San Diego Homes Are Selling Faster and for Higher Prices in April 2012
How we have all been longing to see our local markets expand. It seems we are turning the corner on the nightmare that has gripped our industry for the last number ofyears. I know that many of us are really busy trying to accommodate the new demands not only of the investors for the distressed properties but that resale home purchased with owner occupiers as well.
It is difficult to predict if this will be a permanent market change brought on with the ultra low interest rates and the opportunity of affordability but while we can't see into the cloudy crystal ball of the future, hopefully many pent-up buyers will finally realize their dream of owning a home by taking some immediate action.
I had written a post about the alarming increase in rents in San Diego and some have assured me that with a lot of new apartment buildings under construction in many of the local community and urban areas, it will calm the spiraling rental prices down when they become available for occupancy. I am not so certain that argument is 100% valid while I do have hopes that it is. In San Diego , the only market where I have specific knowledge, most of these new apartment buildings will be priced at current rental market prices. The prices have already increased dramatically and the demand is still great enough to absorb many if not most of these rentals. It will take a lot of apartment building and a decrease in demand to bring the previous argument into any sort of reality. So what happens in the mean time? Higher and higher rents and with inventory of homes and condominiums very low, prices are destined to increase on the supply and demand cycle and afforability for many will be stretched tighter. But at least there still seems to be good to excellent prospects for the qualified savy buyer this is willing to take action.
It facinates me why so many people wait until prices and interest rates rise before they take action. When is the right time? In the 23 years I have been in the business, I can't think of a time in that period when the opportunity was better than it is today. If I were considering a home purchase today, I would get with the top agent in the location of interest ( a call to me would be a smart move) , I will get you pre-approved for your financing and find that property fits your needs. I have one more suggestion for you that might be very helpful. Do it now!