The San Diego Real Estate Landscape for 2013
The national media can make it very difficult to make sense of what is going on in local markets but as you no doubt already heard; when it comes to real estate and buying a home it is all about “location, location, location”. No matter how you look at it the numbers clearly show that San Diego is not only at least the 2nd healthiest real estate market in California but is currently carrying the Olympic torch of the country’s housing rebound. While other cities are still mired in new foreclosures the San Diego real estate market has seen an almost 50% drop, with distressed property sales now making up a tiny fraction of transactions. At the same time less inventory, short marketing times and high demand has been pushing up San Diego home prices fast with the hottest zip codes seeing increases of 30 to over 100%. These are all trends CT Homes expects will only continue through 2013. However, the popularity of local property is certainly bringing its fair share of challenges to those looking to buy a home. The competition for the best properties can certainly get furious real fast today. Still, we are seeing great prices on many incredible San Diego homes, providing easy entry to the luxury market while there continues to be many surprisingly affordable opportunities for getting into great neighborhoods and locations, even on a tighter budget. For those who want to land a great house deal it is all about being wired into get updates on hot new listings, staying alert to market trends and being prepared to move quickly with liquid funds and a mortgage pre-qualification letter in hand.
What’s really going on with San Diego real estate and where is the market headed in 2013?