Renting vs. Buying Right Now (San Diego, Ramona: for sale, lease, condos)

[djxpress]

I was curious what people thought of the market right now? Is it cheaper to rent a place in San Diego than to buy?

[shmoov_groovzsd]

Assuming min. 20% down and like for like property/location in the short term. Renting wins in most cases.

[AADAD]

I would disagree though to each his own naturally.

We have been actively looking as our lease is near or over what a home payment would be around $2,400/monthly. It's a very nice place but no equity. I think if you are looking to rent bear in mind that prices are going up and homes in prime commute neighborhoods are selling. We continue to look about 30-40 miles out from San Diego for a little more land.

[shmoov_groovzsd]

Originally Posted by AADAD

I would disagree though to each his own naturally.

We have been actively looking as our lease is near or over what a home payment would be around $2,400/monthly. It's a very nice place but no equity. I think if you are looking to rent bear in mind that prices are going up and homes in prime commute neighborhoods are selling. We continue to look about 30-40 miles out from San Diego for a little more land.

Yup its a ymmv scenario AADAD definitely. You are spot on with the long term prospects and equity position. Which is precisely why when it makes sense to rent or buy is totally subjective. Is that with 20% down? How did the math stack up and is it like for like? I am guessing not if you are looking in such a wide range distance wise.

I still think in most desirable areas bear the coast especially, renting is and can be less expensive than owning right now, not necessarily 5 years from now. But that is also the rub. Rent to own ratios make a difference too in neighborhoods. Just far too many exceptions to make


To correct my post, I meant max of 20% down not min.

[AADAD]

We are seeing homes from $450 to $600 and finding some nice homes. Julian though I love it the commute through Ramona is to much. Valley Center now is our lead interest. We expect to pay the same monthly at about 4% or may do an owner carry depending upon circumstances. You and I have both traveled and renting is ideal for short term but I don't think I'm prying my wife from this area and she still says she likes me....=)

[StarsNStripes]

don't just consider the rent cost vs. the mortgage cost. at tax time, being a homeowner is usually damn sweet. the downside is obviously all the money you have to put into your house for improvements/maintenance/emergencies (and there will be). you'll want to add those factors in, too.

if you can find a turnkey house (doesn't need any work) at a great price, homebuying with the rates being low now looks pretty good.

[rgb123]

if I had the down payment I would buy.

[JohnAlt]

Originally Posted by AADAD

I would disagree though to each his own naturally.

We have been actively looking as our lease is near or over what a home payment would be around $2,400/monthly. It's a very nice place but no equity. I think if you are looking to rent bear in mind that prices are going up and homes in prime commute neighborhoods are selling. We continue to look about 30-40 miles out from San Diego for a little more land.

I think this latest mini bubble has just about run its course.

[Tchud Diego]

I think it is still a good time to buy. Interest rates are still very low, at 4.3-4.5 percent, and some inventory is improving, but not greatly. New homes are being built and would start at 450 to 600, whereas at the height at the crash, condos in Mission Valley were going for about 160 to 190. (I purchased mine around that time.) There are some impressive listings on Zillow, and I saw some "for sale" signs in my condo complex recently. Those might be gone in a few weeks.

MISSION PLAZA Condos For Sale in

[socketz]

In many of the more desirable areas of San Diego, we are close to 2005 price levels.

These areas are leading indicators as they will soon pull up the slightly less desirable surrounding areas.

Many feel 2005 was the top of the last movement upward in San Diego.

Nonetheless, if you buy and plan to stay put for 5-7 years, you should be fine.