What are your predictions for the real estate market in the San Diego California Area?
- Anonymous1 decade agoFavorite Answer
Your prior answers are just wishful thinking. The reality is that San Diego California real estate market saw its high point in the summer of 2005.
Since than, home values have been in decline! This is fact and NOT opinion! Now, many San Diego neighborhoods have had double digit value declines!
From the local San Diego Union-Tribune newspaper dated 3-18-2005 here are a few selected median home value drops just since February 2006 for resale homes:
Coronado 50%, La Jolla 15.6%, Pacific Beach 15.8%, North Park 15.8%, Ocean Beach 19.1%,San Carlos 19.1%
Keep in mind, the average San Diego median home price is over $550,000. So, a 15% decline is $82,500!!!! I you purchased last year, even with 20% down payment, your San Diego home could now be worth MUCH LESS than the amount of your mortgage!
With my take on the background of the current San Diego real estate market over, my opinion on the immediate future is that we are now is a seasonal sales pick-up, but, in a few months that downward trend will not only continue, but, their is a very likely chance that it will accelerate as the popular adjustable rate loans taken out in the last few years come up for their first adjustment.
Yes, San Diego housing values could easily be down 25 to 30% from their summer 2005 values by the end of 2007.
Based on these facts, only a fool would believe the industry line of it's always a good time to buy real estate.
For some great 'insider' articles on the San Diego real estate market, which I believe will apply to any of the hot real estate markets of the past five years.....visit:
- 1 decade ago
Great! just like the Beachs and Sunsets. San Diego is a good relocation for Retire People. Market should sustain the frothy bubble. You will enjoy your equity just make sure to keep your property updated and you should be fine.
HAPPY LIVING!Source(s): REALTOR AND HOME LOAN CONSULTANT SACRAMENTO,CA COLDWELL BANKER,CA
- villaverdeLv 44 years ago
I at present have a house on the marketplace some mile from the place many residences burned so I certainly have given this some thought. i think it could have a ability on the marketplace interior the quick term. you presently have around 2000 households who prefer residences and there are 2000 much less residences attainable. consequently, furnish is down and demand is up. I understand that many would be wanting to hire, yet others won't prefer to place their households in a inexpensive apartment property for the year or greater it is going to take to rebuild. consequently, concern-loose economics on furnish and demand says that the charges of residences will pass up.
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- kemperkLv 71 decade ago
It will increase more slowly for the next 3 yrs
as it will everywhere.Source(s): NAR and my own biz background