SD Chris- Not sure what you are trying to do here. Each post similar to this one is going to get a similar response that they all do….priced too high, don’t buy. Just wait a few years.

Also, if you do happen to run a property that is a “steal” past the piggs for opinion, one of them is most likely to purchase it before you can.

Chris,

I think the opinions which you will find here are that homes are set to fall in price: some believe by a little (20%), some by a lot (50%). You can try to low-ball, but mostly, it will take time for reality to set in with sellers. Buying now has a lot of risk (“catching the falling knife”).

Best option is to rent: good news here, there are a lot of great rentals N-of-Adams, priced at a level that you could not dream to purchase for. Enjoy a year or two of subsidized rent, while you learn the nooks and crannies of the area, and wait for a great place to open up.

(It is nice to see the average simple home around here fall below $500K… now if it could get to $400K there might be a chance again for singles, couples, and young families to move in here. [A poster on another thread was right: they are the true, best, audience for the smaller homes around here.])

Can I get a witness?!?!?

“now if it could get to $400K there might be a chance again for singles, couples, and young families to move in here.”

amen.

Was checking out Escondido and there look to be decent pads approaching the $400k range.

As opposed to your last post, this house has some merit. Over 1000 sq feet, LARGE lot (nice large backyard) for that area and the house looks like it’s in reasonably good condition.

Rooms look a little small but…

However, I think that the price is a little high.

For comparison, there are lot of homes for sale in my neighborhood (Allied Gardens) for about the same price. Newer houses (not by much, lol), larger houses (mostly), similar size lots.

At $375-425k, that house is worth a look. I don’t ever expect these houses to drop down anywhere close to the $130-180k they were selling for 10-12 years ago.

If qualified buyers would stop making offers on these over-priced properties, prices would quickly fall back to 1999 levels. It’s the hysteria that “I’m missing out on something” and “If I don’t buy now, I’ll be priced out of the market” that drives prices up or keeps them where they are. When you consider the fact that you could buy a home like this for around $100k in the majority of the country, you will see the absurdity of CA home prices. I lived in SD for 30 years and I could never understand the mentality of people who took on this kind of debt for these types of homes. Yes, they’re cute, little homes but even with the “weather tax”, I don’t think they’re worth more than $125-$150k when compared to the rest of the country. If there are no takers for over-priced properties, prices fall…..(sooner than later)………that’s a fact.

If there are no takers for over-priced properties, prices fall…..(sooner than later)………that’s a fact.

Ain’t that the truth.

With a local (national/global?) recession and tightening lending standards, I wonder where all these takers are going to come from.