CNN Money wrote an article about current real estate market trends. Their conclusion?
Who is buying real estate these days? The rich.
The opening line of this article is "The rich are different from you and me: they're buying real estate."
According to DataQuick, after years of decline, sales rose in 20 major areas, and high-end homes have seen a jump.
The article goes on to state that San Diego also had a big jump in luxury real estate sales. Great news since there had been quite a bit of stagnation in that arena in 2010.
All positive signs for our San Diego real estate market!
Looking beyond just the San Diego luxury real estate, the people with the money are the ones who are buying homes these days. In a recent post we discovered that in January sales and prices had been lower, yet 28% of the homes sold CASH that month. Meaning that there were a lot of real estate investors that came in and swooped up property for a good deal.
While the first time homebuyer sits on the fence, the real estate investor comes out and seals the deal.
We hope for continued good news in the San Diego real estate market and of course, if you have questions about anything real estate email us and we will point you in the right direction sandiegorealestatecafe@gmail.com
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