The San Diego Chargers appear headed to the Super Bowl and the San Diego housing market appears to have found it's bottom. Forecasting what will happen next is anybody's guess however homes that are a) not condo's and b) not cookie cutter, seem to be selling faster and close to or even above asking price. Today is Monday, December 11th and the interest rate decreases we've been seeing over the past two weeks may be driving some of the recent activity.
As an active, full time real estate consultant with listings and buyers, I can speak from my own experience in saying that business has picked up however, I wouldn't start crowing about it like this unless I was hearing the same thing from the other professionals I interface with at the office, at open houses, on caravans and on the phone.
Due to the fact that condo's have no other way to compete in this market other than by reducing the price, I still feel like there are some great investment opportunity's in this market for buyers with savvy and local knowledge. As a San Diego native and son of a home builder/investor, I've watched massive home value gain and incredible price corrections occur before.
Just when you think, "there's no way those hunks of junk will ever fetch more than $600,000" - there they go! Todays $500k "starter" home in San Diego can reasonably expect to sell for $1,000,000 in the not to distant future when you stop to consider that a buck is no longer worth a buck, it's more like .75 cents. Just wait until a buck is worth about .45 cents and a million dollars for a hunk of junk won't seem like much at all!
Now is a great time to buy if you buy smartly. Smart always has and will always continue to mean location. For those folks seeking to plop down some cash and invest "ahead of the growth curve" Oceanside seems to be a popular and reasonable gamble these days. It's one of (the only actually) coastal city left where you can get reasonably close to the beach (west of I-5) for under a million dollars and even have a yard! Plus, the City is seeing fabulous investments like the Sprinter new light rail train running west to east, a high rise Westin water front hotel and accompanying boutique shops, new bio-tech firms and business parks that are actually filling up with higher paying, white collar jobs and an influx of Orange County buyers who've apparently decided to cash out on their over priced condo's and move down south!
Got a different perspective? I'd love to hear your thoughts and opinions!
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