Question

Is now a good time to buy a condo in San Diego, California?

Or should I stay wait a few more months or a year.. With prices going down a bit on homes and interest rates starting to increase? Well I don't know much, this would be the first home I would be buying. I am currently paying $500/mo rent which may go up a bit soon. Looking for ~$300k condos. Condo conversions good idea to buy?

8 years ago - 5 answers

Best Answer

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The price of real estate in SO-CAL has definitely leveled off some (signs of a peak???). Prices are still extremely high, but are not going down yet and i do not see them going down in the near future. Property (condos and homes) are staying on the market a lot longer than they use to, but are still selling for the asking price or just under the asking price. The increasing interest rates has probably caused this slow down but rates are not high enough to stop it or start to reverse the market (lower real estate prices). Remember that if you buy now you are buying at the peak of the market and in a few years your condo may not be worth what you paid for it. I would only buy now if you are prepared in the future to sell your condo before the value drops and you may loose money (Think of it as an investment). If you have good credit you can still get an excellent interest rate and if you plan on selling in a few years, you shouldn't care so much about it. Condo conversions ??? do you mean apartments turned into condos, I have never suggested these to any of my clients because they are the first to loose value and are difficult to sell at a profit...

Source(s):

8 years ago

Other Answers

I dont think its a good time to buy, my sister bought a condo 3 years ago (brand new, in La Jolla) for $400K, they just sold an identical unit for $330K.
Although, if you find the right place, it doesn't matter where you are buying, just dont look to be cash positive.

by Rabbit - 8 years ago

Buy now! You may want to consider new development....

Source(s)

by Ms Real Estate - 8 years ago

I don't think that now is a good time to buy in So Cal. I recently read a business week article that said only 2 out of 50 people in that region can afford to purchase. Which would indicate that there is a bubble in that market. I would wait a year or two because bubbles tend to deflate slowly. It sounds like you don't pay that much in rent, I would stay put for a while until the market settles in the lower ranges. If you were to buy now, you could stand to loose a lot of equity. However, if you plan to stay in this place for a long time, then you should buy now because of the tax advantages. If you plan to flip this condo, you could loose your shirt.

by currious about calculations - 8 years ago

I BELIEVE YOU WOULD BE BETTER OFF WAITING UNTIL UNTIL THE END OF THIS YEAR. WATCH THE PRICES IN WHATEVER AREA YOU ARE IN, AS WELL AS THE INTEREST RATES. CERTAINLY DON'T JUMP INTO ANYTHING THIS SUMMER. CHECK WITH LOAN OFFICERS IN YOUR LOCAL BANKS AND MORTGAGE COMPANIES FOR BANK REPOS AND FORECLOSURES AS WELL ON CONDOS IN YOUR AREA.

by Susan P - 8 years ago