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p.s. you guys are great

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Wow. Thank you so much guys. I can’t thank you enough. You’ve made me feel better about the desicion, tough as it was. It’s really so much more money for me and I just don’t see the light at the end of the tunnel. I would have found my way out of this city in the next few months if it was not for my wife who I love more than anything. She just does not want to go because of her mom who is in ill health.

So now I’m renting another place in SD. I always hoped that my next move would finally be to a home of my own. I guess a lot of us are in the same boat. I can’t tell you how much I appreciate the comfort I have felt from your responses. I guess it is the right decision for now.

Kev374, I’m really sorry you had to rent again too at an increase, it’s terrible…you wouldn’t be on this board if you were not looking for a home of your own one day too. I appreciate what you had to say.

Thanks so far everyone.

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Doofrat,

Your response makes a lot of sense….not that the waiting is any easier…..at least I can better understand the insanity of it all 😉

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It just seems to me that very little is budging below $400K, even the dumpiest of dumps, or somehwat nicer homes that are not even really close to the heart of San Diego. I’ve been watching a long time, probably like everyone here. I’ve especially been watching that number ($400K) and lower because it would be the highest figure I could possibly imagine….of course while also resorting to eating sticks and dirt for sustenance. I understand that people attach a certain “premium” for living in San Diego, but what about places like North Escondido, etc, places not even very close. I don’t understand how this could be sustainable for more than a day, housing prices so out of line with median income. Even if houses on the lower end dropped according to Moody’s figure, it would still be out of line. But yet they stick. How long can that really last? Why does it take soooo long to supposedly normalize?

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Wow, thank you for sharing that. Very interesting. In fact I talked a bit with a realtor about short sales in San Diego. He said even just a year ago most banks would not consider eating any loss, but now it is happening.

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Thank you for everyone’s input, I really appreciate it. I just now had a chance to come back to the computer and read over the responses. I’ve just been really wondering if we could expect to see much of a decline at the lower end or if home prices in San Diego will always just be $400K and up. It’s kind of grueling…I really don’t like the idea of renting for another 2 to 5 years waiting on the sidelines…our place is so small and it’s very difficult to find a rental that would take all of the pets we have (cats & dogs). Then again, even if I could find something affordable budget, I don’t want to be upside down in two years. This stinks. It’s like a titanium bubble. I hear all the talk of it popping, but wow does it take a long time I guess.

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Thank you everyone. I appreciate the information.

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:0) Thank you, very kind! I just love comic relief…

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Ha ha! Oh, good topic! It’s really quite simple. Here’s what you do:

1.) First, don’t base the price of the house on any type of economic realty whatsoever because we all know that housing prices in San Diego really have nothing to do with economics any more. Use this simple San Diego Housing price formula:

(Base Price:$50,000) + (Average SD year round temerature: 70)*(house square footage)*(7 days of the week the person will live in the house)

Example for a 1000 square foot house:
$50,000+ (70 degrees)*(1000 sqr ft)*(7 days)= $540,000

2.) Next, if some idiot does not come along and buy the house at your insanely over-inflated asking price right away, just “sit on it” for awhile because this isn’t really a housing bubble (nudge nudge wink wink) and things are going to pick up again soon.

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Hahaha!!! God bless you! Boy did you made me laugh…..

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Actually you are right. I’ve even seen reports which say it is as much as 70% overvalued. Perhaps is is only 65% overvalued. I am not going to argue down to the last digit. The fact is that it is extremely overvalued. No one can argue that point, except for realtors. This market is not based in any kind of realty whatsoever. It is not in line with the increase in income, it is not in line with the possible rental value of a property, less than 10% of people can even afford a “median” priced home, even the city istelf has been on the verge of bankruptcy. The only people hoping for that soft landing are probably home owners and thieves and realtors and of course David Lereah. Take a look on the latest article from this website, “Good Luck With That Soft Landing”. It’s not a very likely scenario.

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Ha Ha! I ran across that same article and used it to point out the excessive greed and corruption in this market, in the forum topic “Why Not TODAY?”. The post made a few people a little grumpy, but realtors and sellers/homeowners really prefer to ignore these types of statistics…

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I’m not sure exactly what point of yours I “proved”, but I’m pretty sure your missing mine. Let me say it again, HOUSES IN SAN DIEGO ARE AS MUCH AS 67% OVERVALUED. Does everyone ignore the FACTS? If I tried to rip people of for 67% over what my services or goods were actually worth, I would consider myself a thief and I would not be able to sleep at night. OK, I’ll be fair to you, perhaps we just have a different way of looking at things — what is your definition of someone who overcharges someone by 67%?

I do not hate realtors, I hate thieves. Just to be fair to the realtors, the homeowners looking for these prices are also at fault. When only a tiny percentage of the populace can afford an average priced home in the area, there is something more than little wrong. How do the realtors substantiate these prices (ahem, 67% overvalued)?

I think I am actually the one that is touching a nerve in this forum. It’s a little surpising and almost amusing how people are getting all flared up about my post. Perhaps those who find my comments abrading are already sitting on a hunk of property and overvalued wealth. Perhaps you do not have to try and buy at today’s prices, dealing with people who are quite greedy, ignorant and cold hearted…..kind of like thieves.

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JGittes, as for the good old “just listed” garbage it is a common practice (according to my wife who just so happens to be a Classifieds Typist for real estate ads). After a certain amount of time, the MLS listing will expire…the realtor will then renew it and claim “just listed” even though it had been on the market for months. It’s just one of many tricks. Here’s one you should keep a heads up on too, a little nastier:

An unscrupulous real estate agent WILL use you to manipulate a sale. We had our eye on a house, quite some time ago, something we thought we could afford after careful and painful consideration. Unfortunately, the VERY day we went to see it it supposedly went into escrow. We told the realtor to keep us in mind if it falls through. One day we get a call from the listing agent and they said the escrow was “looking shaky” and they wanted us to make an immediate back-up offer. In a nutshell, we didn’t get the house. After a little digging we believe that it never really fell out of escrow and they were using us to manipulate the true buyers to get their act/paperwork together (our agent said they were dragging their feet) and possibly remove contingencies on the sale. If we came in with a better offer, they would have been able to force the other buyers to remove the contingencies or cancel the sale and go with us. I guess our offer wasn’t that great, which leads me to part two:

Beware mortgage brokers too. We discovered that our loan person actually new the listing agent and TOLD the listing agent what we could qualify for (not what we could pay for of course — that’s irrelevant in a day of massive credit debt and over-inflated house prices — we’re even surprised what we could qualify for, not that we could pay the resulting monthly mortgage!). So even if the house we wanted did fall out of escrow we could never have gotten a decent price. After our offer, the loan person actually CALLED our realtor and said “hey I thought these people were going to offer much more”; guess she was talking with her friend the listing agent….

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Wow that’s a little brazen. When you say things like “you are not capable of analytical thought or that you lack objectivity” you demonstrate to the readers that perhaps you are just a malicious person and people should not post their observations here for fear of getting reamed, or perhaps you are afraid of facing the truth — you wouldn’t happen to actually be a realtor yourself, would you?

I thought the purpose of a forum was for people to be able to post their views, objective or subjective. Let me try putting it this way. Objectively speaking, according to a report from CNNMoney houses in San Diego are overvalued by 67%. After carefully analyzing this data (among other supporting stories I have found), I have come to the conclusion that only thieves and con artists would continue to push the prices put on houses in this county, day after day, without a fair adjustment seemingly required by the cold hard truth. Hyperbole? Call it what you may, I am not going to candy coat it.

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