Not that you asked, but I think unless your target property has changed that you are near the bottom or within 10%. I know I swim against the tide when I say that higher rates are not going to bring a great deal compared to now …or soon. I told the Temecula guys that they would do well finding a sweet spot between rates and price over a year ago and I think that prediction worked out well. Even paying cash, at the court house or otherwise, I don’t think the bargains will be much better in the future unless you are talking about houses that were priced more,to much than 1.5M at peak.Of course one or two zips always provide an exception to whatever trend in any direction. I don’t think it will be yours.
I still think there is a price trend increasing “butterfly effect”(copyright Bugs) in parts the county relative to the time period from the 90’s bust and subsequent run-up. This is a percentage of gains that seem like they should disappear but wont’t(nominally). Large parts of close in San Diego,where previously mostly only investors, single folks, and some blue collar families would buy, have since gentrified or semi-gentrified and have many a much wealthier, not so job dependent or dual income owner occupant(s) where there was likely one semi-skilled earner(or a renter) previously. Much of San Diego did experience to some degree a San Francisco effect, it got richer. I guess what I am trying to say is that extra million or so people in the county since the 90’s, a lot of them coming from higher priced areas, puts disproportionate pressure on close in housing stock which has this “Butterfly” effect on not as close but still close in quality neighborhoods. Even in cases of loan mods some areas are going to have lower re-default rates.I think the proportions will work less in favor of non-ghetto metro and good fairly close in nicer neighborhoods. (all comments do not include skyscraper condos,which I know little about)
I think this is all going to have a washing out effect on some of the downward price pressure items.
Not that you asked again,but…as far as selling real estate goes I think you Realtor guys should consider selling commercial foreclosures, if you can and haven’t.
