San Diego North County Real Estate Sales
San Diego home sales drop to a level not seen in eleven years! Keep in mind I’m talking about the volume of San Diego County residential home sales. Actually, San Diego home prices have been holding up pretty well, but recently have also started to soften. Keep in mind that when home sales slowed down and both individuals and major builders have properties they want to move, it’s inevitable that asking prices and actual home selling prices soften.
Just like in the stock market, when home prices soften the question always comes up whether this creates a buying opportunity, or perhaps marks the beginning of a major price slide. As individual real estate agents, we cannot really forecast with any accuracy the short-term trends of our local San Diego real estate market.
San Diego North County Real Estate Sales
I would venture to say, that if you are at a cocktail party with a half a dozen economists, and ask them their opinion on the direction of the local San Diego real estate market, you would most likely get six different widely varying outlooks. Plus I’m sure they would all be back by sound rational thinking. The only problem is, I’ve seen many market tops and many market bottoms over my three decades plus career in real estate, and I can say for sure no one can actually accurately predict these tops and bottoms in advance. I believe it’s pure speculation to even try to accurately forecast the movement of our local San Diego real estate market because it is dependent on so many variable factors.
Now, there is an exception to this, and it’s not for the speculator or the real estate investor, but for the average San Diego homeowner. Yes, if you’re young married couple planning to buy your forever home, and you’ve talked to your legal and tax professional, in many cases you may find out that it’s a much better investment to purchase a home than to keep paying high rent rates.
Naturally, were talking about people that are going to hold onto their home for many years, and I think if we look back over the price of residential real estate in San Diego you’ll see that over the long term home prices have always moved up. So if your tax advisor has said that it’s more advantageous to own then rent and years planning on staying put 5 to 10 years or more, buying a home in San Diego is really not that risky.
If you like further information here’s a link to an article written by a major San Diego real estate appraiser on his opinion of the San Diego real estate market . San Diego home sales
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