Independent of interest rates, Point Loma, being on the high end may still be defying gravity a little. I have not been tracking there as carefully as places like Clairemont/Bay Park because I suspect the bottom hits these communities well before Point Loma. But, the other dynamic is that except for Liberty Station, many parts of Point Loma have become more of an old-money long-time resident area, especially Sunset Cliffs.
I think CA Renter has the right approach wrt how oleveraged you will be. The more leverage (lower down payment) the sooner you should buy.
But, interest rates spike if you go into Jumbo Jumbo land (above Jumbo-conforming).
If you can comfortably afford to live there at these prices and interest rates … ?
Tough call, but the penalty for waiting another year or so is not likely to be severe.
