I rented in sdrealtor’s hood about 20 years ago, it wasn’t affordable then. I was newly married, we had both just graduated from college, we both landed decent jobs and had no kids. I think our apartment was $950 and while we were west of the 5, it was not a walk to the ocean, nor could we see it from our windows, the sound of the freeway was louder than the ocean. We were actually commuting North and East, it was an equal drive from temecula so be bought an fha financed house with 5k down and our mortgage was $30 less than our rent was.
I tell this story because I think it illustrates what sdrealtor is trying to say, that the prices in NCC cannot entirely be attributed to the bubble of 2003-2006. I think the numbers would be the same today for some young couple who is 20 years younger, going through the same thing I did in 1989-1991.
I’m sure there are examples of housing stock, price strata and particular neighborhoods that may have appreciaed a little more or a little less for a variety of reasons but that has always happened and always will. Some houses are always overpriced and there are always good deals too, but NCC may have found it’s historical balance. 20 years ago when I packed my bags in frustration I said I would return when prices became reasonable, now I believe it’s not going to happen, it wasn’t them being unreasonable, it was me, just because I don’t think you should pay that much for a house (then and now) doesn’t mean I can prevent anyone else from doing so. If you are waiting for a 5 or 10% correction, that’s a bet worth taking, but if you need it to come down 30-50% from here, you need to get a mapbook and look elsewhere or be prepared for a lifetime of disapointment.
