Another good take on the market Bugs. I think your right on as I’ve been comparing where I’d like to buy (RB, Poway, Penasquitos), to less desirable areas (Vista, San Marcos, Escondido). The less desirable areas have recently been really moving downward, while the desirable is still resisting much downward momentum. If this trend stays the same then I do believe the less desirable will start to bottom out much earlier. Just makes logical sense as you compare neighboring communities if one is significantly less, or you can get so much more for your money, where are the few buyers that are out there going to put their money. By less desirable, it usually is one major factor, the school system isn’t ranked on top, but still the schools are good. Believe me this thought has crossed my mind, just send the kids to private school if I don’t like the schools….so we’ll see how it plays out. We are of the mindset that as soon as it makes sense for us, we are buying and will stop micro-watching the market as we’ll be in for the long haul.
I believe that by the end of this year-winter 08-09, there may be some homes that will be at a decent price point for some buyers. The unknown is how interest rates and the credit crunch will affect peoples ability to buy.
