Median price of a single family home in San Diego: $612,750 (Spring Valley: credit, houses)

[JohnAlt]

Originally Posted by msgsing

Yes that's all true. And yet the housing complex just down the street is selling $800,000 new homes with no problem. Some people have the money. It's just the middle class that that faces an affordable crisis. The elites can buy irregardless of price.

Of course some have the money. Some have the money to buy $8 million homes.

With inventory what it is, there don't need to be that many buyers.

[JohnAlt]

Originally Posted by GuyInSD

Well, it IS possible to buy something other than a SFH for one's first piece of Real Estate - sometimes you have to try crawling before you can walk...

Strongly agree but would you be buying today if moving up later was your goal?

[GuyInSD]

Originally Posted by JohnAlt

Strongly agree but would you be buying today if moving up later was your goal?

well - if I were a renter in San Diego right now, with the goal of becoming a property owner for the long-term, then I'd have very little issue with buying right now, knowing full well that prices are high, will likely go higher, then crash back down to about where they're at the moment.

If I had the time, and could get a good deal on rent for the next few years, I'd probably wait for the next crash to happen - then swoop in and buy something. You tend to get better deals when it's a buyer's market than when it's a seller's market (like it is now).

[Fed up owner]

Originally Posted by GuyInSD

well - if I were a renter in San Diego right now, with the goal of becoming a property owner for the long-term, then I'd have very little issue with buying right now, knowing full well that prices are high, will likely go higher, then crash back down to about where they're at the moment.

If I had the time, and could get a good deal on rent for the next few years, I'd probably wait for the next crash to happen - then swoop in and buy something. You tend to get better deals when it's a buyer's market than when it's a seller's market (like it is now).

It will never crash like it did last time because you actually have to qualify for a loan this time around.
I believe there will be a correction but the a crash.

[shmoov_groovzsd]

Originally Posted by Fed up owner

It will never crash like it did last time because you actually have to qualify for a loan this time around.
I believe there will be a correction but the a crash.

Housing market will soften sure, but the economy and housing market are not linear when making that determination, especially when unprecedented events can always happen. San Diego is at max capacity right now in terms of affordability. Hence the reason why this is even a notable topic.

It will be interesting to see how this all pans out and San Diego fairs to weather the next storm.

[sdlife619]

Originally Posted by shmoov_groovzsd

Housing market will soften sure, but the economy and housing market are not linear when making that determination, especially when unprecedented events can always happen. San Diego is at max capacity right now in terms of affordability. Hence the reason why this is even a notable topic.

It will be interesting to see how this all pans out and San Diego fairs to weather the next storm.

As long as we keep having idiot wealthy people buying tiny old homes for half a million dollars or more, things will never change, no matter how horrible the economy gets.

[T. Damon]

Originally Posted by sdlife619

As long as we keep having idiot wealthy people buying tiny old homes for half a million dollars or more, things will never change, no matter how horrible the economy gets.

Half a million will get you only a diminutive 600sf 1br/1ba shack on Meade. It’s more like $1M for a regular sized house in a good core neighborhood location. The 92 y.o. 1800 sf house next to us went pending after two days on the market at full price just under $1.3M! Yikes!

I have no idea what these folks do for a living to snatch up houses like that as if they were a bargain that you will never see such a “deal” again.

[msgsing]

Once in a while I'll talk to new neighbors. They tend to be highly educated and in their late 30's or 40's. We have doctors, architects, medical sales reps etc. Even the economic elites here have to lower their housing expectations.

[NYSD1995]

demographics are changing. Inner-urban buyers are much wealthier than the long-time residents, tend to be 2 income and no kids.. Even out here suburbia, huge disparity in the new buyer (2 income professional) vs. existing owner (mostly retired or blue collar)

[expatCA]

Originally Posted by Sassberto

demographics are changing. Inner-urban buyers are much wealthier than the long-time residents, tend to be 2 income and no kids.. Even out here suburbia, huge disparity in the new buyer (2 income professional) vs. existing owner (mostly retired or blue collar)

This is the direction the whole Country is headed in. A shrinking Middle Class and an expanding poor and upper Middle Class and Rich. You can either get a very good paying Job, start a successful business, have bought long ago and can afford the COL or ..... you can't afford to buy in a popular area. The Middle Class jobs, that moved many people from poor to middle class are mostly gone overseas so the business can make more money, with no production employees.