Anonymous123879 - but I thought you just said if you bought for long terms it's ok? keep renting bitter bud
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Don't buy real estate unless you are planning to stay long term. Anybody who bought real estate in SD in 2014 or 2015 is an idiot.
Many of the people who will be laid off have enough funds to survive for some time. In addition, they will get severance pay. So I don't think everybody is going bankrupt quickly.
Housing is already too high here
negative sentiments along with less buyer pool and impending rate hike would unravel
Don't forget 2009 crash
It'd happen again but reasons would be different
When the crqsh happens rich folks benefits the most be it housing or stock
It will take some time for the impact to real estate to be felt, but the SD market is clearly way too high and I feel a correction is coming.
Anonymous123609: Neither agree or disagree..I am not too familiar with overall SD economy so can not argue your point, but I think you will agree that their will be some impact at least in Qcom dominated communities, Lets say if 25% Qcom employees in RB area looses their job and 1/4th of them has to sell houses asap( not a fire sell,just very motivated sellers ) for various reasons, how much extra inventory it will generate and how real state dynamic will work out in RB area? enough outside economy to soak up this inventory with no/minimal dent on pricing? Thanks for good discussion.
Anonymous123569: Qcom may not be largest employer but Layoff effect lot more than just the folks losing job, QC is one of the good payer and SPENDER in SD and its downturn will have decent impact if their is no other thing to offset it..( look how many local businesses will be impacted, no new QCOM generated buyers,general sentiment..etc..it all adds up )....
Anonymous123569 - large layoff for qc, but not for san diego. q is not even the biggest employer in town. we can agree to disagree. time will tell.
@Anonymous123546 you are Such a narrow minded laid-off fcker.
It will crash 15% by early next year, many other lay off coming, np sacked 250 positions recently
@Anonymous123562: Disagree, real state prices are very much affected by sentiments,fear and emotions.. large layoff will have big impact on some Qcommers dominated communities ( don,t know which and how much...)
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most people are dual income
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most people will have enough in GTFO money to carry them through months of payments
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most people will find another job
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not all employees live in one area of san diego
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not all people own
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losing your job != losing your house
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most people have the common sense to figure out how to make it through tough times.
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if people do sell, not all houses will go on the market at the same time causing a spike in inventory that would result in a drop in price.
anybody who thinks the housing market will be impacted in any significant manner is a moron.
Anybody who thinks that the housing market won't be impacted is naive. Is a barista at Starbucks going to be able to afford a single family home in Carmel Valley?
Rates will ease up slowly. again, a "crash" is highly unlikely, maybe a dip in pricing in some areas while others will slow their appreciation.
My advice is to learn how to spell. Advise is a verb; advice is the noun you were looking for in your post.
What if rates go up? Fed needs some dry powder (headroom) to move rates down to fight the next recession
It won't crash, like others are saying it'll take a temporary dip, and you'll be losing some bargain power with the buyers and potentially have to fix more stuff and/or take on discount counter-offers.
RUN FOR THE HILLS! SELL NOW! ABANDON ALL HOPE! MOVE TO TJ!
A housing market "crash" is very unlikely. Maybe a 2-4% dip in some parts of Mira Mesa. The rest of San Diego will not be impacted. Population of San Diego is over 1,000,000. Out of 2-3k people losing their jobs, most are dual income. Many will find another job in San Diego. you may get a few hundred selling and moving out. Not enough to have any significant impact on housing at all.
Unless you are planning on selling soon, why do you care?
Yes, don't be afraid.