In short, prices and interest rates continue to climb, sales are mixed because of low inventory and more new real estate agents are entering the field as the rebound continues.
The San Diego Association of Realtors and the San Diego Daily Transcript gave a recent update on the local real estate market. This is what they had to say.
There is a lot of pent-up buying energy out there because many people have been sitting on the fence for the past 6 years following the sharp fall in both home sales and prices. People buy on the way up - as prices have started to increase, buyers are coming out to buy.
Approximately 30% of the transactions are with all cash. Therefore, first-time buyers and others who need to obtain a mortgage loan are slow to get in. With only a 5% vacancy rate for rentals, rents are also increasing, thereby increasing peoples' desire to buy a home and fueling their desire to buy investment properties.
Since lenders are still making it tougher to qualify for a loan, one must have a solid job, with solid income and solid financial reserves. Experts believe that qualification requirements will ease in time.
Market Update: Home Sales and Home Prices
Year over year (May 2012 to May 2013), prices in San Diego are up 22.6% for homes and 32.8% for condominiums and townhomes. Homes sales, for the same period, are mixed: 10.2% increase for homes and 14.3% decrease for condos because of the low inventory of condos and townhomes for sale.
Month to month prices are up significantly in San Diego. Homes are selling 13.6% higher and condos are up 5.9% from April 2013 to May 2013.
As the real estate market continues to improve, many new agents are entering the market.
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Mark Harbaugh, J.D. has been a licensed REALTOR® in California since 1998. He is a real estate Broker, holds a Bachelors Degree and a Law Degree.Since 1998, Mark has been providing expert representation to buyers and sellers of homes, condos, multi-unit properties and multi-million dollar estates. His clients include friends - old and new - colleagues, professional football and basketball players, original founders of Fortune 500 companies and other high-profile personalities, who value their privacy and anonymity. Mark has also consulted Nationally and Internationally with many interested in buying and selling real estate.Mark can be reached at 619-246-2860.Email: markonthemark@gmail.com
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