I saw this this morning and it hit home. I sold my house in Vista in June to try and get into a better school district before my daughter starts kindergarten. Based on the current market I think many like myself are content to rent.[/quote]
The problem with this thinking and this news article (which I saw live today or yesterday) is that if you look at the chart, it ALWAYS slows down in the latter half of the year. It’s probably been like this for decades and probably won’t change anytime soon since the latter half is during the holidays (thanksgiving, christmas, school starts, etc…), August, many folks travel, school is about to start as well and you usually have to be a resident to get early enrollment, etc…
The chart also says NOTHING IMO about any slowdown since it looks the same as 2013 and 2014.
Also, similar to other posters, you’re going into a mode of just hoping a certain future happens based on what you did in the past. Selling isn’t the problem per se, but thinking it will go down looking at this chart certainly isn’t what I see from this article/chart and just because you sold.
I just checked rental homes in the area and now, they are at 4k/month for an econo-box in 4S.
5 years ago, it was closer to 3k. Renting “sounds” great until your rent gets jacked up yearly and having to move with a family/kid sucks. Locking up flat “rent” is awesome if you bought when things weren’t crazy. I still see prices heading up ~5% a year and just this weekend, it was reported in the UT that San Diego has one of the lowest, if not the lowest housing stock in the nation (or something)…
You could also state I have owner’s bias as well, but the rents at where they are in CV or 4S isn’t going to make anyone sweat that home prices are going down anytime soon if they bought nearer to the lows when their mortgage is closer to 2k/month.
The chart/article just doesn’t state to me a problem in the market at all.
