New Pigg student… looking to buy in Poway

[biggoldbear]

My wife and I are looking into buying a house in the Poway area. We currently rent a condo in North Mira Mesa, but prefer Poway for everything except for it being just that much further from the beach, jobs etc. I have read many people saying Mira Mesa is at or near the bottom (unless there is some major economic change… which is possible). I was wondering if the same is true for Poway? We’re looking at ~1500sf SFR in the $350-400k range. Probably a unit we can put some sweat equity in, planning to stay for at least 5 years+. Does this sound financially sound?

Also, are there any specific areas of Poway we should look at or to avoid?

All opinions welcome… thanks in advance.

P.S. How would I put in a poll?

[Sandi Egan]

Welcome to the board.

I believe Poway is at the very least a year away from the bottom.

[Sandi Egan]

Welcome to the board.

I believe Poway is at the very least a year away from the bottom.

[Sandi Egan]

Welcome to the board.

I believe Poway is at the very least a year away from the bottom.

[Sandi Egan]

Welcome to the board.

I believe Poway is at the very least a year away from the bottom.

[Sandi Egan]

Welcome to the board.

I believe Poway is at the very least a year away from the bottom.

[5yearwaiter]

Start thinking after December 2008 – really a fresh look you will get. You might have heard ‘don’t catch falling knife’. Things would be settled including jobs/economy ( not in bright way but in worst way) then you can also have some fresh look vs opinion.

[5yearwaiter]

Start thinking after December 2008 – really a fresh look you will get. You might have heard ‘don’t catch falling knife’. Things would be settled including jobs/economy ( not in bright way but in worst way) then you can also have some fresh look vs opinion.

[5yearwaiter]

Start thinking after December 2008 – really a fresh look you will get. You might have heard ‘don’t catch falling knife’. Things would be settled including jobs/economy ( not in bright way but in worst way) then you can also have some fresh look vs opinion.

[5yearwaiter]

Start thinking after December 2008 – really a fresh look you will get. You might have heard ‘don’t catch falling knife’. Things would be settled including jobs/economy ( not in bright way but in worst way) then you can also have some fresh look vs opinion.

[5yearwaiter]

Start thinking after December 2008 – really a fresh look you will get. You might have heard ‘don’t catch falling knife’. Things would be settled including jobs/economy ( not in bright way but in worst way) then you can also have some fresh look vs opinion.

[biggoldbear]

Any ideas of %down from now? Solely thinking financially, I would wait at least a year for things to settle. That being said, we would still really like to get in a house sooner rather than later. What price would you think is/will be reasonable for ~1500sf range? If we could get catch a deal on a foreclosure now, I’m hoping we could mitigate most of the short term losses (in the next year or so) and making up the rest in sweat equity. Do you guys foresee another 20% drop in prices, i.e. prices under 300k for that area? I think it’s possible with any big event in the economy, but long term I feel like the prices are getting close to reasonable… i.e. 2 working adults with decent jobs can afford it on a fixed 30yr. mortgage.

Sorry, I’m rambling a bit now. Basically, I’m asking how much lower do you expect Poway to go? Also, if we got a decent deal on a “fixer upper” do you think we’d be upside down after ~5yrs?

[biggoldbear]

Any ideas of %down from now? Solely thinking financially, I would wait at least a year for things to settle. That being said, we would still really like to get in a house sooner rather than later. What price would you think is/will be reasonable for ~1500sf range? If we could get catch a deal on a foreclosure now, I’m hoping we could mitigate most of the short term losses (in the next year or so) and making up the rest in sweat equity. Do you guys foresee another 20% drop in prices, i.e. prices under 300k for that area? I think it’s possible with any big event in the economy, but long term I feel like the prices are getting close to reasonable… i.e. 2 working adults with decent jobs can afford it on a fixed 30yr. mortgage.

Sorry, I’m rambling a bit now. Basically, I’m asking how much lower do you expect Poway to go? Also, if we got a decent deal on a “fixer upper” do you think we’d be upside down after ~5yrs?

[biggoldbear]

Any ideas of %down from now? Solely thinking financially, I would wait at least a year for things to settle. That being said, we would still really like to get in a house sooner rather than later. What price would you think is/will be reasonable for ~1500sf range? If we could get catch a deal on a foreclosure now, I’m hoping we could mitigate most of the short term losses (in the next year or so) and making up the rest in sweat equity. Do you guys foresee another 20% drop in prices, i.e. prices under 300k for that area? I think it’s possible with any big event in the economy, but long term I feel like the prices are getting close to reasonable… i.e. 2 working adults with decent jobs can afford it on a fixed 30yr. mortgage.

Sorry, I’m rambling a bit now. Basically, I’m asking how much lower do you expect Poway to go? Also, if we got a decent deal on a “fixer upper” do you think we’d be upside down after ~5yrs?

[biggoldbear]

Any ideas of %down from now? Solely thinking financially, I would wait at least a year for things to settle. That being said, we would still really like to get in a house sooner rather than later. What price would you think is/will be reasonable for ~1500sf range? If we could get catch a deal on a foreclosure now, I’m hoping we could mitigate most of the short term losses (in the next year or so) and making up the rest in sweat equity. Do you guys foresee another 20% drop in prices, i.e. prices under 300k for that area? I think it’s possible with any big event in the economy, but long term I feel like the prices are getting close to reasonable… i.e. 2 working adults with decent jobs can afford it on a fixed 30yr. mortgage.

Sorry, I’m rambling a bit now. Basically, I’m asking how much lower do you expect Poway to go? Also, if we got a decent deal on a “fixer upper” do you think we’d be upside down after ~5yrs?

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