San Diego Real Estate Market Bottom?
Sure San Diego real estate sales are up, but, San Diego home prices are off double digits from last year. Plus, last year was a terrible year for real estate!
With the federal $8,000 1st. time home buyers credit and the California 5% – $10,000 new home buyers credit, if San Diego and California home values do not bottom soon… fasten your seat belt for large drops in fall/winter.
Millions of baby boomers are looking at delayed retirement and pension and savings shortfalls. They are reaching the age where they become net home sellers, not buyers. This is also not an environment in which one would expect housing prices to take off.
Homes do not appreciate automatically. A lower median price in a market does not imply that those homes appreciate. Japan experienced 12 years of declining realty values, and Japanese consumers had higher savings and lower debt levels than our current population.
downtown San Diego real estate
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I believe a lot of people who purchased with subprime loans and were not really qualified have to accept the inevitable consequences and perhaps build up their savings and credit while renting until the next purchase opportunity.
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This is why I know housing is nowhere near bottom. There’s still people like this who believe housing can only go up – any downturn is just a hiccup. Heck, genius Cramer even called a bottom in 2007!!!
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