San Diego Housing Market News and Analysis
Help - Considering San Elijo Hills.
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Submitted by h82rent on February 18, 2007 - 9:17pm
VERY long time reader, infrequent poster. For the past 2 years or so, I’ve logged onto this site just about every day. I know most of the login names and personalities. I’ve been both entertained and educated.
I have been searching homes in SD, watching the prices tumble for a bit. But today, I was inclined to go check out a home in SEH. I have to say that I enjoyed the community very much, and am familiar with the surrounding areas, which I like as well. I could definitely see myself owning there – maybe for 5 years or so, maybe more?
As much as I don’t want to divulge my financial situation, I will, so that we can have a more meaningful discussion. By mid-March, I expect to have about $100k that I could put down on a home. I have most of that right now, but a bonus will push me to about that level. I have a decent amount in 401k, which I could draw from (and pay myself back) so I could come up with a 20% downpayment.
I am looking at a SEH home that is currently asking $530k-$560k. I know the current owners paid $525k in 2004 for it. They say it’s a pre-forclosure/shortsale. As you can tell, I would need to borrow from my 401k to get a 20% downpayment.
I currently rent a nice (but very small) place in La Jolla (in condo hell) for $1300/mo. I have been very patient up to now. But you know, I’m in my mid-30’s, worked my a$$ off my whole life, obtained a couple degrees and have earned a decent income (not outrageous, but quite decent). And I’m sick of living like this. I want to own my own place that I can be proud of. I want to own a place that someone with a good education and a good position should be able to enjoy. I'm a homebody at heart, and would be very happy in a nice place.
So what do people think? Come on, lay it on me. I know people on this site don’t hold back.
Also, to all those realtors out there... does anyone know the area well? Should I come in with a low offer – maybe $500k? Should I represent myself through ZipRealty or something? Does anyone want to represent me (SD Realtor)? I have about four or five friends that could, but I’d rather go with someone that really knows the area, has even more experience, and would be willing to work with me on costs – obviously if I’m dipping into 401k, I’m not necessarily lighting cigars with hundred dollar bills. Not even singles.
Thanks for all comments. Positive and negative. I'm thick-skinned. Thanks everyone.
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