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Supply & Demand A Tale of Multiple Offers
Why we are in this market: San Diego Supply & Demand  It's an economic law and it's nonnegotiable. Supply: Low + Demand: High = Rising Prices. We have had many years of low output in new home construction due to the economy. Since 2008, the U.S. has been producing about 50% under what we need annually in new housing; approximately 500 thousand units instead of 1 million new units. Our existing inventory is aging too. Almost 75% of our San Diego re-sale homes were built in or before the 1990's and date back to the 1920's. Which means our average resale home is 20-90 years old. In the U.S. we need 16 million new units in the next 10 years to meet our projected housing demand, based on population growth through: births, immigration and people living longer. Employment factors and the Banking Industry have prevented prices from running away like they did from 1999-2006, but here in San Diego, we have seen an average 16% increase in pricing across the county, a 43% drop in distressed property inventory and a 33% increase in new home sales since 2011. I started warning buyers in 11/2011, "I'm seeing the pace pick up and prices climb with the ... more

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