San Diego News: Home Prices Rising

San Diego News: Homes Prices Rising

Good news for San Diego county homeowners! Housing prices are rising! As reported by CBS-8:
“Rising housing prices are reinvigorating the move-up market for San Diego County homeowners, the head of the San Diego Association of Realtors said Friday.
The trade group reported this week that the price of a single-family home increased 14 percent — from $360,000 to $410,000 — between February 2012 and last month. It’s the first time in two years that the median price of a house in the San Diego region crossed the $400,000 level.
“Prices have risen enough that many people who put off selling their home are listing it because they know they’re going to be able to move up into that nicer home, or down into a more affordable one, without leaving money on the table,” SDAR board President Linda Lee said.
Prices of condominiums and townhomes also shot up over the same time period, from $198,500 to $250,000, a 26 percent increase, the SDAR reported.
The association reported the cost for both attached and detached residences combined climbed 18 percent.”
This is a drastically different market from 2012, it almost feels like 2005 again with multiple offers on nice homes and many buyers needing to go over list price. We are also seeing many sellers testing the water by listing their homes at prices well over anything that has sold in the last 6 months which makes it all the more important for sellers and buyers to work with experienced agents as appraisals can and will be an issue if not handled properly.  With that said, it’s a more positive real estate outlook and market than we have had in years so if you or someone you know is thinking of buying or selling we would love the opportunity to help!
Amy and Susan

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