The rate in which MM has been impacted has been quite significant. Far quicker then I originally anticipated.
I think it still has a bit to fall, but I highly doubt there will be another 30% across the board fall in MM. Perhaps a long flat period.
MM has some nice areas, and some bad parts, but as some have pointed out it has a good location. You can get to all the high paying tech jobs, to numerous hospital locations, RB, PQ, etc quite quickly. I think rents will hold short term and increase long term.
Investors aside, a decent 3/2 in a good location like MM for $300k is a nice starter home for a couple where each person is making $50-60k. Especially as it pencils out to rents.
I expect to see a lot of people who bought in Temecula and commute to this general area moving back down to MM, or at least renting there.
The comment that often gets tossed around “Everyone who could buy a home the last few years has” is about as absurd as “They aren’t making any more land.”
We are nearly 8 years into this; I assure you 8 years ago the amount of people priced out of the market is quite substantial. New graduates, first time job, etc. A young couple where each person makes $50k, over the course of 8 years – that’s a measly $7,500 savings a year for that 20% down. And as long as one person remained employed you could cover the monthly expenses.
Just my .02; I wouldn’t bet on 3/2’s in MM at $200k though.
