So, Is It A Good Time To Buy?

Are you hurting your chances to buy a home in San Diego by waiting? Can you afford to gamble with your mortgage rate?

I get this question quite often about the San Diego real estate market. Though the housing market in San Diego has seen it’s downs and despite all of the things you hear about the national housing market San Diego’s real estate market is getting better. Some of the latest statistics and data show that San Diego has seen it’s bottom and is on a steady and realistic road to recovery. As recent as this week Forbes magazine ranked San Diego’s real estate market #5 out of 315 markets studied. As for foreclosures, notice of defaults were down 34% in 2010 compared to 2009 and foreclosures were down 14% in the same time period.

The market is a changing and buyers should asses their own situation. A buyer should consider looking at specific area data because in some zip codes it’s not as bad as the media makes it to be. In some areas they’ve seen double digit appreciation and others have seen the opposite figures.

Is it a good time to buy? Probably one of the best times in the history of real estate in San Diego. The decision of course is up to every individual but for a quick shot of San Diego’s real estate market take a look at this chart. Think back in time and I’m sure you’ll remember some of the figures in this chart. Price isn’t the only thing buyers should concentrate on.

It might pay big to do the math.