Did you really use the phrase “It’s going down clown”? Nobody has ever said that phrase to me before. In fact, I don’t know if anyone in the history of the world has ever said that exact phrase. But – no offense taken.
I do sometimes like to play the devil’s advocate, because even though the market in San Diego is not very good, and is likely to get worse, I don’t see a future freefall of prices to the tune of 40/50/60%.
The median price of an SFR is now $555,000, unchanged from 12 months ago. I’ll agree that there are more concessions this year on resales, but not much more than 2% average, if that. If the median drops 10%, to 500K, I think that more buyers will jump in. If it drops to 475K, a 15% drop, even more buyers will show up, as long as the job market stays OK.
Of course, my house can NEVER drop 15%. And I did sell two investment properties in the last two years, so that proves I’m not a complete idiot.
