on a housing flip; we're just a family who wanted a place to live, that we own, so we can do whatever we want to it (remodel, paint whatever color we want, etc). I feel like now we're in our house living our life, rather than putting everything on hold, waiting for a huge drop in housing prices that may or may not ever come.

So that's the lesson I learned: you gotta do what's right for you, when it's right. I'd hate to think of where I'd be now if I'd slavishly listened to IR. I guess I'd still be in an apartment somewhere, panicked that we should wait just a few more months or years, so maybe we could save a few bucks. I'd probably feel like I was still waiting for the next phase of my life to start.

There's nothing wrong with renting, if that's your choice. But for us, it felt like we were stuck in a holding pattern. It's nice now to feel like we can really put down roots.

 
Congrats on your purchase.

im just curious why you thought your life was in a holding pattern because you were renting? did you rent an apartment or an actual house? my wife and i rent an actual house and while we have held back on buying nice furniture, there is no sense that we are in a holding pattern.  We dont have kids either so maybe that plays into the holding pattern/putting down roots mentality.
 
qwerty said:
Congrats on your purchase.

im just curious why you thought your life was in a holding pattern because you were renting? did you rent an apartment or an actual house? my wife and i rent an actual house and while we have held back on buying nice furniture, there is no sense that we are in a holding pattern.  We dont have kids either so maybe that plays into the holding pattern/putting down roots mentality.
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We rented an apartment, so that may have contributed it. Also, we knew we wanted to purchase, so with that goal in mind, we were getting kind of antsy at not being able to accomplish it...kind of like, "Ok, we want to buy, let's get on with it!" We also have a toddler so we wanted a yard, and for him to live in a place where he would have his earliest memories, etc. Of course we don't know where life will take us, but I like the idea of our son growing up in just one house, being able to measure his height on the pantry wall and see how he grows over the years, that kind of thing.
 
Irvine real estate always goes up. Don't regret your decision. Even if it doesn't, who cares if you lose 25% of your equity in 2011? It's Irvine!
 
If I recall correctly, trace, you were having lots of remodeling done.

If you can share here, how was that? Did it end up how you wanted it to? I remember it was a bit tough during the precon stage but I'm sure now you must be enjoying it.

Congrats and like you said... as long as you are making the purchase for your own reasons, can afford it and not expecting an ATM to pop up in the middle of your kitchen... it really doesn't matter what prices or rates do (well... if rates go lower... you can always refi).
 
Panda said:
traceimage,
I know you didn't plan it, but i do think you bought at the bottom when Irvine's median price was at $566,500. For those waiting on IrvineRenter's $421,000 bottom may be renting until 2040. You should be very happy with your purchase. I know BigMike took a lot of heat from the forum members for buying in the  2010 Woodbury Collection, but in retrospect, they seem to be the winners now who locked in low rates and the lower end of Irvine home prices. In my personal investments, I seem to the best when i follow my gut, instead of listen to what all the "so called" experts predict and say, that is when i get burned. I think that March 2009 was the bottom in Irvine and i do not think we will go below that number even if rates continue to rise.

 
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Thanks, Panda. I never expected to buy at the absolute bottom, anyway. Plus, you never know when the bottom actually *is* until you've already missed it! But if it was in 2009, all the better. :)

Is $421k IR's "bottom" number? I know he does a lot of number crunching, and like I've said, I'm no expert...but I doubt the Irvine median will ever go that low again. We'll see. But specifically, in terms of IR, he did lose some degree of credibility and impartiality in my eyes when he started his real estate venture. (I don't read his site anymore, partially for that reason.)

I agree that you have to listen to your gut and not just follow the "experts." Seriously, my son will be in his 30s by 2040!
 
We were in the same exact boat.  Been looking around for 2+ years with USCTrojanCPA's patience and help.  Finally pulled the trigger in Sept.  Not due to rates or prices (well, as long as the price fit our "perceived" value and we could afford it), but rather we found a decent fit for our growing family needs.  So my advice for folks that are looking would be as long as you think you will be happy in Irvine for a while and can afford it, go for it and dont look back!  Ok, maybe not too much atleast! :D
 
irvinehomeowner said:
If I recall correctly, trace, you were having lots of remodeling done.

If you can share here, how was that? Did it end up how you wanted it to? I remember it was a bit tough during the precon stage but I'm sure now you must be enjoying it.

Congrats and like you said... as long as you are making the purchase for your own reasons, can afford it and not expecting an ATM to pop up in the middle of your kitchen... it really doesn't matter what prices or rates do (well... if rates go lower... you can always refi).
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Oh GAWD, remodeling was HELL. It took forever. A lot of it was our fault, though, in retrospect, because we were new at it and didn't have anything picked out at the proper stage. So when they were done with one thing, then we would go pick out something else (like what kind of floor we wanted, for example), and that would take tons of time. The whole project took much longer than it was supposed to, but I've heard that's common in remodeling jobs.

But yeah, we're really happy with it now. :) There are a couple of things we wished we had done differently, but first-time remodeling has such a steep learning curve. If we did it again, we'd know more, and it would be easier. But I really don't want to go through it again any time soon!
 
Congratulations on your purchase. I am still on the other side of the fence for now.  I am more comfortable renting and saving in this uncertain RE environment. I moved out of an apartment and into a private home, so that probably takes a lot of pressure on my family  to purchase soon. Looking at all the macro economic factors, I still see no reason to rush into buying anytime soon. But like you said, everyone needs to make their own decisions based on their particular circumstances. Best of luck with your home!
 
Congrats, Now you can enjoy and relax.

My wife and me are very happy with what everything turn out.... I'm surprise that I fall in love with my TV above the big fire place. All the landscaping and remodel works turn out very well ..... I brought all my dream furniture. What else can I ask for to end 2010.

Happy Holidays,


 
mikeirvine said:
I'm surprise that I fall in love with my TV above the big fire place.
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But how does your neck feel about that?

I still think they could have done a shorter fireplace and provided a proper mantle.... so do you hang stockings underneath your TV?
 
I think most people who bought during 2005~2007 were really happy, as they watched their property value goes up 10 % a year. What happened to them now?
Please check it again 5 years from now to see if you are still happy.
 
akula1488 said:
I think most people who bought during 2005~2007 were really happy, as they watched their property value goes up 10 % a year. What happened to them now?
Please check it again 5 years from now to see if you are still happy.
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If I'm still happy living here in five years, that's enough for me...regardless of what the house is worth on the market. Sure, it would be nice if its value increases, because who *doesn't* want their house to be worth as much as possible, but if not, that's ok. I think that's the difference in looking at a house as a place to live, rather than as an investment I'm expecting/hoping will increase in value.
 
I think that is exactly why IR for a quite a while has been advocating, that people who are clear in mind and know why they
are buying, can get deals equal to or close to rental parity based on low interest rates.

I for one am really glad I waited till 2010 to buy and not jump in 2005-2006. I sure would have been happier if i had bought
in 2002 with 100% financing eventhough i had no savings then. (Although in real/honest world that should not be the case).

Like akula says in a few years later prices may go down but atleast I 'm happy my payments with traditional loan are
very affordable. If i were financially overstretching now then the happiness may not be there further down the road.

traceimage said:
akula1488 said:
I think most people who bought during 2005~2007 were really happy, as they watched their property value goes up 10 % a year. What happened to them now?
Please check it again 5 years from now to see if you are still happy.
Click to expand...

If I'm still happy living here in five years, that's enough for me...regardless of what the house is worth on the market. Sure, it would be nice if its value increases, because who *doesn't* want their house to be worth as much as possible, but if not, that's ok. I think that's the difference in looking at a house as a place to live, rather than as an investment I'm expecting/hoping will increase in value.
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iacrenter said:
Congratulations on your purchase. I am still on the other side of the fence for now.  I am more comfortable renting and saving in this uncertain RE environment. I moved out of an apartment and into a private home, so that probably takes a lot of pressure on my family  to purchase soon. Looking at all the macro economic factors, I still see no reason to rush into buying anytime soon. But like you said, everyone needs to make their own decisions based on their particular circumstances. Best of luck with your home!
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Couldn't agree more, I'm not in any rush in buying as I think prices will be flat to slightly over the next 2-4 years.  I'm not married and don't have any kids so those aren't things that will effect my decision on when and where I buy.  Since I'm very analytical, it's really a numbers game to me. 
 
irvinehomeowner said:
mikeirvine said:
I'm surprise that I fall in love with my TV above the big fire place.
Click to expand...
But how does your neck feel about that?

I still think they could have done a shorter fireplace and provided a proper mantle.... so do you hang stockings underneath your TV?
Click to expand...


My neck is great LOL ... my modern chairs angle in the way that it just right at the TV, very comfortable.

I use that big fire place to roast chicken and dry my underp _ _ts .... look nice with my TV too. :)

 
traceimage,

We were in the same boat, but we are now buying in TustinRanch. It is in escrow closing in a week.

As we both agree, as long as you are living in a affordable house and making memories - it does not really matter which house in which street is priced at how much. In my humble opinion, low interest rates have made housing more affordable in 2010. Hopefully they stay low, so that potential buyers can afford the homes (read SFR's) in Irvine!!

In 2006, we fell out of escrow (seller did not agree to pay for $10K repairs) for a SFR in South County - we felt really bad at that time. And now it has gone down by 170K!! So, whatever happens in life - its for good.
 
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