Low interest rates and the approaching Spring buying season seem to be re-energizing the San Diego real estate market. Real estate website Trulia pinpoints the neighborhoods of Rancho Bernardo, Pacific Beach and Carmel Valley as leading in popularity for area buyers. But those entering this real estate market have concerns.
One of them is the health of the long term market. Arturo Soler, a veteran in San Diego real estate and owner of ARSO Real Estate Premier says many are asking if the market is indeed, going up. “They will ask me if the market is improving and if its true prices are going up.” The answer depends on what time periods are being compared. In the period from October 14, 2014 to January 15, 2015 for example, the median sales price for a home in the area was $449,250. That was an increase of 3.5% compared to a year ago. Compared to the previous quarter however, that price is down.
C.L. Vinson has been in real estate in San Diego County since 1990. She is a Certified REO/Short Sale Specialist and often fields questions about costs. “It is easy enough for people to see a price, but what they want to know is the monthly cost. With continuing low interest rates the market remains attractive. Overall monthly costs remain affordable.”
Real estate professional Sarah Davis is host of KPRZ radio’s “Your Home Matters” and has been named one of the Union Tribune’s Ten Best Realtors in San Diego for both 2013 and 2014. She gets questions about “the process.” She explains, “I get a lot of questions about earnest money and how to keep from losing it. I also frequently get questions about timeframes and how the buying process plays out.”
San Diego’s Chen Hao real estate, Feng Shui and fine art company, 787 Inc. gets most of his questions regarding location. “Buyers want to know about the area schools and the safety and security of the area. Location is still critical.”
With the average price of a home in San Diego now at $744,685, the market is challenging to enter. Where it is going is a matter of the time periods being compared and what real estate professional is being asked.