Real Estate Watch – Dan Conway
Housing Market, Still Booming!
The housing market boom in San Diego County is good news for home sellers but not so much for first-time home buyers and renters. In recent years, the U.S. housing market has recovered from the financial crisis but the supply is so limited in San Diego, prices are skyrocketing. If you already own a home, good news for you since it will be worth more. But if you’re a first-time buyer, it has become even harder to afford a home in San Diego. When houses go on the market, many times they’re sold within days of going on the MLS, and a lot of times they don’t even make it to the MLS.
Sellers are in the driver’s seat, as buyers contend with fierce competition and very fast-moving markets. Demand is sky-high and the number of homes sold is rising, even as inventory of homes for sale keeps falling.
Since people are having a more difficult time purchasing homes, they are forced to rent, which drives up rent prices around the county. In some cases, renting can be the same price or even more than a mortgage. “While affordability keeps some people out of the housing market, tight inventory is keeping others out. About 24 percent of San Diego County renters, who have strong credit scores and high incomes, can afford to buy a home but aren’t jumping into the market because of intense competition among qualified buyers for fewer and fewer properties,” says a recent study from real estate website Zillow.
Dan Conway & Associates and Pacific Sotheby’s International Realty are so very “now.” They are relevant, and head and shoulders above today’s advertising standards, and decades ahead of the competition when it comes to customer service. Dan Conway & Associates and Pacific Sotheby’s International Realty are located at 3860 Valley Centre Dr. Suite 409, San Diego, 92130. Stop by the office at the Piazza Carmel Shopping Center, next to Vons, for all your real estate needs.