According to our San Diego Association of Realtors our real estate market for San Diego has stabilized.
In 2014 our home values for single family homes went up around 5 percent however overall home sales county wide were down.
Interest rates right now are still at an all time low. You can get a 3.25% interest rate for 30 years which is un heard of. With that said we can expect a surge of buyers flooding the market to take advantage of that interest rates, however they are anticipated to go up later this year which should keep the appreciation of homes in the single digits to balance each other out and keep affordability down.
Inventory is low now which means its a great time to sell your home as there is not a lot of competition and interest rates are low which creates the perfect storm for buyers to flood the market.
This time a year ago the median home price was about 462,000 and if you waited and not bought a home in 2013 the difference from 2013 to 2014 is about $30,000 dollars more.
We have also noticed that home prices today have reached in some areas the home prices of 2007, when the market was at its peak before it went down.
I always love to tell buyers and sellers the best time to buy is when your ready and the best time to sell is when you are ready. There is never a right time. You can only hope to buy near the bottom and sell near the top. This is the perfect market for that cause even though the home prices are up the interest rates are low so that makes it affordable.
Take advantage of these interest rates while you can and if your thinking of buying or selling please feel free to reach out to us for a free no obligation consultation and we can determine whether or not this is the right time for you to do anything.
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