“But neither Gin nor Thornberg is overly worried that year-on-year home price changes have crossed into negative territory in San Diego. A 1-percent drop is insignificant at this point, Gin said, and there will have to be larger, more sustained home price drops before he starts predicting doom and gloom for the housing market.
Both Gin and Thornberg described the drop in prices as “statistical noise.”
Woodpack: Craigslist.org is a fantastic free service to find and advertise rental properties. Also check out SDUT online to check rental prices.
Are you trying to landlord this Poway home yourself from Virginia – or are you using a prop mgr? (which I’d recommend due to the distance).
I don’t know the demand for Poway rentals but I would guess its probably strong as ps indicates. SD Apartment Mgr Assoc latest report showed a surprising 10% yoy increase.
Predictions for future r/e prices vary tremendously, from unrealistic NAR ~6% yearly appreciation to doom & gloom -50% scenarios. I predict ~10% decline for MEDIAN SFR prices over 6 years assuming unemployment stays down. Obviously your future plans will determine a sell decision.
