San Diego County Foreclosure Auction Discounts
I posted this in the Gen Foreclosure forum as well, but I was hoping to hear from some boots on the ground, since I know SD and all of CA is an in person auction process, and it's hard to get sold price data from auction.com.
What are the discounts happening now at the El Cajon auctions? How does this compare to 3 years ago? How does it compare to what you'll expect to see in a couple of years once the correction (maybe) is in full effect? I'm really wondering if, since it's an actual cash buyer situation and most investors are taking a wait and see position, if there may be a deal for me to buy something to live in despite the market being near a top. I have cash and could buy a SFH decently discounted from the median in a good, not great area.
I'm moving out west soon, 95% percent it's to SD, as I have relatives/friends there, and it should benefit my business. I'm planning to rent initially, Bay Ho, Bay Park, Clairement West, UC, or someplace similar. I could go with a year lease or do something shorter, like an airbnb if i was planning to buy.
From what I've seen, with the lowered interest rates and lowered lending standards, cheaper inventory is way down and selling quick. But I did a search on zillow for recently sold in last year and some sold prices look pretty good; but I don't know if those were foreclosure sales or something else.