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As the tittle says, I'm moving to CA (San Diego) soon. I'm wondering what the consensus is from team blind whether I should rent or buy? Budget 1.2M but obviously less would be ideal. Networth 750k TC 350K Wife's TC 70K got damn 420!
Isn’t the typical SFH in San Diego higher than $1.2M?
Depends on the neighborhood. I’m most areas that I’ve seen, a small condo goes for 7-800k, and SFH starts closer to 1.8
Getting a decent house in 1.2M in most big cities in California is not possible. A smaller place or townhouse maybe. Not sure if a SFH is possible.
definitely possible in most of sd.
As someone who was born in California and raised here, I can tell you it’s not. Not in the better neighborhoods at least. And not a decent sized house. As I said, a smaller home or townhouse may be possible. And maybe in an average location. Almost everyone on this post has told you the same thing.
1.2M in SD will be difficult but it'll be possible if you look outside of the more expensive neighborhoods. My advice is to buy ASAP. Don't rent just to rent. If you need more time to save for down payment, obviously you have no choice. SD home prices are skyrocketing and will continue to do so. People are just realizing that SD is the place to be. SD in certain areas has practically hit Bay Area prices and this trend will continue throughout. Wait 1 year and the house you want will be more expensive. Almost certainly
You really want to buy a house now if you find out that the rent (maybe 3~4%) is even less than interest (5%) of mortgage?
If it were me I’d rent for at least a year to see how you like the place. Itll give you time to explore different areas and will also help you save more to increase your budget, which you likely will need to as other posters said. You don’t want to buy in an area you end up not liking because you were rushed to buy and had insufficient time to explore. I dunno if anyone can say for sure where home price directions are headed now that interest rates have climbed so much.
This.
Are you willing to pay 100k more (or less) next year? It’s a gamble
Is it all in cash 💵 if not … May the odds be ever in your favor
Rent for a year to get an idea of what area you would like to live in. Also, almost 100% of economists are predicting a decline in home prices as interest rates rise and supply issues decrease. Enjoy San Diego, my uncle lived in a condo on Pacific Beach and I always enjoyed visiting him.
There will never be a decline in the home prices in san diego.....there will be a decline in the rate of increase but not in the prices!
Housing prices in San Diego peaked in 2006 and dropped by approximately 40% by the first quarter of 2009, remained low through 2012, and then started climbing in 2013. This mimics the trend across the US for that period. (Source: Case-Schiller Home Price Index and Standard & Poors) I've been through three recessions and although some markets are impacted less, and I agree San Diego is probably one of those, no area is immune.
I rented in east bay for a year and all that time had more and more confidence that I like the place. Ended up buying in another place (considered similar) and now have a huge remorse. Pretty sure it makes a lot of sense to live exactly where you want to buy for a while
You wont find a house for 1.2 mil !!