Understanding San Diego home prices
Over time, the value of a home will go up and down.
House values appreciate in the long term typically.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a larger asset to borrow against, and you'll create a larger profit when you sell.
Property values in San Diego go up and down for many different reasons, so how will you be sure what you're buying right now won't depreciate the day after you close?
It's imperative that you choose a real estate agent in San Diego who recognizes the factors that affect local prices.
A lot of people assume that the economy is the number one factor impacting real estate appreciation.
Clearly,
there are many issues on a national level that alter your home's value: unemployment, mortgage rates, inflation, and more.
But the most significant things that decide your property's value are specific to the local San Diego economy and residential market.
Access to services - Proximity to work and schools also have a significant influence on all home buyers' choices.
So these communities consistently appreciate, or retain their value, best.
Recent home sales - You should receive reports on the recent real estate sales in the areas that you'd like to live in from your agent. You'll want to analyze data like time on market and seller discounts.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have house prices gone up or down over the past 5 to 10 years?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a nice mixture of job types in an area, or does it rely upon just one industry? Is the blend of commercial and residential zoning changing?
All these play a part.
Identifying the factors that play into your property's value is important.
Visit
this link for an evaluation of your house's value.
Please call me at (858) 245-2854 or
e-mail me with any questions.