For Those About To Rent

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Anton Chigurh

Anton Chigurh

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Mar 28, 2008
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Alright guys. I'm about to get personal. I/We live in california. My father managed to put me in 12 k debt and pissed away the house we have lived in for last 15 years. Currently home prices in california are really low. I mean rock bottom. I have no intention of ever lending my father money again because It's not the first time he has fucked me like this. But this sure as hell is going to be the last. I have wanted my own home since I started growing pubes ( bout 3 months ago) I want to know if anyone has any opinions on weather I should keep waiting for prices to fall even more? Or is the housing market in california just about leveled off? Will prices continue to drop as they are currently or have we seen the housing market stoop to its lowest levels?
 


In my opinion we haven't seen the bottom yet in CA. My step parents have two properties out there and they have continued to drop the prices hoping to catch a sale.

With all the foreclosures and credit debt that we as a nation have currently, there is going to be more losses and even lower prices on homes. Just my $0.02. :)
 
I have heard it from both ends of the spectrum. Of course the realtor says " no no no the prices are rock bottom" Of course she is just trying to sell..That is her job..But when I still drive down my hood and see 10-15 house for sale on ANY given street. That shit tells me that the housing market is NOT at rock bottom. But I am not a expert I don't know. The house we looked at yesterday has been on the market for months. Was at 300k at one point. That mother fucker is down to 104 k I have a hard time seeing it go down any more than this
 
Pick it up! At 100k its a steal right now even if it drops to 80k by the end of the year. In 3-5 years it will be back to the 300k that it was originally worth then you flip it for a nice profit.......I live in San Diego and I know for damn sure if I saw a house around here for 100k I would jump on it ASAP
 
Anyone making a blanket statement about home prices is trying to sell something or just misinformed. Some areas are booming right now, but most aren't. I would wait if it were me. Sit and wait for the best deal, then jump on it. 300k down to 104k is tempting tho. :P

There is a thing down here called a "foreclosure party" (I'm sure this is elsewhere too). This is where the bank forecloses on the home, but before they officially own it, the current owners trash the place and gut the house. This may sound unrelated to home costs, but it isn't. It's a real problem down here in FL. Banks that lose money like that on a foreclosure have to turn and sell it for a heavy loss. If it happens in a upscale neighborhood, the people that move in after don't have anywhere near the amount of investment that their neighbors have. thus, bringing down the whole immediate area. There is no law about trashing/gutting your whole house. It's all bad news and it's going to get worse before it gets better.
 
nickycakes said:
we've barely seen the beginning. 4 more years or so will be prime time to buy, if we still have running water.
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Haha..you honestly think it could get that bad here? 4 more years of price drops and were lookin at 40k homes

We bought this house back in 91 for 126 k at one point the house was valued at 380k now Our house (not our house anymore) in a good hood is down to 120 again..if not less..
 
Chris R Motive said:
Pick it up! At 100k its a steal right now even if it drops to 80k by the end of the year. In 3-5 years it will be back to the 300k that it was originally worth then you flip it for a nice profit.......I live in San Diego and I know for damn sure if I saw a house around here for 100k I would jump on it ASAP
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You have no idea what the house is, the situation in Stockton, etc. etc. It will not be back to 300k anytime soon, want to know why? Because Stockton is a shithole. Way too many houses there are in foreclose (#1 in the US I think??).

I would sugest you take your time, rent for the next 6 months and maybe start seeing what is out there. I'd offer 75% of asking, maybe less. Actually, I'd never buy a house in Stockton.

Ever heard the phrase, "Catching a falling knife" ???
 
Be cheap about it. The reason prices got so high for houses are because morons are still willing to pay the price. As soon as people quit being tools of the system, the prices will stabilize.... until someone comes along with the 'should I buy question'.

When I purchased my house, this is what I considered - If my current income suddenly tanks, will I be able to still make my house payment?

That said, I waited until I found a house for $50k. Granted, I have some fixing up to do, but if I lose my income, then I can still get a crappy dishwasher job and still keep the roof over my kids' heads.

Just look at those retards paying $1200 - $2500 a month for a house... practically killing themselves to keep up with the payments.
 
engaged said:
You have no idea what the house is, the situation in Stockton, etc. etc. It will not be back to 300k anytime soon, want to know why? Because Stockton is a shithole. Way too many houses there are in foreclose (#1 in the US I think??).

I would sugest you take your time, rent for the next 6 months and maybe start seeing what is out there. I'd offer 75% of asking, maybe less. Actually, I'd never buy a house in Stockton.

Ever heard the phrase, "Catching a falling knife" ???
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Well man. I can't argue. Stockton is #1 in the nation for foreclosures. But I got solid credit tons of friends and I really see now way how I can be stupid enough to get into a house this cheap and loose it by doing something stupid like not being able to come up with the monthly mortgage. You gotta remember that all these people loosing their homes should not have been APPROVED for it in the first place. And all those lenders are now facing criminal charges due to neglect and whatever else ethical/legal laws they violated by putting these people who had no business being homeowners into homes.

BTW dude? 3-5 years is a long time

I like mrstitch's idea.
 
Well you're obviously not going to listen. You're caught up in the hype. Good luck. Just because it dropped $200k doesn't mean it's properly priced just yet. There's a million homes in Stockton that no one wants, if this was priced properly it would be sold for now.
 
engaged said:
Well you're obviously not going to listen. You're caught up in the hype. Good luck. Just because it dropped $200k doesn't mean it's properly priced just yet. There's a million homes in Stockton that no one wants, if this was priced properly it would be sold for now.
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Just because I get a listing of homes don't mean I'm gonna go buy one today. What If The reason I got this list was so that I can compare the prices of these homes 6 months down the line like you guys saying " market is not at bottom yet".Hmmm..
 
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