San Diego Housing Market News and Analysis
A safe neighborhood that we can afford?
User Forum Topic
Submitted by jfel on July 7, 2016 - 1:01pm
Hi-I’m new here. I’m a stay at home mom just trying to do some research about the current real estate market in San Diego County. I’ve been reading the user forums and looking at Rich’s past posts for a couple of weeks, trying to educate myself as much as possible.
Admittedly, a lot of the information in Rich’s posts is over my head and my husband and I are probably in an entirely different demographic than most the users on this site. But I’m hoping none of you will bite, and that some of you would be willing to give me your .02 anyway.
Our situation: my husband makes about 50-60k (before taxes), we have a 1 1/2 year old and a baby on the way. Recently I lost my parents and have inherited a small goose-egg.
We have decided to put about 250k aside to use as a down payment. Since we are low earners, in general we don't want monthly payments (including prop taxes and insurance) to exceed $1200 so that we can meet our savings and investing goals. We do not have any debt, we never carry a balance on our cards, and in general we try to live within our means. We have great credit, in the 700-750 range.
Currently we are renting a 3/2 house in the South Bay at a once in a lifetime deal. Our lease is month-to-month as the owner is an elderly woman who is holding on to this house purely for sentimental reasons; her grown kids plan to sell once she passes. We just received news from our landlord that leads me to believe we may have to move soon.
What we’re looking for: Safety is the number one priority, as my husband’s current job leaves us alone for 24-48 hours at a time. We want to live somewhere where I can take my kids out on a walk around the neighborhood without needing my husband present.
We are trying to avoid HOAs and MR and ideally we would want a 3 bedroom detached house with 1000-1300 sf plus a garage (or a big enough lot for a shed.) We are not super handy but don't mind cosmetic repairs/upgrades.
What do you think? Does this exist in SD county in our price range without compromising safety? At my estimate, we can't comfortably afford anything over 400k (or borrowing 150k.)
My fear is that if we bought right now, we’d be buying pretty high. I’m tempted to wait (as long as we can) until prices drop again. Am I holding my breadth in vain? Looking at some property history, 4 years ago, our 250 down would have gotten us into much more desirable neighborhoods.
I saw natesactm’s post about our current housing situation being a classic echo bubble. Tried to do a little more research on that and I’m not finding too much from reliable sources. What do you all think?
~Active forum topics~