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San Diego Home Prices, When Will we Hit Bottom?

San Diego Home Buyers, When will we Hit Bottom?

The housing market slump has caused the median value of homes to decline around 24% since 2006. According to the chief economists at Fannie Mae and Freddie Mac the housing market may bottom next month with few signs of a rebound for at least another year.

This recovery is more than likely to be even slower than past recoveries just because the bubble has been so enormous! Some predicitions are stating California might be the first to hit bottom, evidence being that sales have been rising across the state for three consecutive months.

Out of these sales four in 10 have been foreclosed homes.” The recovery in San Diego will more likely” be a U than a V” - predicts Mike Larson, a real estate analyst at Weiss research: After home prices hit their lows, they will probably stay there for several years as the economy slowly struggles back to its feet”

It is almost impossible to time the exact bottom of any market – as the Wise say we don’t know we’ve hit the bottom until its been and gone!

For more information on “When Home Prices Will Hit Bottom?” from a great article in the April issue of Money Magazine CLICK HERE

If you are thinking about buying your first home or investing in a second you might be unsure of when to take the plunge.Keep in mind that inventory in certain price ranges is disappearing fast, there are multiple offers on most homes that are priced right, and many are now being sold at or over the asking price – If you find the home you really love you should strongly consider moving forward with the purchase, We are beginning to find inventory is reaching an all time low for many price ranges.

Call us for more information on your home needs we are here to help you and we answer our phones!

Pam 760-580-1615                      Joanna  760-580-1630