I went open house viewing again. I probably shouldn’t since I am not ready to buy, but what the hell. I started in Northpark and ended up in Mission Hills. I stopped at 6 different open houses 3 in each area. Not one realtor bothered to tell me that prices were going up.
Two actually wanted to hear why I thought prices were going to sink. Several of them had worked some of the theory that we espouse here into their sales pitches, growing inventory and a loss of entry level buyers, though those realtors already knew I wasn’t a serious buyer.
Most agreed that prices were falling but stopped short of saying that they would fall considerably, it was a bit refreshing to see a few lights on in the attic.
Yeah, I rented there for 5 or so years in between owning in University Heights. In fact, it was when I saw a 1000 sq. ft. teardown for $850K in Mission Hills that lead me to the decision to sell!
Keeping a pulse on the market is the key to knowing when to buy back in. As we have seen, the media reports lag the market by about 6 months.
Talking w/ realtors and getting access to their data (DOM, inventory) plus keeping track of changes in HAI is the way to guage the market, and know when to buy.
Did you sell in MH or Uni Heights? Where did you goto? My job situation, or rather its flux makes that central area very desirable for me. I would consider lots of places to live but MH is my first choice, Del Mar my second.
We sold in University Heights and rented a small older home on Neale St. with an amazing view. We finally ended up moving out of San Diego with our gains in tact. No doubt that area is wonderful. One can argue that Pioneer Park alone is worth some of the mark up (not to mention Phils BBQ). Patience will win in the end, hang in there.
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