San Diego Housing Market News and Analysis
Stay Classy, San Diego
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Submitted by north park girl on September 21, 2015 - 10:56am
Just closed on selling my place in San Diego and moved to the Bay Area for a new job. I figured I’d share my experience and a few random thoughts.
- My house is weird, and it was hard to find real comps for its size and condition. I met with half a dozen or so agents, and got a $150-200K range on the suggest list price. I ended up listing in the middle (which I thought was still a bit optimistic, but hoped there maybe was a buyer who would fall in love with it), and it sold on the low end if that range.
- It was a long and sometimes painful process. 3 or 4 price drops, and a relist. It took almost 4 months. I had a few offers each time the price changed, but more than once the offer backed out before we got to escrow, and another backed out during escrow, after the inspection. I learned my lesson on pricing right the first time! I suspect I cost myself 30K and a few gray hairs from what the “smart” list price should have been.
- Despite the drop in price, it still sold well above what I bought it for, so I can’t complain. Timing wise, I bought during the housing crash and I feel like prices are running a bit high right now, so I’m glad to sell now.
- I initially thought I’d use the proceeds for a down payment in Silicon Valley, but even for me (who grew up in San Jose) the prices are ridiculous and out of reach. I’m living in Mountain View and am paying less than $3K for a 2br/1ba. Another 2br/1ba 800 sqft a few blocks away is selling for $1.3 mil!
- I’ve heard rumors that the VC bubble in the valley is gonna crash soon (banks are starting to call in collateral on loans). I might be one of the few people here hoping it’s true.
- I got a solid pay increase from my old job in San Diego, though I also got a new degree, so it’s hard to draw a comparison on salary differences. On the whole it’s probably 20-30% better pay up in the Bay Area for tech/engineering jobs, depending on what you do. But cost of living is easily 50-100% higher. And “keeping up with the Jones’s” mentality is pretty high. Lots of people I know trying to get out of the rat race. As much as people complain about housing prices in San Diego, it’s a great place to live if you can find a job there (unfortunately, nothing much up my alley), and I miss it.
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