Interesting News Concerning San Diego Home Prices.

Will you pay more for a home if you wait longer?

Have you been wondering what’s going to happen with home prices here in San Diego? Well I’ve been doing some research into this very popular topic of conversation as it is often one of my most asked questions. From what I’ve been reading and hearing it’s projected that home prices will stay level throughout the rest of the year.

Other factors that are sure to affect home prices next year is the stoppage of foreclosures by many large financial institutions. Though California wasn’t on the present list of states where banks will be doing this you can rest assured that once litigation begins, and it will, regarding the legality of some of these foreclosures California, being a state with a large amount of homeowners facing foreclosure, will find a way to be included in this foreclosure review.

As for next year home prices are expected to rise slightly to the tune of about 2.4% or so. Though this might seem like a small and insignificant amount if you’re looking at a $500,000.00 home this could mean an increase of just over $10,000.00. If you’re a move-up buyer in the higher ranges that small percentage increase can really start to add up.

Most agree that people in the real estate industry are the most optimistic but the general consensus is that the figures are fairly accurate. Once again we see more data that substantiates that the time to buy a home is now. Not everyone is ready to buy and that’s okay because buying a home is a major commitment and given San Diego’s real estate market’s recent history some buyers are and will continue to be hesitant. If there’s one thing I try and avoid a client from going through it’s buyer’s remorse and that’s why always tell my clients that I don’t want them buying a home a second earlier than they’re ready and comfortable doing so.