Q&A: We live in San Diego. Should we purchase a home or wait?

Question by showmethemoney: We live in San Diego. Should we purchase a home or wait?
San Diego real estate is crazy expensive and we would like to purchase a home. Should we wait or should we take the plunge?

Best answer:

Answer by falcoonee
For cryin’ out loud, do not spend your hard-earned cash on a house in San Diego. Move to a place like Carson City, NV where you can still find good jobs nearby and it’s much less expensive…besides, NV doesn’t have state taxes!

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3 Comments → “Q&A: We live in San Diego. Should we purchase a home or wait?”

  1. wuzzie

    Mar 21, 2014

    usually real estate does not loose in value. Waiting for a good deal is advisable but you should be looking for one. Just waiting wont help – the average price is doubtfull to go down.
    Real estate only really ever becomes cheaper on a great scale if the whole economy of the town is going down the drain.

    So start searching now and if you see an opportunity grab it.

  2. Jream

    Mar 21, 2014

    why pay rent? wherever you live you should own the property builds value and every dollar you put in is like a big savings bank. when you are ready to miove on cash in on your savings. You are gonna spend the money on housing anyway you might as well let it go in your pocket and get the big pay off when you sell. I can get you the name of a good professional in the are just let me know.

  3. sandiegoman4life

    Mar 21, 2014

    I am a Realtor and Loan Consultant in San Diego. That being said, I am not going to try to solicit your business – or attempt to earn a commission through some sort of ‘helpful’ referral.

    Here’s the straight poop on San Diego Real Estate. We have seen our market top-out price wise as of December 2004. Last year, resale housing lost a tremendous amount of price momentum as Sellers outnumbered Buyers by 3 to 1. We saw the ask prices on homes in our market pared back (anywhere from 5% to 15% sale price reductions) to more realistic levels – that is, instead of adding $ 25K to the price of a $ 600K model match that just sold last week… Sellers are wise to toe the line – if they expect to sell in this market. Some Sellers still ask price as though they were looking for the top of the market – but they quickly learn Buyers will ignore them and their homes languish on the market for 3 – 6 months or longer!

    I sense there are many, many Buyers like yourselves that are on the sidelines – waiting out a price correction. The selection of good quality re-sale homes has not been this good in the last decade – and NOW is the time for well qualified Buyers to venture in – and selectively bid AGGRESSIVELY for those homes that are well located. This is one of the best Buyers markets San Diego will be seeing for some time. Our economy is strong and well diversified.

    NOW, with mortgage rates rising, Buyers may soon find their hopes of finding an affordable housing situation dashed by the very low rates that made their thoughts of owning a home here – possible in the first place.

    One can NEVER time the market and know with certainty, where the market has found its feet. I sense we will have a strong Spring marketplace where the best homes in the best locations that are fairly priced according to the current market conditions will sell in a matter of days – all others may take much longer. I do believe the market will firm somewhat with a continuing trend favoring Buyers for the next several years.

    If you enjoy living here, and you want to make a home here in San Diego – now may be your very best time to get a great deal on a home you will love to live in.

    A San Diego Realtor and Loan Consultant

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