One of the biggest mistakes I see people make is hesitate to buy because they think prices are too high. I’ve literally seen people miss out on creating a ton of wealth because of this. *insert rolling eyes emoji*
There’s no trick.
In areas like San Diego or any location near the ocean, values will always go up and nobody rings a bell at the top or bottom. I’m not a fan of condos so these don’t apply (or new construction projects which tend to be built in boom markets and sell for BIG prices) but anything from an older house to a large apartment building in a historically desirable neighborhood you could overpay for today and be laughing to the bank in 5 years wishing you bought more. This is true if you look back several decades with the exception of a couple debacle recessions which are extremely rare.
In a strong fundamental submarket like San Diego, buy NOW if you see something that “makes general financial sense” and doesn’t fall into the condo or new construction field.
And for Pete’s sake, don’t buy a house for solely an investment purpose. Buy a home to live in because you love it and you can see yourself live there for 10 years minimum.
Wednesday wisdom from The Apartment Geek.