Current market conditions and evolving trends suggest that it could be the best time for Californians to move up.
Many real estate agents build their marketing and branding on promises: promises to deliver buyers to their dream home. Of course, most first time home buyers end up with something much less than their dreams permit. This doesn’t mean they shouldn’t buy, however. After all, that’s why they’re called ‘starter homes.’ A starter home is a great step up, and it is the only way many will find their way to building up the down payment to buy their real dream home. The key is selecting the right moment to take that leap.
San Diego Real Estate Trends
San Diego has been regarded as one of the best rebounding markets in the U.S. since the crises. Analysts do note that home prices still have quite a ways to go to beat previous highs, and then bounce forward to new levels, but the forecast is sunny.
When looking at the macro picture, everything appears to be coming together, as foreclosures become less of a force in the market, and it is anticipated that an improving economy will catch up and carry the housing market even higher.
In the meantime, low interest rates, new construction, and high end home renovation is set to fuel more home price growth and sales activity.
Millennials in the Marketplace
While home sales volume appeared to be slowing last year, Zillow’s recent forecast for the 2015 housing market calls for a busy year, thanks to young Millennial home buyers entering the market. Zillow, and others, believes Millennials will be one of the most active forces in the market. They are reaching the ideal moment to move up and move out.
However, there are two other groups of buyers in the market that really can’t be dismissed and are equally as important. The first is the boomers. Many are preparing to downsize or at least move for a change of lifestyle. Some are moving up to serious high end multi-million dollar custom homes as they achieve their peak wealth, others are choosing well serviced luxury condos. They are an intricately linked part of the housing puzzle.
Moving Up
As a result San Diego homeowners are seeing equity rise. The owners in the current low and mid-range San Diego, CA property market have the unique opportunity to cash in on this equity and simultaneously move up to their dream homes. Add in the rising market and additional equity compounded from owning a larger and more expensive home and conditions simply couldn’t be better.
The window won’t remain this good for long. So will you take advantage of it? If so, a great first step is finding out how much your home is worth right now, and taking a look at what homes are available to buy. Low rates, and with equity to use as a down payment could mean that some are able to double their home, and pay the same or less than they are for housing right now.
