Has North County(Carlsbad) reached real estate bottom yet? (San Diego: sales, 2011)

[jjbjjbh]

What is the general consensus as to whether San Diego/North County home prices have hit the bottom yet?

If not, when are they expected to?

Any information/discussion on this topic will be greatly appreciated.
Thank you all.

I am planning on renting in Carlsbad for few months and buying eventually if I like the area.

It would be nice to know how long I have before the prices start soaring again.

[Snort]

I don't know how well anyone can predict when the market will bottom out. I think it's better to figure on job security and desire to stay in place for several years when making a decision to buy a house.

[cruitr]

bubbleinfo.com

The above link is to a blog maintained by Jim the Realtor. Jim specializes in North County real estate. If his blog doesn't help answer your questions, send him a direct email. Jim is very knowledgeable and he'll give you a straight answer.

[JakeDog]

It seems as if prices have stabilized.

[blockzilla]

If you would've asked this question 1 year ago, people would've said yes, 6 months ago, people would've still said yes, and today, you're likely to hear more people saying yes, we've hit bottom. My thought is that no, not all areas have, but the point is no one can predict the future. Just don't buy the "buy now or be priced out forever" line the realtors are still trying to feed. If now is the time for you, great, but if you'd prefer to wait awhile you'll be fine.

[Anneee]

In addition to watching for the bottom in prices, keep in mind that interest rates are awfully low at the moment, and the Feds can't keep that up without risking inflation.

[bigcaat]

Originally Posted by jjbjjbh

What is the general consensus as to whether San Diego/North County home prices have hit the bottom yet?

If not, when are they expected to?

Any information/discussion on this topic will be greatly appreciated.
Thank you all.

I am planning on renting in Carlsbad for few months and buying eventually if I like the area.

It would be nice to know how long I have before the prices start soaring again.

If you find something you like, and it's reasonable for you to buy, buy it now. We've been looking for a year and a half. I think it's hit bottom. 'Course things can always change, but if you find what you like, and you can afford it, buy it. That's what's most important.

Caat

[PharmboyinNC]

I'm also looking into coastal properties in SD. When I look back at sale of homes I'd be interested in, many of the lowest prices were in May-June of this year. I also feel that prices have stabilized a little recently. But house prices are still above what the SD market can actually afford, so sales are still sluggish with no consumer confidence. Also, there is a huge shadow inventory of foreclosed and defaulted homes right now, and many are in coastal areas. If the bank let these hit the market, who is to know what will happen next year.

From economists standpoint, consumer confidence is still low and many are pinching their pennies. Until that changes, I don't expect the prices to increase for a while. Many predict (from past cycles) that the starting market of 2011 as when we should see a shift in spending habit, hopefully.

So, if you find a great deal, you shouldn't worry about the market, as long as you can afford it. The interests rates are crazy low right now, 3.75 on ARMS and 4.6 on 30 year mortgages (depending on regions and your status) too. It truely is a buyers market.

[SoCalCenteroftheUniverse]

We're close, the slope of the line is decreasing now. BUT, one thing to remember is that 5 year option ARMs were peaking in 2005/2006; those are another time bomb ticking away.

I'd say live somewhere for a year, spend as much time as you can out looking at homes for the next 6/8/12 months and then decide where you think it's going. If you go out looking enough you'll get a good feel for the trends.

[JakeDog]

I'd add, I wouldn't buy for investment. Buy with the expectation that you will live there for 10 years or more. So long as it is affordable, I wouldn't anticipate the market to decline much more, if at all.