San Diego real estate markets have changed dramatically over the past few years. In this article we will discuss why and how markets in San Diego County have changed since the mid-1990's. As we move forward into the next decade, many of these trends are likely to continue or even get worse. Let's take a look at some of the major factors that will impact the San Diego real estate markets of the future:
The housing market is undergoing a significant change with more single family homes being sold in the San Diego real estate market during the summer of 2021. This trend seems to be occurring in much of the rest of the country. While some areas of the country seem to have more inventory, the decline in single-family homes has caused a problem with over-priced homes, causing a bidding war for them. When the supply exceeds the demand, costs go down. Keep looking at the properties that just sold in your area, and over the last several months, the properties have sold for very less than what they were worth. Here is alist of the best neighborhoods to live in San Diego.
With the weak economy, the San Diego real estate markets have seen a drop in closings. The closings are happening less as people have become less interested in buying a home now that the housing market is changing. There are still a good number of single-family homes in the San Diego market, but it is not as strong as it used to be. Many people are waiting for their next big house selling wave, and they aren't finding it in the San Diego real estate markets. If you are trying to sell a home and have no luck finding buyers, now might be a good time to consider putting it on the market and having a professional close the deal for you.
Right now, the national unemployment rate sits at 4.5 percent. With unemployment so high, it's expected that the number of closings will increase in the next couple of months. Right now the national job picture is looking really good for homeowners, but there are going to be a lot of folks losing their jobs in the next couple of months. A slow but steady increase in employment is expected, especially in the California economy.
One thing you can count on with the increase in closings though, is the number of homes in the sale pipeline. In the next two years there will be more homes available than there are homes on the market right now. That means that homes will start to move sooner than they are currently moving, which is something that we've never seen before. It's going to be interesting to see what happens in the next couple of years when the national unemployment rate finally dips below the five percent mark and starts to rise again. Visit this website to see the best realtors in San Diego.
There are plenty of reasons to be bullish on the San Diego real estate market. Between the potential for job growth and lower unemployment, more home builders are getting into the game. That means there will be more affordable, single family homes for people to buy out there. And it looks like we may even see a rise in multi-unit construction. Those are all great reasons to stay put in San Diego, especially when the job outlook looks so good! Check out this related post to get more enlightened on the topic: https://www.huffpost.com/entry/how-real-estate-is-a-smar_b_10527290.
