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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Rutgers who wrote (25764)	12/9/2004 10:08:23 AM
From: damainman	Read Replies (1) \| Respond to of 306849

"How do first time buyers survive this market? They don't have a downpayment (how many young couples have a spare 1 or $200,000?) and both have school loans. I tell them to wait for a down cycle. Personally I'd move out of LA because prices are just too crazy for what you get but it's out of the question for religious reasons." Maybe move in with mom for awhile to pay off bills/save downpayment? : ) Personally, I think they will be fine over time no matter what they do if they have sound money management skills given that your son-in-law is professional. " But they see everyone and their nanny who are buying property and they want to buy too". I see a lot of this too. Toss in the fact that home prices have risen unrelentingly and the lemming in you is hooked. Never mind that owning a home plays such a small part in overall quality of life. (I told all this to my brother and sister in law ( w/2 kids, ages 4 and 1), who are about to move to some boony town in Handford,Ca. where they don't know a soul 'cause they can afford the payments on a 250k home w/ a zero down 3 year ARM and the Wal-mart (his job) is close by. <sigh> )