[quote=KristopherSD][quote=svelte]What you don’t mention is how long you plan on keeping the home and/or staying in San Diego[/quote]
I guess what puts me off buying now is what I consider very high prices. I cannot believe that fixer upper homes in Clairemont Mesa are going for $500k+ or $450k+ in La Mesa, not to mention $600+ in Ocean Beach. I wonder who is buying all of these homes, there cannot possibly be THAT many tech jobs around. Maybe I am wrong. I feel that I am in a very advantageous position with decent savings, no debt, and a stable job yet I somehow feel “priced out”. This leaves me wondering if others are stretching the budget to purchase.[/quote]
Right on the money. I’ve been saying this for years. In fact, even after RE bottomed I was still saying it and eventually voted with my feet buying where I found value. Of course, I’ve now seen huge appreciation and while my neighbors are jumping up and down, I skulk in the corner muttering “fools”. Huge efforts went into propping up prices when what should have happened is a full correction. You could argue the cost would have been a depression. Maybe. Maybe not. Incidentally, there is a movement in London called “Priced Out” where the next generation is taking action. It is very well organized and has attracted media attention. The problem is noble causes often get tarnished with political brushes where wealth is concerned. The next generation will eventually have their say, however.
