Purchasing
- Your first home
- Your next home and move
- An investment property
- A vacation home
Refinancing
- To tap your home equity
- To save money
- To avoid rate increases
- To lower monthly payments
Home Equity
- Loans and lines of credit
- Finance major expenses
- Consolidate Debt
- Invest
The San Diego Market
San Diego’s
real
estate market has been relatively
quiet for the past eight months. Realty
Times columnist Carla L. Davis
provides current statistics regarding
the San Diego market in her July 20,
2006 article, “Market Conditions.”
Downtown San Diego’s average listing
price is $1,010,793, but there is still
some good news available. “Experts
note that there are three times as many
homes on the market now as opposed to
last year -- as many as 22,600 listings.
That's quite a selection -- good news
for buyers.”
A realty
expert adds, “Many buyers
have been sitting on the sidelines,
while sellers begin to realize that
the top of the market appears to have
occurred some months back. Both sides
of the equation are now realizing that
the market has shifted to one that favors
buyers and that rewards sellers who
understand market conditions and price
their property accordingly."
The market stall appears to be lifting
to favor both buyer and seller if you
are educated and patient. The California
Association of Realtors has reported
that although prices rose quickly over
the last few years, appreciation rates
are now getting back to normal and “healthy.”
Although both ends of the spectrum can
begin profiting again from the market,
San Diego is becoming a buyer’s
market once again. Sellers
have to be careful but can still
profit.
“Buyers are being more choosy,
which means sellers will need to have
their home in pristine selling conditions,
and be willing to make certain concessions.”
Overall, the San
Diego market looks to be heading
in the right direction to profit both
home buyers and sellers.
“And as prices normalize, affordability
will become less of a road block for
some would be homeowners. San Diego
had consistently low affordability rates
over the last two years. December of
2005 was 9 percent, meaning only 9 percent
of the population was able to afford
the median priced home.”
The buyer’s
market San Diego is going to experience
should drastically increase the affordability
percentage by December of 2006.