zRob, San Diego is a great place to live. After I graduated from college at U of M, I moved to San Diego and stayed for 15 years. I moved back to Ann Arbor in 1999 but am planning on returning to San Diego in 2008.
SD Realtor is giving you good advice. Rent near work so you don’t have the hassle of commuting. UTC is fine as your first rental in San Diego while you explore the area and decide where you want to buy. If you are convinced you want to buy within the 12 month reloc window, wait it out at least 6 months and try to save as much as you can so you can put down a hefty down payment. In the current real estate market there is no guarantee you won’t lose money on your real estate purchase, so be sure you want to stay in your purchased property for the long term.
Michigan doesn’t experience the severe cyclical nature of California real estate. I got caught up in it my first purchase in 1987. The escalating prices at that time were astounding, I was sure I’d be priced out if I didn’t buy right away. The down side was more painful and prolonged. That cycle was nothing compared to the current bubble. It’s anyone’s guess what is going to happen. But it seems pretty clear that now, and probably even 6 months from now, is not the best time to buy. Just do your research (going to piggington is a great start), weigh your reloc package against the possibility of losing equity in the short term, and don’t buy impulsively. You’ll do just fine.
Much of Michigan is becoming a ghost town. This summer so far has been a constant round of going away parties, mostly Pfizer families. Both of my kids lost their best friends.
Have fun in San Diego. It really is a great place to live. The first few years in San Diego, I missed the Michigan fall. It just didn’t feel right to not have seasons. What helped a lot was to head up to the mountains, like Julian or Idylwild.
