America's Finest City - San Diego, right now, the housing market is hot. San Diego ranked the 6th hottest housing market according to realtor.com. The inventory levels were down 30.6 percent from last year, highly desirable properties continue to sell fast. Good news for home buyers was that the one thing we were anticipating in September, an increase in interest rates, did not happen.
So what to expect for 2016’s housing market in San Diego?
According to California Association of Realtors, California’s housing market is expected to improve in 2016, the California median home price is expected to increase 3.2% to $491,300 in 2016.
Zillow predicts the median home value in San Diego will rise 1.9% within the next year (This prediction will change based on new sale data).
The First Tuesday Journal -The California real estate news source website- expects prices in San Diego to fall off once mortgage rates begin to rise, most likely by the end of 2015. Prices will descend 9-12 months later, in the second half of 2016.
Nationally, Freddie Mac, The Urban Land Institute, CoreLogic, Keller Williams Realty all have the similar forecast. National home price appreciation should move back into the 4-6% range.
Is it good time to buy or sell property in San Diego next year?
Nobody will know how the San Diego housing market is going to be in 2016 and nobody can time the market. But the value of the Real Estate will always go up over time.
In our The Millionaire Investor seminar, we talk about “Five Investing Myths”. One of myths is “successful investors are able to time the market”. But truth is, in successful investing, the timing finds you.So the question is “Does the timing find you?”.
What do you think? Will the median home value in San Diego go up in 2016?
Keller Williams San Diego Metro - The My Home Team
Mark Kunce - CA BRE #01458113
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