The real estate market, both locally here in San Diego, California, and nationally, is mixed. But, as the summer comes to an end, more and more home owners, buyers and investors are wondering where is the real estate market going following the recent run up in prices for many markets? Especially considering the end of the Spring and Summer selling periods.
Some markets are up while others have decreased year over year, as of July 2013. More specifically, all real estate markets are very localized - meaning they are highly dependent upon which area of the U.S. one is discussing, which city and even which area of any given city one is considering.
Most leading experts would agree that the housing market rebound is well underway because, overall, equity sales are up and distressed sales, including foreclosures and short sales, are down.
This point is more thoroughly analyzed in my recent blog, "California Real Estate Prices Soar - What's Next? What's Next for San Diego?" - that article highlights the point being made here.
It is important to know that, while the news has been inundated with stories of an exuberant and somewhat surprising recovery to some consumers and experts alike, not all real estate markets are on the rise. Either they have not yet began the rebound process (due to a backlog of foreclosures and short sales), they have increased in price and have leveled out, or some areas have increased and have begun to dip in price - at least temporarily.
In their RECOVERY WATCH MAP, one business real estate Website has launched an interactive map where home owners, buyers and investors can compare some of the largest U.S. real estate markets (including San Diego). This map indicates the latest stats on home sales, prices and housing inventory - 3 important factors on which many are keeping a close eye.
This helpful and interesting map can be viewed at the following link:
http://www.cnbc.com/id/100424686
Some conclude the mixed reports are due to the early nature of the long housing recovery. I speculate, as I have said and will continue to hold, that housing markets are cyclical and localized.
So, what goes up inevitably comes down, and further, what has come down will likely go up - referring to property values. To this I would add, LOCATION, LOCATION, LOCATION is always a prominent contributing factor when analyzing any real estate market, as I discuss in more detail in "California Real Estate Prices Soar - What's Next? What's Next for San Diego?"
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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.
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