Is Now a Good Time to Sell Your Home?
There's good news in San Diego County for homeowners who have been thinking of selling their homes. According to the latest statistics, the average time for a home to sell in the area is approximately three months. The national average is around 5.2 months, making the San Diego housing market hot right now.
The median home price also rose slightly to $465,000 and home values increased by 4.3%. Many leading experts are expecting home prices in the region to continue to increase as supply cannot meet the current demands. With summer here, area real estate agents are encouraging residents to consider placing their home on the market while sales are so brisk. Many families use the summer season to find a new home and move while school is out.
San Diego consistently remains on the list of most-loved cities across America. Among the many reasons for its popularity are the weather. The weather is almost always a pleasant 70 or 80 degrees. It's also listed by Forbes as one of the best beer cities with local brews like Coronado and Stone. San Diego is known for its culinary diversity with fresh seafood and fish tacos at the top of everyone's menu. The San Diego Zoo is one the best in the country and everyone looks forward to the annual Comic-Con Convention. Of course, the beaches are amazing and the housing prices are very comparable to other major cities.
These are just a few of the reasons why thousands move into the area each year. The housing market seems very stable at the moment with only 7.7% of homeowners experiencing negative equity and 3.3% homeowners reporting mortgage delinquency. These numbers represent about half of the national average, indicating a healthy market for both individuals and investors. With interest rates still at an all-time low, there's really no reason not to take advantage of these positive factors and buy a home in San Diego.
A Continuing Lack of Affordable Property
Goldman-Sachs has reported that they believe that the housing market is being held back because owners aren't sure whether they will be able to find their dream home in an affordable price range. For that reason, homeowners are reluctant to place their homes on the market, and are instead, renovating to add the extra space and amenities they need. The San Diego Association of Realtors says that there were 6,386 active listings in April of 2015.
Home builders have acknowledged the lack of fairly priced homes in San Diego County but are still nervous about the US economy. Some forecasters are predicting another major stock market crash in the near future.
San Diego Real Estate Market Statistics for July 2015