Do you think it a good time to buy in sandiego california (San Diego: extended stay, rentals)

[htnspz]

I think I'll land somewhere in the middle of the extremes on this thread. Theoretically in some markets, people incomes and property are supposed to correlate but in San Diego, it doesn't happen that way. People will always pay a good portion of their income to have a home in San Diego.

I have heard of some more resetting going on and the inventory has increased a touch. However, we have been able to weather the second storm pretty well so I don't think we'll see any large double digit dips. It may go down a little bit more but who knows how much more. It's been pretty stable since late 2008, even increasing a touch. I do think the higher range of houses has a little ways to go but I think the lower end of the market will stay more stable (the stuff people can really afford on a middle class income).

I definitely agree that people should wait until they are ready to buy. Buy a house you can comfortably stay in for 8-10 years (I'm a bit conservative).

The thing to remember is that you most likely cannot predict the bottom of the real estate market. Most likely when there's the bottom, you will realize it long after it has passed.

[Huckleberry3911948]

after the next crash which will come in 6 months. be prepared to pay cash, banks will be out of biz.

[blockzilla]

Originally Posted by SDinsider

Jon, don't be an ass to someone you dont know, just because you disagree on some forum. It just makes you look small.

Nobody really knows what the market will do in the future. All we can do it use historical data from other recessions, examine our economy, and make an educated guess. Since real estate is what I do for a living, I have my own opinions based on the data I watch every day. This moment in time is the very definition of a buyers market. If anyone wants a market analysis for a specific area, just pm me. I'll be glad to put that together for you. 1, 5, 10, or 20 year charts depending on your investment needs. You can always make a good, or a bad purchase no matter what the economy. Homework is the key imo. Good luck!

Wow, a Realtor saying now is a great time to buy a house, I better jump on board before I'm priced out forever! Thanks for the hot tip.

[Ragnar]

Originally Posted by SDinsider

You can always make a good, or a bad purchase no matter what the economy.

Totally true! Your head and your heart really need to work well together when purchasing a home, with probably a bit more head than heart these days.

[SDinsider]

Originally Posted by blockzilla

Wow, a Realtor saying now is a great time to buy a house, I better jump on board before I'm priced out forever! Thanks for the hot tip.

haha...I know the feeling. It's always easy to be a cynic when a mechanic says your flugelbinder is broken, or a politician promises to solve your problem, or a REALTOR advises to buy or sell. Did I just compare myself to a politician? Yikes! That's why you need to have a relationship with these professionals. No matter how much homework you do, you will still need to trust them at some point. Like when my mechanic said he put a new fuel sensor in because mine was irrepairable. Did he really just fix my sensor, and pocket my parts cost? Trustworthy people are like gold. Thats why referrals are SO important.

[Daveydoe]

Originally Posted by SDinsider

Jon, don't be an ass to someone you dont know, just because you disagree on some forum. It just makes you look small.

Nobody really knows what the market will do in the future. All we can do it use historical data from other recessions, examine our economy, and make an educated guess. Since real estate is what I do for a living, I have my own opinions based on the data I watch every day. This moment in time is the very definition of a buyers market. If anyone wants a market analysis for a specific area, just pm me. I'll be glad to put that together for you. 1, 5, 10, or 20 year charts depending on your investment needs. You can always make a good, or a bad purchase no matter what the economy. Homework is the key imo. Good luck!

You really should refine your spelling and grammar if you want to come across as a professional.

[jaynetarzana]

Originally Posted by blockzilla

Wow, a Realtor saying now is a great time to buy a house, I better jump on board before I'm priced out forever! Thanks for the hot tip.

Seriously, we had better all find a property and jump on it right now!!! The NAR has announced a rebound so many times I feel like I am at a basketball game. Who takes them seriously?

This guy makes a lot of common sense points, I thought the OP might be interested in reading:
Housing Crash Continues -- It's Still A Terrible Time To Buy Housing Crash Continues

[jaynetarzana]

Originally Posted by SDinsider

haha...I know the feeling. It's always easy to be a cynic when a mechanic says your flugelbinder is broken, or a politician promises to solve your problem, or a REALTOR advises to buy or sell. Did I just compare myself to a politician? Yikes! That's why you need to have a relationship with these professionals. No matter how much homework you do, you will still need to trust them at some point. Like when my mechanic said he put a new fuel sensor in because mine was irrepairable. Did he really just fix my sensor, and pocket my parts cost? Trustworthy people are like gold. Thats why referrals are SO important.

I wish I could believe this, but I have to disagree. Unless the relationship between the realtor and the client is family (and even then they might not be trustworthy), I would not trust them because the realtor stands to gain mometarily from you buying or selling. Greed will win out most of the time, especially in a slow market like this. Agents are desperate for sales because they have bills to pay too.

[shmoov_groovzsd]

A REALTOR, newscast or blog should not be deciding on who buys or rents period. Every persons situation is different and every zip code is different. In this day and age with access to the internet, there is no excuse for not doing some of your own homework on making an informed decision.
Blanket statements about RE or the economy nationwide may be valid for the masses but if someone is asking whether or not its a good time to buy for themselves, then maybe posting it on a city-data forum is suspect.

[jghall00]

My rule of thumb is to rent until buying is cheaper or the same cost. I won't pay a premium for the privilege of being stuck someplace, especially in a declining market.