San Diego Real Estate Market Expectations for 2008
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Remember that prices usually go below the trend line when there was a bubble.
3 years ago 9
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9 months later... financial collapse continues, now on wall street, and around the world. Inflation burgeoning. San Diego median home price down from $430k to $380k--that's more than 10% in 9 months. Foreclosures have temporarily slowed while lenders comply with new California regulations. Investors take their pick (firesale for the rich), but it's apparently going to be raining foreclosures for years...
3 years ago 4
All Comments (8)
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7/1 ARM at 6% LOL. People just buy with 30 yr or 15 yr fixed.
I'm buying next month because it's cheaper to buy then to rent. I'm getting less than 5.5 30 yr fixed with ZERO downpayment.
3 years ago 2
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I give you credit for your reply. But, these 'long term you'll be ok' remarks are just BULL! Who wants to take a 30-50% one year loss? Yes, many condos in South Bay are now off 50% in ONE YEAR! Since 2005, who would not have been better off renting? Now, really was this a news interview or an info-commercial?
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economic facts,,, here my facts anyone that buy a home now is a fool. prices have no chice other then to decline , major decline...you must be a realtor , maybe you should go sell ice cream on the beach , and if that does work for you ,, used car sales may work,
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a little bit lower! were in 1999-2000 prices
and banks are holding off nod's dont be foo;ed this is not a bottom median s.d should be 220k
YKAEYA 2 years ago
I'm in the middle of writing a blog post right now. If, instead of looking at physical location, we look at price point, there seem to be three different markets. We actually have a sellers' market for single family detached homes from $200K to $450K (that is 3 months or less inventory). 450K-700K is a more normal market (3-7 months inventory) and above $700K we are looking at at least 7 months of inventory. Attached homes have at least an extra month in all price ranges. But the moratorium
boyerro 2 years ago
I spoke with an asset manager today. Despite the 2002 prices and terrific interest rates, he sees several more years of foreclosures coming our way, peaking in the next 9 to 14 months.
However, as I've been out in the market with clients, I keep running into bidding wars, with 3 to 20+ offers on most properties. The investors seem to be trying to define the bottom because they can get a positive cash flow on rental properties on San Diego Real Estate
boyerro 3 years ago
This PHD is just promoting (his?) a real estate website! But, the headlines today 12-30-08 (Home Values Fall 18% in October) show how WRONG this PHD's forecast was wrong! The fall for San Diego was larger than the national average of 18%. In San Diego, the average home drop in 2008 is around 30%!!! So, on a $500,000 home purchase in Jan '08 you may now have lost $150,000! But, keep in mind what this PHD said in ending..buying San Diego real estate in 2008..YOU WON'T GET HURT!
Mariekeys1 3 years ago
Take the comments in context please. The _prediction_ was that IF you are going to stay in your home 5+ years, it is an OK time to buy and "you wouldn't get hurt." Hindsight is simply marvelous. I wish I could have been interviewed after the fact. I did say prices would continue to slip. I admit I underestimated. Apparently I wasn't the only one; I think the entire world (at least 99.99%) missed the mark predicting the credit crisis meltdown that reamed everything starting mid to late summer.
boyerro 3 years ago
BE SMART DONT BUY NOW.If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now.
lennyfest 4 years ago
In 2005, did you write, BE SMART BUY NOW because everything had been going up and by extrapolation you expected it to keep going up. You appear to be using that argument for why not to buy. Investments of this nature need to be long term. 2005 advice to buy has been bad for many. Your advice appears similarly bad. Price declines in 6-months may be more than offset by interest rate increases which spike with upcoming presidential elections. Please justify your belief with economic facts.
boyerro 4 years ago