By Joan Schultz
The San Diego real estate market is making a rapid comeback, rejuvenating buyers’ confidence when it comes to investing in real property. Sellers are eager to place their homes on the fast-moving market, while buyers are enjoying reasonable pricing and low interest terms.
The confidence is due in part to a recent report released by The California Association of Realtors. According to the CAR, homes in San Diego have taken a median of 26.6 days to sell in March -- nearly half of the amount of time from the year prior.
California home sales are also on a similar track. Statewide, homes are moving at a median of 29.4 days, down from 52.2 days from last years’ figures.
As housing sales continue to rise, one thing is for certain: inventory concerns continue to mount. San Diego real estate inventory is down to a 3.3 month supply compared to a 5.1 month supply from a year prior.
But with a simultaneous upswing in home sales, it’s no wonder that San Diego real estate values continue to rise. For buyers, now is the time to consider hitting the market and finding the perfect home before the market continues to gain momentum.
BUYING REAL ESTATE IN SAN DIEGO
There’s no doubt that San Diego real estate continues to rise. But as for the average buyer, let’s take a look at what statistics tell us about buying real estate in today’s market.
Among all age groups, Gen X and Y remain the most confident that real estate and property values will recover. Seventy-seven percent of consumers feel that the real estate and property values will make a comeback, representing a 4 point improvement from year-end results and 7 point jump of the same period a year ago.
And these numbers are all based on one basic principle: home ownership continues to take precedence throughout American families nationwide.
That’s because 96 percent of all Americans say home ownership is important, especially among women and Gen X and Y. With an emphasis on home ownership, nearly 80% of prospective buyers are looking for good value by exploring neighborhoods not considered in the past. And just about 87% of Americans say that now is the time to buy because mortgage rates and home prices are so low.
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