What's Important to Know About the San Diego Housing Markets
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I think as consumers that much of your interest seems to be about what is happening to housing prices. We see reports where May prices dropped after increasing well over 4% in months prior.
Then we read in the local paper that prices are continually rising and exceeding the highest prices set at the peak of the market escalation in 2006 and 2007, just prior to the market crash.
How can both of these things be true at the same time? It depends on what you read and exactly what part of the market the report applies to. Prices have been going up for quite some time and occasionally corrected in other months and the market seems to be continuing the trend. But I would put this caution out there. As was proved so many times before, real estate markets are cyclical and prices rise and fall with general trends over the decades with overall sustained increasing values. To understand that, are housing prices higher today than they were in 2005. Were 2005 prices higher than in 1995 and those numbers higher than 1985? Yes. Cyclical but ever increasing over time. Will that always be true? No one can answer that and your guess is as good as any one elses.
There has been a lot of discussion about the Fed raising rates this year and the likelihood that home prices will go down because of it. Isn't this just speculation for the stock market? The Fed doesn't set market interest rates for mortgages, they set short term and overnight interest rates for banks. And while it was usual for Bond prices and the stock market to move in different directions, this year they are moving in the same direction at about the same pace. In other words, things change and we are seeing that as the housing market continues to out perform the best of guesses.
Here is what I suggest if you are a Seller and planning on putting your home on the market. Put your trust in a good real estate professional and talk about what is happening in your immediate local neighborhood market. That is the part of the market that should be most relevant to your questions about market conditions and pricing.
I specialize in the San Diego market, specifically the I-15 Corridor and all the communities that border it to the South to Balboa Park and North to San Marcos. Within this area of the county, there is little consistency or the exact same patterns in these bordering communities. Each community has it's own mini market and the characteristics change from market to market and also seasonally.
If you are Buying, Selling or Relocating to San Diego and need help from a professional REALTOR®, give me a call or visit my San Diego Real Estate website and
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