San Diego leading the way!

I must admit that America’s finest city is also America’s most sensible city. While home prices reached unpractical levels, especially in the condo arena, San Diego is coming to the realization that these prices are unsustainable and unwarranted, thus the record home inventory we see today. While still pricey, a home in San Diego County is much more bearable than Orange, Ventura and LA counties. Sellers in these counties have simply ignored the “birthing pains” of this inevitable bubble.

Many-a-days I sit down open up my laptop a scroll through many real estate sites and notice that San Diego sellers are chopping prices; $675K to $629K to $599K…etc. While the prices are still high, this signals a change in the mindset of the typical seller. Sellers in LA, Orange, and Ventura counties have yet to acknowledge this reality. They simply don’t get it! Record inventories, higher interest rates, higher gas prices and a recessive economy has made only a minor dent in the thick skulls of these myopic sellers. Homes in these counties that have been on the market for over 6 months have only seen minuscule price reductions.

I ask my fellow buyers in these counties to also hold off buying in these ridiculously overpriced areas. If you don't do this for yourselves, do it for your children and grandchildren who may never own a home if this ludicrous behavior is allowed to continue.

Remember this word to the wise: What’s the use of having a home if you’re never at home to enjoy it and spending all day at work trying to pay for it?