WOT: buying a new 901, real estate in San Diego - buy or rent? |
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WOT: buying a new 901, real estate in San Diego - buy or rent? |
siverson |
Aug 8 2004, 02:57 PM
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#1
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Advanced Member Group: Benefactors Posts: 2,448 Joined: 5-May 03 From: San Diego, CA Member No.: 654 Region Association: Southern California |
Way, way, off topic, but I'm about to make a pretty big decision (for me), and I'll always listen to free advice (may not follow it though... (IMG:style_emoticons/default/smile.gif) ). Anyways, I'm about to buy condo #901 (<-- only 914 tie in in this entire thread!) in a building in downtown San Diego.
It's expensive. I can afford the payments on a 30y fixed and have 20% down, but I'd hate to see my 20% down payment go poof if the real estate market crashes. And we're due for a crash - it's been gaining 20%+ PER YEAR for the past several years. What's your crystal ball say? Buy now, or continue to rent and then buy when it all comes crashing down? -Steve |
bernbomb914 |
Aug 8 2004, 03:34 PM
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#2
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one of the oldest Farts on this board Group: Benefactors Posts: 1,873 Joined: 29-December 02 From: Temecula, CA Member No.: 36 |
It doesnt make any differance what the market does in the short term as long as you can maintain the mortgage payments. The market always rebounds and you have the privilage of living in your own home. the people who were renting over the last 5 years lost the value of growth of equity. which in San Diego was a lot of money.
Bernie |
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