If you’re waiting for an opportunity to buy, you’ll feel like it’s water torture.
Put any thought of buying out of your mind for 5 years. In the mean time, rent, watch the market and enjoy yourself.
The previous peak in SD was 1989. It was a slow downward and sideways then slow upward correction (back to 1989 prices) until 1997. Expect this current correction to last at least that long.
People are not going to “give away” their over-priced houses without some resistance. You need a least 5-years for the vagaries of life to “wear-out” the sellers. Builders will continue to sell houses at “market prices” and that will put downward pressure on the resale market. Just got an email from Casero in Del Sur. Prices there are now down to the high $500k, down $100k from previous phases.
You need a lot of patience. Try to get rid of the emotional need to own a house. Watch and enjoy people stress out and slave away to pay for their homes. Take a nice vacation every year and feel thankful that you’re not slaving away to pay for a stucco albatross.
