pattyblind9golf
New member
Another questions then: if you're going to spend the next 20 years there would it matter? Who know, it could go the other way too. Also, like any investment there is a risk attached to it, but at least with a house it's yours and you guys are living in it. Another thing to ask yourself, if not now, when?
+1 on this from Sean. My mom's advice (which I think is spot on) is buy to live as your first property (don't think of it as just an investment, or you'll drive yourself crazy). Make sure it fits your life and your lifestyle. Make sure if the market fails,you won't feel bad, b/c you'll be where you want to be. She advised that you can't plan life - but you have to live it. Then again, be ready for financial extras, like leaky roofs, clogged pipes, and all of the other lovely things that go with being a home owner.
We bought at nearly the height of the real estate boom in 2005 (OUCH!!). But now, we are attempting to move to a better school district as we speak (since we'll have three in public school soon enough). Our market has definitely had a correction and we're trying to take advantage of the ridiculously low interest rates. Although we might be able to offer more house in 5 yrs, with prices expected to go up then and interest rates likely to go up, we think it's a good time to buy. My agent said that when she bought her house, she had an 11% interest rate. I remember when I worked in insurance in the late 90's, all of my coworkers (who were older) thought the the 7.5% interest rate was the lowest it would ever get and everyone was buying. I feel like that now - but I can't imagine it would get much lower!
Finally, the one thing I've learned in he S. Cali market - if you can buy in a good school district, DO! even if you don't plan on having kids. The markets with good schools are ridiculous and hot compared to the rest of the L.A. markets.
GOOD LUCK with this decision - it's a big one!