Could be Scarlett. You have two things going for ya right now, first off is that there will be more foreclosures. Second off is that the rates are slowly going up. So is the cost of gas. So is the cost of food. Some people believe everything will be okey dokey and things will take care of themselves. I am not one of them however I do not see things changing in as radical a manner as many of the gloom and doomers.
The biggest problem you face is competition plain and simple. I cannot tell you how many other people want to live in PQ and want a home in the price range and size that you are looking for. Prices did drop down and some good buys were there in 2008 but I pulled a quick stat for closings of q4 of 08 and q1 of 09…
The problem with the talking heads is that they throw numbers around that are meaningless wiht regards to regional demand. As you know the variability of SD real estate is staggering and PQ is destination for MANY MANY young families for a variety of reasons, mainly being a price point that is barely/almost within reach compared to other I15 corridor locations.
Soooo… I am not sure if you will see a 10% drop in a year IFF rates stay where they are at. Now… if we see rates about 6 or 6.5% then yes there is a good chance you will see a nice sized drop in PQ AFTER rates stay at that level a few months.
