Home Prices in San Diego Have Been on an Increase Streak

Are San Diego home prices going to continue to rise?

Is the San Diego real estate market stabilizing? Though no one can say with any certainty the data seems to suggest that for a significant stretch in time the San Diego real estate market saw a sustained increase in prices. most of this probably can be attributed to the tax incentives offered on the federal government level and also the state government level.

On the other hand now that most of the incentives for buyers to purchase a home, the price increases will more than likely come to an end or diminish to minute levels.  Buyers took advantage of several factors, such as low interest rates, low home prices and tax incentives, thus pushing home sales up.With more buyers than inventory lots of properties saw multiple offers thus small bidding up wars were created.

More importantly these properties which received multiple offers appraised. This is a huge improvement from years past where we saw home after home appraise for less and less. For the rest of us home owners this is even more fantastic news because we’d like to see our home values stop dropping.

As with all real estate news it’s not all good news. This same data also showed that the rate of price increase slowed to a very minuscule amount in the month of July. This could mean that our 14 month streak could be coming to an end. For buyers still looking in the end of the 3rd quarter, and into the 4th quarter, this could be great news.

For sellers on the other hand this could be a sign to maybe move a bit quicker on listing their home. The 4th quarter typically means a slow down in activity and the amount of actively searching buyers in the market place. The holidays of course, also affect the amount of activity in the San Diego real estate market.

My advice to sellers is if you need to sell, get motivated because we’re more than likely heading for a small price decrease. For buyers, my advice is to keep on looking in the 3rd & 4th quarter because you might be able to get an awesome deal on your very own piece of San Diego real estate.