On more than one occasion, I've been approached with questions like: "How's the market doing?", "When are we going to get out of this slump?" and "Why is nothing moving right now?"
Well, I'm not an economist, but I would be happy to share with you the perspective of a real estate agent who is on the front line of this market on a daily basis.
Answering any of these questions isn't easy. Describing the state of the real estate market in San Diego is very similar to describing the weather in San Diego. It could be 73 degrees in Del Mar while it is 90 degrees in Borrego Springs. We are experiencing the season of a buyer's market right now, so all of the sellers out there are feeling the heat. Yet the degree of heat per se goes back to my analogy. For example, Encinitas has had an increase of 27.7% in their median price of homes from August of last year, and Fallbrook is down 32.3% in their median price from last year.
What does this mean to a person who is in the market for a home in San Diego? It means don't focus on what the media is saying about San Diego County real estate. Instead, focus on your micro market. Work with a buyer's agent that can supply you with data that is relevant to the city or even subdivision that is of interest to you (use my websites to search La Jolla Homes for sale or Carlsbad real estate as an example).
You may find that it's worth making certain sacrifices to be in a location that can endure and withstand our current market, and rise above the rest when the tides turn.
Steve Scheckner, Realtor 858-761-1707 firstname.lastname@example.org