ResalesSan Diego: Catching The Wave Of A Sellers" Market
San Diego is so famous for so many things that it is difficult to even start a list. From the world-famous San Diego Zoo to brunch at the turn of the century "Del" hotel, to surfing off the La Jolla coast, to world-class golf (Torrey Pines,) there is something fun for residents and visitors to do all the time.
But it"s not all fun and games - San Diego is also the home of premier medical research centers and schools, biotech industries, and more. The city also has a rich multicultural climate and a large Mexican-American population. Jobs and a beautiful sunny yet cool climate make San Diego an attractive place for relocation.
San Diego is in a very strong sellers" market, says Realtor Joseph Sampson. "With inventories once again dropping to the lowest level in years, expect prices to go up way up. It"s difficult to comprehend how home prices can continue to go up in San Diego, but the bottom line is that we live in a great city with fantastic weather and so much to do. The demand for homes is just amazing."
"The market is still being fueled by low inventory," explain Realtors
Pat and Sten Bjernefalts. "However we are coming into the summer months and that typically provides for a broader base of homes as many folks llike to sell during the summer months.
"Look for the market to continue it"s upward trend because a lot of buyers have been taking a wait-and-see approach. With an influx of inventory the market should open up a bit and provide an opportunity for more buyers to locate suitable housing."
If you are a buyer looking to make an investment, due to the downturn of the stock market, the Bjernefalts advise, "With the stock market down, a lot of investors are turning to income property for cash flow and long term equity. Coupled with the IRS 1031 tax-deferred exchange rules, this is a powerful financial tool."
Despite being bordered by the ocean on one side and desert on the other, San Diego still has plenty of room to grow.
"Construction is proceeding on about 30 new developments downtown as the demand for and interest in downtown San Diego grows," says Realtor Cathy Mooney. "Since 9/11, however, there has been a softening in the high-end, luxury home market with properties taking longer to sell and price reductions occurring more frequently."
But San Diego isn"t all about high prices.
"In May, Lakeside home and condo sales and remain active," says Realtor Chris Waits. "The inventory of homes is low and East County remains one of the more affordable areas, allowing buyers to stretch their dollars further."
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