[quote=mixxalot]In same boat and have decided to wait. Prices are sky high right now and inventory supply poor. I don’t see much under 800k in decent areas.[/quote]
From your post history you seem to have waited for the past 6 years, which in hindsight seems a mistake. We can get caught up with monetary value too much forget about life. The OP wants a bigger place for a family, can afford the new place easily, and will be settled.
It is hard to time the market unless there is an really obvious overvaluation (2005-2007). And we are homeowners, not investors. As Rich has pointed out, the market might be 10% overpriced at the moment, but it is nowhere near like 2005-2007. If the OP is staying forever then 10% extra today is meaningless over 15-30 years.
ps To the OP. We have two kids. It is about 1000/month for each child. San Diego is actually very cheap for daycare/preschool. My friends in Boston are paying 2000 for one child.
