**up to 750k, the vast majority of SoCal houses are over that
*** “there is no life west of the 5”, especially in Mandiego
**** preferably North of the semi-annual TJ sewage spills that affect IB/OB/Coronado
I’ll reup my recommendation for Piggington’s Econo-Almanac
The vast majority of the residents here don’t go into the Pacific. People are buying for the ocean view and beach proximity, not because they are swimmers and surfers.
An Exxon Valdez sized tanker full of Diarrhea from TJ could run aground on Mission Beach and it wouldnt effect home prices there more than 10 minutes.
Can’t figure out what zip codes are represented by "San Diego " on Pigginton. Escondido, La Mesa, El Cajon certainly skew the data as it pertains to my recommendation to buy coastal.
He’s sampling the county, not a specific code. Which admittedly has a distribution, but it’s much narrower now than it was 2/3/5/7/10 years ago.
i’ve met and talked to a LOT of people in my life. never has anyone ever said to me “hey you know what city has really great weather? bend.” not once.
The rain and cold mist in Bend is to die for …
You need to get out more. 
I know several people who have relocated there from Southern California who rave about it. "It’s on the dry side of the mountains, so it doesn’t rain like Portland, the snow doesn’t accumulate on the ground, perfect mountain biking, golf 8 months a year, " and other such nonsense.
Have heard similar things from people who moved to Denver area, especially "it gets more sunny days a year than L.A. "
I could have picked better examples but those are what popped into my head.
Idk, when I see my old 2-bedroom apartment in LA going for $4,000/mo, my mortgage looks pretty damn good. No nightmares here. But that rent would definitely give me them.
Saw the 3 places I call home on this thread so have to chime in. SoCal native (Redondo & Carlsbad). SoCal will always have folks wanting to move there for the weather and the fact your house will appreciate over the long-run. I will be watching for any “bubble bursts” and so will millions of others and that’s why I don’t think there will be a big correction like in ‘08. I need to see at least a 40% dip from the highs before buying back in at the current rates.
I lived in southern Baja for 10 years and the weather is nothing like SoCal as mentioned by someone earlier. Summers are brutal and hurricane season will have you in disaster watch at least 3x a year. Prices have gone crazy there as well with a lot of the remote workers moving down there. If you want similar weather to SoCal in Mexico, check out Ensenada. All of my Mexican neighbors talked about Ensenada being the promise land similar to Americans feelings about San Diego.
We moved to Bend 3 years ago and I love it. Not for everyone. Enjoy the seasons. Crazy appreciation to the point I’m hearing people considering moving back to California because prices are almost to the same level. I may not be able to get something comparable in Carlsbad but could get something it in the foothills of Vista. Btw people from outside of San Diego consider east of the 15 as coastal. I’m in that boat now.
hey a bender! how’s the weather in bend?
Where are you located? From personal experience local banks and especially credit unions will be the best on these. Not super quick, but not as much documentation as a first mortgage.
We took the kids to Legoland and spent the long Juneteenth weekend in Carlsbad and the weather was perfect.
Haha. It actually is nice. Seems like everyone from the rainy side of the Cascades wants to move here. It was Palm Springs hit the last few days, but it’s perfect today. I used to get cold in SD and Cabo when it was in the 60’s. As long as it’s sunny here I can get by with a t-shirt in the 50’s. Like someone said earlier, it’s not “gloomy” the way people associate Oregon.
fascinating. learn something new every day.
That rent would make those here on the mortgage thread quite happy😬
Fellow hackers, any recommendation of banks for Home Equity Loan? I have pretty decent equity at my 2nd home and want to tap into that, I need a lump sum amount so HELOC doesn’t sound like a fit. Have some RSUs but market is not good for selling so decided to hold. My DTI is around 40%.
Fwiw, Many HELOC products allow you to take draws with a specific fixed rate that applies just to the draw itself, while keeping the remainder of the line open/available at a variable rate.
A friend is at the tail end of originating a HELOC with Bank of America (and she’s doing an initial fixed-rate draw at closing, for which they offer a rate discount… and the more you draw at closing, the lower the rate).
They’ve been glacially slow, but they were very upfront about timing expectations when she applied. They had the best deal for her needs.
We have HELOCs with Chase and DCU. (I don’t believe Chase is doing them right now, though).
Both of these were disastrous origination experiences from a customer service perspective, but I chose them both based on price (after closing, it’s all that matters)… so I put up with it.
It took 2.5 months for me to close on my HELOC via Tower Federal Credit Union (applied in April, closed in June). I big appeal was that Tower paid for all closing costs with the condition that I keep the HELOC open for at least 2 years, otherwise I’d need to pay back all the fees). I don’t think I have any kind of fixed rate lock option (though I need to review the fine print), just prime +1.00%.
I’ve yet to tap the HELOC yet, and with interest rates rumored to be going up again (well, almost guaranteed really) I’m hesitant to draw from the HELOC at the moment.
Some of these tips may be “no shit, Sherlock!” tips, but others less informed about HELOC’s might find it useful.
Thanks @trism. BoA requires to keep the HELOC for 36-month which is a bummer. I only need money short term and keep paying (high) interest when I no longer need the fund is not ideal. I read that although you only pay interest when you draw money from HELOC, you still need to pay minimal interest monthly. Am I assuming correctly, this is my 1st time doing this so sorry of this question has been answered before.