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Old 06-19-2008, 10:56 AM
 
2 posts, read 27,551 times
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How's it going chuck22b? Thanks for the reply. I've been following and haven't had time to reply. Do you foresee new home prices falling at early 4th quarter? The builders are offering price guarantees or price allowance guarantees on these new homes. What's everyone's take on this subject? The reason I ask is that the home I am interested in, won't be completed until late October 2008. The selling price of the home now is $400k, what do you think the chances are from now until October that prices/values will further drop and how will that affect my purchase price so I won't be upside down?
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Old 06-19-2008, 11:28 AM
 
Location: Chino, CA
1,458 posts, read 3,273,433 times
Reputation: 557
Quote:
Originally Posted by mikey700 View Post
How's it going chuck22b? Thanks for the reply. I've been following and haven't had time to reply. Do you foresee new home prices falling at early 4th quarter? The builders are offering price guarantees or price allowance guarantees on these new homes. What's everyone's take on this subject? The reason I ask is that the home I am interested in, won't be completed until late October 2008. The selling price of the home now is $400k, what do you think the chances are from now until October that prices/values will further drop and how will that affect my purchase price so I won't be upside down?
Hi Mikey700,
I can't guarantee anything... but most everybody would say it'll go down.

But the good/bad (if your solely betting on price) thing about the Preserve , for a new house, is that you actually have to buy a house that has to be built, versus a house that has been sitting there and nobody wants it. That means prices would be a bit more firmer than other developments that have actual sitting inventory.

On the West end of the Preserve is where you'll find most of the foreclosures if you want to look into those. If the new housing stock is going for ~400k, then those houses will have to be around those prices to be competitive. I'd say the pricing your getting is pretty good, and as long as your looking into a longer tenure there.. the price should be fine.

I think the price guarantee thing let's your sales price drop down to the market price at closing if the market where to fluctuate down even more... so you're not locked in on the sales price til closing. Pretty nice move on the builders part I think to alleviate some concerns from prospective buyers.

The main thing to counter any upside down-ness, etc. in the short-run is if you can afford the place (I think a good measure of that is if you can live off of one income). Have ample emergency funds, and have already budgeted your housing/living expenses with the new house expenses.

-chuck22b
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Old 06-19-2008, 02:51 PM
 
315 posts, read 347,547 times
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I can't wait for the Preserve homes to hit 300k mark new! matter of time.
Save my spot at the clubhouse Chuck. I'm coming soon.
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Old 06-19-2008, 04:38 PM
 
Location: Chino, CA
1,458 posts, read 3,273,433 times
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Quote:
Originally Posted by SoCal Bottom Rider View Post
I can't wait for the Preserve homes to hit 300k mark new! matter of time.
Save my spot at the clubhouse Chuck. I'm coming soon.
The Condos and Townhomes are already in the 200s new. The smaller homes are in the 300s... but... at the moment none are available except resales (im sure you probably can find a preforeclosed/foreclosed in your price range). The larger homes that I think Mikey700 is looking for are in the ~400 and are built on order (not built until a contract is signed).

Awesome ... come on by our neck of the woods Bottom Rider... yea... the bottom is already here... or coming soon.

-chuck22b
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Old 08-20-2008, 01:14 PM
 
27 posts, read 129,839 times
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Hi Chuck! I enjoyed reading your posts about the Preserve.

My family and I just moved in this past weekend to Tetherwind, and we LOVE IT!

We paid $333K for plan 4. Upstairs/downstairs townhouse. About 2000 square feet, with a little backyard.

People keep talking about pricing going down, but Tetherwind hasn't dropped their prices in over 6 months. This allows their buyers to use FHA's 3% down program (which we did). FHA guidelines state that if the home is in a declining market then minimum of 5-10% down is required.

I'm pretty sure that this area has bottomed and will level off for awhile. We should see small value increases in the coming years.
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Old 08-20-2008, 02:12 PM
 
Location: Chino, CA
1,458 posts, read 3,273,433 times
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Quote:
Originally Posted by MaltnHopsrGood View Post
Hi Chuck! I enjoyed reading your posts about the Preserve.

My family and I just moved in this past weekend to Tetherwind, and we LOVE IT!

We paid $333K for plan 4. Upstairs/downstairs townhouse. About 2000 square feet, with a little backyard.

People keep talking about pricing going down, but Tetherwind hasn't dropped their prices in over 6 months. This allows their buyers to use FHA's 3% down program (which we did). FHA guidelines state that if the home is in a declining market then minimum of 5-10% down is required.

I'm pretty sure that this area has bottomed and will level off for awhile. We should see small value increases in the coming years.
That's awesome, your across the street from us Just curious, where did you move from if you don't mind me asking?
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Old 08-20-2008, 02:17 PM
 
315 posts, read 347,547 times
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'FHA guidelines state that if the home is in a declining market then minimum of 5-10% down is required.'

Huh? So Chino last I heard was part of San Bernardino county which IS considered a declining market. Interesting. Anyway, enjoy the home but be prepared for further drops not matter what the salesman told you.
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Old 08-20-2008, 02:18 PM
 
315 posts, read 347,547 times
Reputation: 54
333k for a townhouse. Oh no. I wont go there. Good luck!
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Old 08-20-2008, 02:34 PM
 
27 posts, read 129,839 times
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Chuck, we moved from Corona. We rented out our little condo that we bought in 11/05 (basically top of the market).

SoCal, I've read your posts. You seem to be an eternal pessimist. I understand what I got myself into, and don't need anyone telling me about price. I'm planning on living here for a long time. The main reason I moved here is for the amenities, the beautiful community, and for what it will be. It really doesn't matter what the price is now, as long as you plan on living there for awhile. Real Estate is cyclical and the market will return.

We probably will never see a boom like we did (in any of our lifetimes), but it will come back in a few years and we will see appreciation again.

A big problem with this country is everyone is living in the now, and has no forward thinking.

Also, as far as declining markets go. Yes, Chino is in San Bernardino County. Appraisers look at LOCAL pricing when determining value though.
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Old 08-20-2008, 04:10 PM
 
315 posts, read 347,547 times
Reputation: 54
'You seem to be an eternal pessimist.'

Obviously not reading enough. I prefer being called a realist and I own 2 home sin the IE. Plan on buying a 3rd but not in the current market. I am raising a family with small children so of course I hope this market hits bottom soon. Unfortunately the signs are not there yet. You seem to in it 'for the long run' as they say so that's good to hear you undestand the boom appreciation is behins us. Good luck and stop with the labeling of people.
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