My wife and I currently rent in San Clemente and have been thinking of buying a 2 bedroom condo for under 400K that we can rent out later once we move out of CA. Any suggestions on which markets are good in San Diego north county or South Orange county? I think SD is a bit cheaper but does Orange county has a greater chance of appreciation?
In northern San Diego I like san marcos area the college will always provide a source for renters. I work in northern San Diego and a lot of people live in temecula and Murrieta because it is cheaper not real sure what the rental market is there but worth a look. You maybe able to find something slightly cheaper and larger or possibly a second property, a SFH or a multifamily so you can start profiting right away. Good luck.
@Gaurav Bahal San Diego and south Orange County are probably pretty much the same as far as pricing. Of course, it all depends on how close to the beach a property is. If you're willing to go a little further inland, prices go down. At the same time, demand is always higher for beach close properties, which cause higher appreciation. Finding something closer to the beach also gives you opportunity for a vacation rental.
I used to live in Poway (north san diego) and moved to Temecula several years ago. Love it here!! In Temecula, you can buy a nice 3 bedroom or even a 4 bedroom home for $400, so if you want a condo, you will be able to get one for quite a bit less.
The rental market in Temecula is excellent and only 35 miles on the freeway to the Poway area of San Diego. I work in both markets: both rent well and quickly. Cost of entry in San Diego is much higher, but then again, so are rents.
I would focus on areas in San Diego with good schools- This keep the home values and rent values strong. Temecula has excellent schools and so do several areas of San Diego, such as Poway school district.
Temecula is growing rapidly, and being situated between SD and OC will continue to fuel strong appreciation. (In my opinion) Happy NEw Year!
If still looking you will be challenged with rampent appreciation and aggressive listing agents pushing buyer's agents to get their buyers to make offers above asking price. Don't make the mistake in using the listing agent as your buying agent... As it will be a costly mistake. You will need to be patient, and stick to your guns in reviewing comps and not paying too much. This market is extremely volitile... Be careful.