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  • July 31, 2007 at 9:13 AM #9655
    mixxalot
    Participant

    I want to buy my first home in San Diego and can wait as prices will drop.

    Question is: what is best time to buy? In 2008, 2009, 2010?

    I would like to save up a large 100k down payment and get best deal on a small
    1200-2000 sf SFH or nice townhome in Carmel Valley, Carlsbad or Encinitas but prices are not dropping in these areas. I see best prices in Scripps Ranch, Poway, and San Marcos for north county.

    July 31, 2007 at 9:22 AM #68861
    Bugs
    Participant

    Can you wait 3 – 5 years, or longer if necessary?

    July 31, 2007 at 9:22 AM #68931
    Bugs
    Participant

    Can you wait 3 – 5 years, or longer if necessary?

    July 31, 2007 at 9:31 AM #68869
    (former)FormerSanDiegan
    Participant

    IMO, in the next 18 months we will see the steepest part of the price decline in this real estate cycle in San Diego. The peak was nearly 2 years ago. Inventory and foreclosures are building. it’s a given in the mainstream media that real estate sucks.
    If you wait until 2009 you likely will have limited your down-side significantly. Not saying that that’s when the bottom occurs, but it’ll be close enough for long-term holders to avoid significant losses.

    July 31, 2007 at 9:31 AM #68938
    (former)FormerSanDiegan
    Participant

    IMO, in the next 18 months we will see the steepest part of the price decline in this real estate cycle in San Diego. The peak was nearly 2 years ago. Inventory and foreclosures are building. it’s a given in the mainstream media that real estate sucks.
    If you wait until 2009 you likely will have limited your down-side significantly. Not saying that that’s when the bottom occurs, but it’ll be close enough for long-term holders to avoid significant losses.

    July 31, 2007 at 9:33 AM #68873
    SD Realtor
    Participant

    Haven’t we had this conversation before?

    SD Realtor

    July 31, 2007 at 9:33 AM #68942
    SD Realtor
    Participant

    Haven’t we had this conversation before?

    SD Realtor

    July 31, 2007 at 9:42 AM #68879
    (former)FormerSanDiegan
    Participant

    Haven’t we had this conversation before?
    Yes. Many times.

    But ….
    I once had a conversation with my wife about where I wanted to live, how many kids I wanted, etc. If we hadn’t revisited that conversation occasionally she might be pissed that we don’t have 7 kids and live in Tennessee.

    There are …
    1. New sets of eyes (and accompanying sets of new opinions) reading these pages every couple months
    2. New sets of data
    3. New sets of bearish articles in the media
    4. New comments by crazy Jim Cramer
    … to consider.

    July 31, 2007 at 9:42 AM #68949
    (former)FormerSanDiegan
    Participant

    Haven’t we had this conversation before?
    Yes. Many times.

    But ….
    I once had a conversation with my wife about where I wanted to live, how many kids I wanted, etc. If we hadn’t revisited that conversation occasionally she might be pissed that we don’t have 7 kids and live in Tennessee.

    There are …
    1. New sets of eyes (and accompanying sets of new opinions) reading these pages every couple months
    2. New sets of data
    3. New sets of bearish articles in the media
    4. New comments by crazy Jim Cramer
    … to consider.

    July 31, 2007 at 1:16 PM #68954
    mixxalot
    Participant

    I can wait until 2009-2010.

    Things will hopefully keep going well on the job and this 2 year time frame will give me sufficient time to save up for the large down payment and improve my FICO score to 720+ which will be important for the best deals in the marketplace for my first home. I like coastal areas of North County BUT even if prices drop they still will be way out of reach for my income. Like even if a 2.5 million place in Encinitas or Del Mar should drop down to 1.5 million I still would not be able to afford it. Which is fine because I have simple needs- a decent 2-3 bedroom home or townhome with a huge 2 car garage (1200-2000 square foot) adequate for a single bachelor guy like me. The problem with condos is the tiny garage excuse they have. Thats why I need room to store 1-2 cars or a truck and a boat.

    July 31, 2007 at 1:16 PM #69025
    mixxalot
    Participant

    I can wait until 2009-2010.

    Things will hopefully keep going well on the job and this 2 year time frame will give me sufficient time to save up for the large down payment and improve my FICO score to 720+ which will be important for the best deals in the marketplace for my first home. I like coastal areas of North County BUT even if prices drop they still will be way out of reach for my income. Like even if a 2.5 million place in Encinitas or Del Mar should drop down to 1.5 million I still would not be able to afford it. Which is fine because I have simple needs- a decent 2-3 bedroom home or townhome with a huge 2 car garage (1200-2000 square foot) adequate for a single bachelor guy like me. The problem with condos is the tiny garage excuse they have. Thats why I need room to store 1-2 cars or a truck and a boat.

    July 31, 2007 at 1:47 PM #68962
    sdrealtor
    Participant

    FYI, Be prepared for very old townhomes in Encinitas. Based upon what you described you are looking for there is nothing that will be under 25 years old.

    July 31, 2007 at 1:47 PM #69033
    sdrealtor
    Participant

    FYI, Be prepared for very old townhomes in Encinitas. Based upon what you described you are looking for there is nothing that will be under 25 years old.

    July 31, 2007 at 2:04 PM #68964
    SD Realtor
    Participant

    Mix if you can wait until 09-10 then you will be in great shape. Buy what you can afford, not what you cannot afford.

    SD Realtor

    July 31, 2007 at 2:04 PM #69035
    SD Realtor
    Participant

    Mix if you can wait until 09-10 then you will be in great shape. Buy what you can afford, not what you cannot afford.

    SD Realtor

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