Home values have always gone up and down. Unlike the stock market, as long as you hold on to your home, it will rise in value. Here is a quick look at the last 20 years of sales for Downtown San Diego. As the charts indicate, the peak of the market was in 2004 and on average, Downtown San Diego homes have appreciated over 7% each year. And while this is a small window of time, more comprehensive analysis supports these findings.
When the market was hot and prices were rising daily, the media pushed people forward, talking about how prices are never going to stop rising and that people should buy now. Today, as the market readjusts, the media has changed its stance and tells everyone to be weary about buying real estate. To me, it sounds like they were wrong in both cases.
Im seeing more activity and less inventory on the market. Multiple offers are once again not a rarity and while I dont see it becoming a sellers market for quite some time, I do see a shift. Ive said it before and I continue to believe it “ buyers who are looking today will get the best deals. As consumer confidence grows over the next year or two, sellers will gain more leverage and the deals will not be as great.
My advicestart looking now and see whats out there. Dont worry about the papers and dont just buy anything. Look for a deal and for something that will hold its value “ regardless of what inventory is being built. As one of my readers said, Your regular readers should really pay attention to your deal section…I think you are right on the money…I would have saved myself a lot of energy finding the deal of year just watching you site instead of doing the work myself.
Thanks to those of you who do read and subscribe.