Market in SoCal is still nuts. Hope it stays that way for another couple months!
Have my house here I had Mom staying in (moved her in when wife relocated to San Diego for a job move). Unfortunately she passed away in late February. I locked up the place and let it sit for a couple months, with plans for the wife and I to likely move back in this summer. Then, suddenly the old lady comes home one day six weeks ago and asks "want to move to AZ?" Her company asked if she was interested in a transfer to their Tempe office. Of course, I'm all in. After all these years stuck in Kalifornistan, I finally have the opportunity to go home. So we are pulling up stakes and getting out of this hell hole. Leaving a great job I've had for 26 years, but this opportunity may never present again unless I wait it out until retirement.
I recall back in 2006 and 2007 everyone was telling me to buy. "Great investment...houses going up 10% to 15% every year!"
One of the best decisions of my life, I left my money in the bank and did not buy. I was at that time looking at homes well over an hour away from work which were going for $500k to $600k, and were "fixer uppers". I thought "this is insane, who can afford or would want to do this! I'm not spending $500k on a fixer upper!" I did not buy.
Then the crash. When I thought the time was right and I could actually afford a nice move in ready home, I went looking again. Bought in November of 2009. Did not quite hit the bottom of the market, but was not off by much. Bought a nice move in ready home at $430k.
Here now almost 13 years later as I rush to get house emptied and on market at the end of the month, house looks to go somewhere in the $850k to $900k range. Owing less than $350k I'll be walking away with a nice chunk of change.
We will be looking to buy in AZ immediately, but am going to leave a good chunk of that money in the bank to hedge my bets. Should the market drop big again in the coming year or two, I'll be looking to buy a 2nd place as an investment property. Very happy to be selling now. Not so happy about buying now. But will leave funds on the side to pull the trigger on another place should what I fear is coming actually happen.
