San Diego real estate – Will Home Values Rebound?
The main fact that will keep a cap on home appreciation in San Diego and California is that the severity of our housing bust has clearly broken the myth that San Diego and/or California homes could never really drop. Once San Diego housing does bottom, it may be many years before we see any measurable, sustained housing appreciation.
San Diego and California are now experiencing rising unemployment and huge deficits, which have caused higher taxes, increased fees and cuts in services. This is not a conducive climate for home appreciation. Also once we bottom, there is the very real possibility that the Obama administration will push for a sliding scale of allowed tax and mortgage interest tax write-offs.
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3 Comments
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Real estate should always be thought of as long term investments. People who buy properties whether in San Diego or anywhere else must realize that the potential for loss is ever present.
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Tough times in real estate may change the San Diego conventional wisdom that you can never lose in real estate.
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San Diego is a great place to live, but all the residents here pay a huge weather premium in the value of their homes.
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