Busting of the San Diego Housing Myth
“You can not lose if you purchase a San Diego home.” This was the conventional myth for many decades, but, as we all now know, it was just that…a myth! Your home is the best investment most can make…Really? Brett Arends had a simular article in the Wall Street Journal. Here is an excerpt:
Conventional wisdom long held that home ownership was a route to wealth, and the imputed rent — in other words, the right to live in your home — was just part of the value you got from it. Under that widespread view, the recent housing bust was simply a temporary, though deep, pothole.
Yet for very many people, even over the past 15 or 20 years, the imputed rent may have been all, or nearly all, the real value they actually got from their home.
San Diego homeowners and for that matter all California homeowners are being forced to face our new real estate reality… though the possibility for future San Diego real estate appreciation exists, prospective homeowners should be more concerned with a suitable place to live, and consider any appreciation as a possible, but not assured additional benefit. San Diego California real estate agents
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Savvy investors should be watching all sections of the real estate market. There are similarities between investment, commercial and residential and it behooves the smart person to watch all of them prior to jumping back into real estate investing. There will be a right time! Be smart!!
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I so much wanted a San Diego home because of location. Location, location, location! I don’t even intend to sell or rent or anything, I just love it here!
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No matter how one looks at it, there’s always going to be housing markets that are overhyped. If somehow those markets can support whatever the hype is all about, the real estate price will remain high. If they don’t then house prices will plummet. A typical example of the latter is Southern Cal (San Diego and the Southern OC come to mind). SF is in an unusual situation. RE prices will continued to go up as long as people are willing to blow their money on housing, even if it’s exorbitantly overpriced. Meanwhile, the city’s infrastructure is crumbling. That can only go that far. As more and more middle-class people and families abandon SF, the city will be stuck with the hyper-rich and the indigent, neither of which will contribute much (or anything) to the tax-base. The moneyed rarely have any desire to plow money into their “beloved” city, and the indigent don’t have any. My bets are on “going down”.
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Signs of life in the recently booming California Real Estate market has been seen by real estate experts. With property prices low, California is more affordable right now than ever and this is excellent news for those of you who are looking to pay less for a property or considering to invest in real estate. Using the right metrics based on the regular analysis gives an exact picture which can help make better Home buying decisions. Identifying the right market & finding the best property holds the key to success.