expect lot of houses com in to market next few weeks. Prices may drop too. San Diego not many hi-tech jobs, so have to move out, better to sell rather than renting it.
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Anonymous118054, the people saying the "housing sky is falling" are most likely losers that missed out the housing crash of 2008-9 and have been a perma-bear renter thinking home prices will fall 40-50+% and expect that a good deal would be a oceanfront property in LJ that is 2600 for $200k. Unrealistic expectations that caused them to miss the best deal in over a decade between 2008-2011... When prevailing mortage+propertytax+insurance = rent price, why would you rent, unless you just don't have the downpayment cash + cash reserves. This goes to show that many engineers might be good at math and science, they sure suck when it comes to understanding money and wealth. That probably explains why many engineers get paid like shit.
Why better to sell than renting? Even if you believe that QC is on a long-term downtrend no matter what, there's still biotech in the region (e.g., Illumina) that will give some support to the rental market.
It would also be instructive to see what San Diego housing prices are doing relative to Orange County, since SD may be a retirement destination for the latter, also giving some support to housing prices.
Don't be simplistic.
By the way..your rent is overdue. Please add that 5% late fee surcharge to the check you cut me.
PositiveMentalAttitude, this is your landlord. The home you live in right now paying me a lot of rent for use to be your home that you bought in 2006. Unfortunately, irrespective of your job situation then, you made the bonehead move to take out a stated income alt-a loan, lying on your loan application to qualify for a home you really couldn't afford .. You did so without reading the fine print that the low monthly payment was only a teaser rate and that if you continued to make that minimum payment on that you were going to definitely negatively amoritize. But because you were too stupid to understand this, and since the banks weren't required to disclose it, you signed the loan docs anyway without understanding. Your stupidity along with many others equally financially stupid is what drove home prices high back in 2006 because it was so easy to obtain free loaned money...your dog probably could have qualified. Unfortunately for you, the arm loans reset, you were stuck with ballooning payments, and then many of you credit worthless couldn't keep up with your mortgage, creating a situation in which banks had to either foreclose on you or you had to sell short at steep discount. Fortunately for me. This created a perfect but opportunity for financially strong and responsible people like me in which I bought your homed at 30-40% off with cash...all the way back to year 2000 prices. And then refinanced then into ridiculous 30year fixed rate loans at 3.5% snd lower...loans that only well financed and well qualified peiple like me could get. These ratrs well below the average rate of return of any investments.but you were shut out becuase your credit was shot and banks didn't want to loan to you. You had to rent... I now rent to people like you with a positive cash flow of 8%, becuase people like you are stuck renting because you can't get these awesome loans while your credit is shot. And now that prices have been reaching peek prices again, even more people are having a harder time to qualify to own, pushing rent prices up even further. So while my carrying cost of keeping my homes is going down, your costs keep going up, making it much harder for you to save a down payment for a loan, which is still very stringent for you to qualify for these days for you...but don't worry, enough of you will complisn that it's unfair that you can't buy a home with shot credit, so I am sure our government and banks will eventually relax lending standards again. And when that happens I am sure you will once again borrow money you really can't afford and overpay for a home you can't afford with mortgage terms you don't understand...again...and that will be the time I sell all my homes to idiots like you...again.... At peak prices again...laughing all the way to the bank...again...only to wait for a few years later, when you will fall behind on your mortgage payments...again..when at tjat time I will buy that short sales or REO from you...again..and rent the same home back to you.... again...rinse and repeat over and over ...again... But until banks relax lending standards and give you idiots the opportunity to buy at ridiculous prices.. I'll just keep holding on to my rental properties collecting your rent check while jacking it up ever 6 months or so...since I am financially well off along with most other people that bought recently under the strictest lending standards environment, while would I need to sell in a hurry when you renters do such a good job paying my rental mortgage, my primary home's mortgage, the maintenance on my BMWs, and help with contributions to my kids' 529 college savings account???
I just bought a place 3% down, with shaky credit, and paid more than 2006 prices. Totally stretched my budget. But housing only goes up, and all is well at work. So it'll be all good. The Fed has my back.
Hahahaha. 3-5% correction is nothing. Sell your house and pay more renting. Lo...hahahaha... Behst you should do though is get a heloc before you get laid off for emergencies. You won't qualify once you are job less. If you look at your house over s layoffs you are a financial moron
sell it by owner, so that dont have to pay agent commission like 5-7%
It will be great if we can do layoff in multiple small phases...100 head/day...Market is hot and houses and are selling in in hours.. so it should be doable. That way we prevent suddenly flooding market and give it some room to absorb inventory...
How to know if I will be affected? SM is stalling and not publishing list..I don't know if I am IN or OUT...very nervous!!!