San Diego's real estate market looks like it's on a solid foundation as 2015 gets underway.
The double-digit appreciation may be gone, but the buzz in the real estate world says it's a healthier economy which should mean brighter days ahead for the housing market.
Chris Anderson, the 2015 president of the San Diego Association of Realtors, says the real estate market has stabilized.
Single-family home values went up nearly 5 percent in 2014, while the number of homes sold in the county went down.
"Our interest rates were really low, yet because we have such a crunch on our credit for our buyers … we just didn't have the movement that we expected," said Anderson.
She says 2015 will be the year interest rates creep up a little.
"But that will give us the balance, so that we can keep the appreciation down under the double digits like we did this year and that's healthy," she said.
Expect prices to climb again this year, attracting interest.
"It usually causes buyers to flood our market because they want to get in while they're still low ... and so we will probably have more sales and that will cause a little more appreciation," said Anderson.
She cautions first-time homebuyers not to sit on the fence trying to save up more money even if they have enough for a down payment.
"If you waited one year from '13 to '14, you're paying about $30,000 more for the median priced home ... you can't save 30,000 in a year, so buy now and you can catch that appreciation," she said.
Despite historically low inventory with just 8,000 homes up for sale, Anderson says job growth will be a key factor helping drive the housing market as first-time buyers move in and existing owners move up to bigger homes.
According to real estate tracker CoreLogic DataQuick, the median priced home in the county was $462,000 in November.
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