Right time to buy a townhouse in san diego (Mesa: bank owned, foreclosure)

[vins_k]

HI,
I am planning to buy a condo (Mira Mesa area) worth not more than $200k . I will be staying in san Diego for around 4 yrs. Would this be the right time to buy one? I am a first time buyer.

Please share your thoughts..i

[kettlepot]

It's very close to being the right time. However, 4 years may not be enough time to allow for any appreciation. Though, if you are planning to move within the San Diego area, then your move up property may not have appreciated either.

Definitely map this purchase out in terms of tax benefits, and the location in relation to your job. If those variables make for a sensible purchase then this will work out reasonably well for you.

[Unkllars]

This is a time to weigh the interest rates to future decrease. A home now at the going rate will end up less expensive than a ~10% decrease at a higher interest rate. Why only 4 years?

[vins_k]

Because i plan to go back to India . Actually 4 yrs is still approx.
You mean to say chances of an appreciation are really less.

[SD Lender]

Originally Posted by vins_k

HI,
I am planning to buy a condo (Mira Mesa area) worth not more than $200k . I will be staying in san Diego for around 4 yrs. Would this be the right time to buy one? I am a first time buyer.

Please share your thoughts..i

Many studio through 2 bedroom condos are currently bank owned and available at very reasonable prices. In some case prices lower than they were in 2004, meaning we have come almost all the way back from the boom years.

Also, there are many grants and subsidies available to first time home buyers and there is a current bill in Congress to provide a credit for anyone buying home in foreclosure.

I think it is a great time to be a buyer.