Buy or wait out the SoCal Market

[Brynn H.]

Hey all,  the question is, should I purchase in the current SoCal market, or rent in the meantime, save money, and purchase when it becomes less expensive to purchase a property? The trick is, I need to live there in the meantime too.

Background: I am an officer in the Marine Corps, I'm moving back to Camp Pendleton soon and was looking to purchase a property near Camp Pendleton but was disappointed when I saw all the recent prices. I don't have a lot to use as a down payment, but can use the VA Home Loan so that isn't much of an issue. I wanted to buy a place that I could hold onto for the next couple of years, leverage against to spring into further investment properties, and eventually rent out when I move on. My problem is the current market.

I am looking to purchase around Carlsbad, Oceanside, Encinitas, or San Clemente and Dana Point. I can afford a mortgage/property costs around $3k/month. Help please and thank you!

[Caroline Gerardo]

Dana Point and San Clemente to have the payment under $3000 including tax, insurance, HOA isn't possible. Cheapest condo is $570000 $3078 payment $1241 tax and H06 insurance + $400 HOA. There are condos in San Marcos for $400000. I would caution you that condo is probably not that great of an investment given how crazy fast values increased the past 14 months. To find single family in your price range, it's inland. I think driving on Ortega Hwy or 76- via 15 to inland communities (Canyon Acres, Murrieta) makes the commute long and again maybe not a long term gain on value. You are moving with children?