Well, I’ve been visiting/reading this site for over 3 months now, and this is the post that drove me to become an active member. Here are the answers below:
1. I’ve always rented (never owned…I’m 31)
2. No
3. N/A
4. This is a complex question, but here are some factors:
– I moved to SD in 1995 when everyone was selling, and I figured it’s not a good time to buy. After the following 10 year boom, I’d imagine things would come down to normalcy.
– I was too young to invest in something that wasn’t a priority because my school/education was my emphasis. I did figure that a good job/education/experience would buy a house anywhere, but a house would limit me where I am (I have no school loans/debt at all).
– I’m about 3 classes away from completing my MBA, and I’ve been talking to fiance professors & various investors that are somehow educated in the field (investors themselves), and I’ve found out about the “GRM” – gross rent multiplier – and how investors look at the market.
– I’ve researched long enough to understand that ARMs, interest only, and adjustable loans would NEVER motivate me to buy a place (renting is way too much cheaper….w/out the emotional factor)
Note: I do remember that in 1995-1996 my landlord then (Sorrento Valley) was begging me to buy his 1 bedroom condo for $65k (can you imagine)….I’d figured those days would come back when I do have and education & better opportunities. I guess waiting a little will pay off.
5. I don’t know if I would come back (I’m an out of the country transplant in San Diego)…..home is way far from me :-). However, SD is now my home……I’d love La Jolla or Del Mar …..while I’m dreaming, I wound’t mind Rancho Santa Fe 🙂
6. N/A since I don’t own (but it’s a little too late to be selling now..). 2005 seems to be the best SALE window.
7. I guess some questions from answer # 4 are relevant here.
– I was a student (my priority was bachelor & MBA)
– I was priced out of the market (specially in the last 5-6 years out of the 10 years in question)
– I figured that a good education gives you better living conditions, so there was no reason to rush (it seems that logic pays off…hopefully soon)
