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Saturday, July 11, 2009

I Want That

I've never had an issue with coveting. Sure, I've appreciated "things" before, but I've never yearned for them or ached for them to the point of feeling physical hurt or jealousy. But, ever since our condo in Utah sold, Dan and I have been looking at homes here in San Diego. I won't lie, it's pretty disheartening. With the housing market tumbled about as it currently is, we can't get a decent enough loan to bring our monthly payments on an acceptable home (translate: not a fixer-upper) into the "affordable" range. Housing prices are supposedly phenomenal right now, but phenomenal still means $460,000 for a three bedroom that needs a lot of TLC. Stretching it, we could possibly afford the $460k, but who on earth would have the extra money needed for the TLC?! So, what do we do? We search in a higher price range, but then, with the addition of property taxes, etc., we can't actually afford what we're looking at.

What it all boils down to is saving more money for a down payment. We thought what we had available would be adequate, but it seems we were wrong.

The worst part about all of this is how it's making me feel. I don't want to be that entitled American who sees what they want and thinks they deserve it no matter if they can afford it or not. I don't want to live paycheck to paycheck and maxed-out credit card to maxed-out credit card. There is no feeling of security and peace having that kind of irresponsible debt. I'm not a brat or a snob. I can live in something less glamorous. I can make do with something smaller. I don't have to "keep up with the Jones's." But I also know that we can't afford to buy a house in awfully poor condition at $460k and then have to come up with more money for renovation. So then I think, we just need to keep saving our money and wait longer. But that's risky because apparently, along with the rest of the country, San Diego home prices are at an all-time low. So if we wait, and save, are the home prices going to be rising right along with our savings, always keeping our ideal way out of reach?

This all makes me so frustrated I just want to scream and shout and cry. But mostly cry. We know we want to live in San Diego. We know we want to live here forever. It's our dream come true to be here now. We LOVE our ward. We LOVE our friends. We LOVE our life here.

So what, pray tell, are we to do? Rent forever?


Sara said...

I want that too!! I totally, wholeheartedly agree with you Elizabeth. Even in Utah, home prices are still too high for me- I want the Oregon 150k instead of the Utah 300k or the California 500k for a reasonable home. Hey, in Detroit they are GIVING away homes...with all the wiring and copper pipes stolen. ha. Jarem always tells me that even if homes are a great deal right now, if we can't afford the payments it's not a great deal. But that is so annoying to watch prices creap back up the value scale. We just need land, and some knowledgable people to build our dream homes- side by side on the beach. :) Oh, you sold your condo in Utah?! Congrats!

LeAnn said...

This is just advice. I don't know a lot on the subject, but I say, wait, pray, save, keep looking, and when the right house comes. It will work out and will feel right.
Good luck!

Marcia said...

Amen to LeAnn. Hang on. Things are going to get worse. Are you reading the Conference talks? Put a little LS by any hints of last days trials. I'm coming up with quite a few.

It's better to stay put and save money. Home prices aren't going up.

Don't get into a home that will make you house rich but cash poor.

Marcia said...

Move to Utah. You are too far away.

Alicia said...

You'll get a home, just be patient. Things will work out, but sometimes just not as quickly as we want. I hope it happens for you soon, I can understand the yearning for a home. Just keep saving so it doesn't put you in a bind. Good luck, who knows maybe you'll just run into a killer deal.

Erika said...

Do not get into something you can barely afford. There is something out there that is perfect for you. You have to be patient and prayerful! Putting away more money is always a good idea. Lending policies are much stricter now so the more you can put down the better!

It's hard to stay positive when you see so many Americans sucking everything they can from the system. Is there anyway you can talk to your lender about the $8k tax credit and applying it to your down payment? I have heard of some people doing that.

Keep your head up, it will work out!

Amber and The Boys said...

I will tell you what to do-you, as the world's greatest photographer need to start making your millions with your photos and then you will be set.

Liz said...

Thanks for all the great advice, everyone! Seems like we're all on the same page. It's not easy to wait, but it is prudent. Something will come along eventually. I appreciate all your peaceful words of patience.

Amber, I like your idea. I need to get advertising a bit so as to drawn in new clients. For now, I'm taking July off. :0)

Heather said...

Tell me about!!! This blog is straight from my own heart:) We made another offer on a house a week ago and still haven't heard back since all we can afford are the short sales where the banks never reply!! Someday though....:)

Freckles said...

400$ , where have you been looking? Jeremy and I have looked into it and seen lots of nice houses in the $250 range out there. Just get with a realtor and look. Look at short sales and forclosures and you can find more affordable ones. Buying is always a good idea, as long as you can afford what you buy, and homes are at an all time low, just be creative in your searches, you'll find something!

We'd move out there in a heart beat right now if weren't for the job thing, we could actually afford a decent house out there right now! Good luck!

Liz said...

Hey Evelyn! Yeah, there are homes that are cheaper, but the neighborhoods or areas aren't as great. We're looking to stay here in the area we live now. We have a wonderful ward family, great friends, Dan's commute is just fine, we get ocean breezes, we're only 10 minutes from the beach, etc, etc, etc. It's perfect here, we just have to find the right house for us. And like everyone says, it'll come along . . . someday. I would LOVE it if you moved here! Of course, then we'd have to compete for clients. :P

Heather, what house did you put an offer on? I'm going to look at a foreclosure up here today. I can't wait until both our families own homes up here! Every day will be a party! :0)

Lindsey said...

I want you all to be able to buy a home here too. It is wonderful that you have found your place and know where you want to be forever. The right place will come along. It might be helpful to consider what things you absolutely must have in your next home, and what things you are willing to compromise on. Also, I doubt anything will change too much in the next six months (as far as the SD housing market goes) and then you will have Dan's bonus and raise to consider. As for a fixer-upper, I can certainly understand your hesitation to get in to that. :) It has been almost three years since we bought our casa and we are still working on it! But do consider that a renovation can happen over time and can be a really fun way to make a house truly your own. You are not a brat or a snob. Anyone who would think that of you does not know you at all. It is completely normal to want to buy a home here. Your time will come. Just keep looking. I know you love RP but Tressa's neighborhood is nice and there are some large family homes at a good price there. The neighborhood is Del Cerro, should you wish to look in to that. Have fun looking!

Gramma said...

I don't understand it. Homes in CA are still THAT expensive? I read that currently, 1 out of every 8-9 homes in CA is empty/already foreclosed on. I would have thought that the banks would be doing a lot more than just offering short sales to get those homes off their inventories. Where are the ranch homes in Mira Mesa, supposedly to be had for 10K? This is very depressing. My youngest daughter told me years ago that she wouldn't be able to live here. Homes were just too expensive, the cost of living was just too high. "It's the 'sun tax,' Mom."