House prices in san diego (Chula Vista, Vista: apartment complex, foreclosures, renter)

[pinal]

I have not seen a post in a while, so thought I'd ask

Have house prices in San Diego bottomed out or should we wait another 4-6 mths. also, does anyone know about the change in nos. for the jumbo loans.

Also, what do you look for in a realtor while buying a house.
We are renting and have a lease till May 09, but I do not want to wait too long and have house prices creep up.

[Roo2]

See the thread "Are apartment prices falling downtown" for some input on where prices are going.

[SD601]

Eh, there's such conflicting info: prices will continue to drop, we've hit the bottom, we'll be static for years, etc. Since lending standards have tightened, many people can't afford what they used to, but I just recommend looking/researching now, just to see. If you are buying for long-term, then the market going up/down won't affect you as much.

IIRC, you were looking at Point Loma, right? That area (92106/92107) is still holding value and tough to penetrate for under $800,000, although there are certainly some houses available. However, there's not as much inventory that becomes available, so I'd do some research on what areas (Loma Portal, wooded area, la playa, upper OB, sunset cliffs) that you like and keep your eyes out (or have your realtor do so). This area isn't like Clairemont or Chula Vista, where there's lots of foreclosures with great prices. Some people still consider PL to be "bubblicious" in terms of inflated prices, but there's just not as much inventory, so you might need to pounce when you find something you like. Houses can be smaller and are usually older, not the largest lots (unless you go back in the wooded area = $1million prices and big lots). Great elementary schools, if your kids are young.

Regardless, I believe that you can find a "good deal" today, but it's only a good deal in this current market today. Who knows what will happen tomorrow, and if you're only looking for a short-term house, then don't buy--not worth it. Good luck!

[mlarsen23]

By most measures, housing prices in San Diego are still high relative to historic norms as they relate to rents and incomes. Add to that the prospect of the very serious national recession that we are probably not halfway through, and it seems likely that prices will continue to drop throughout San Diego.

Check out Piggington's Econo-Almanac | San Diego Housing Bubble News and Analysis for much more in-depth discussion, and this site

http://www.nytimes.com/2007/04/10/bu...T_GRAPHIC.html

for a great calculator that compares the rent vs. buy decision.

If you know you are going to be in San Diego long term, it _might_ make sense to think about buying, but if there is a chance you might move within 5 years, it's probably a bad idea.

[FashionD]

Unfortunately I'm a renter and I've heard that rental prices are going up since more people are renting due to losing their houses. My apartment complex ditched their $50 per month standard raising of the rent this year, and opted for the $100 per month increase when you renew your lease. :-(

[Kyusa]

ive seen few nice homes on-line for 300k

[dweej]

Originally Posted by FashionD

Unfortunately I'm a renter and I've heard that rental prices are going up since more people are renting due to losing their houses. My apartment complex ditched their $50 per month standard raising of the rent this year, and opted for the $100 per month increase when you renew your lease. :-(

Don't get too down about this, because a lot of former renters are going to be moving out and finally purchasing their own homes. In addition, highly qualified investors can still purchase foreclosed homes and turn them into rentals, so more houses will be available for rent in addition to apartment complexes. Our apartment complex seems like it's half empty because so many people have bought or rented houses around here instead.