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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Skeeter Bug who wrote (3671)7/30/2002 11:53:00 AM
From: GraceZRead Replies (1) of 306849
 
Although my area hasn't appreciated quite the rate yours has, I feel pretty much the same way. I like my home. I like the fact that I paid a lot less then someone says it is worth. I also like the fact that I have 11 years left on the mortgage. If I cashed out, what could I get that was any better because all the houses have gone up. I don't want a bigger mortgage or any mortgage.

This is the thinking that is keeping supply down and the price of housing high. People own houses in areas where they can't afford to buy, so they don't sell which further constricts supply. The last time I went through this it pretty much signaled a near term peak, within two years everyone was complaining that they couldn't sell their house for what their neighbor got just 6 months ago. I don't know what it is that finally triggers the decline, a rise in interest rates or a recession....a rebound in the stock market. Needless to say it happens. I think its silly to try to time it, because these periods can last longer than anyone can guess (especially in California which is in its own little market).

I agree with you about San Diego. My sister used to live in Encinitas and I loved visiting her there. Now she's in Seattle which is beautiful for three months out of the year if you are lucky and almost as expensive. So I visit in Sept or August....but I wish she still lived in San Diego near a beach where the ocean is warm enough to swim.
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