Sorry it took so long but remember, my login hours for posting now are very brief in the morning and then after 10 pm at nights…
As far as my buyers go, every single person I am working with right now pretty much have at least 20% down based on the homes they are looking at. There may be a few who have closer to 10% down.
I believe one of the HUGE misconceptions on this site is when people crow about how few people have money on the sidelines. In fact I believe the opposite is true and I feel that right now I have never seen more people who have money parked on the sidelines. The underestimation of the wealth that people in San Diego have is staggering. Does that mean all these people are going to buy? Of course not. However anyone that tries to justify what the market will do based on trying to figure out the wealth or lack of wealth on the sidelines is playing it the wrong way.
Your question is a good one DW.
Still, the best way to find out when to buy is to simply watch the technical indicators, not to try to justify how low they will go or how much longer they will decline.
The Mira Mesa submarket has seen substantial activity for aggressively priced homes. It is a simple matter of fact. The median price there will drop because these aggressively priced homes will bring it down to thier level. Will homes such as those drop another 30%. Not in my opinion but will the overall median come down? Yeppers for sure.
Yes there is the odd post here and there about people searching for homes or being first time buyers and looking in 97% financing and Calfha’s and such…
At any rate I can’t help you much… The easy way to get your answer would be to take a sample of homes that have sold recently and look at the tax roll for them… you will find out what the down was.
Tell you what…
Pick a zip code and I will do a lookup for the last 15 homes sold tomorrow nite.
