Did San Diego Home Prices Just Peak?
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Is San Diego’s real estate market really cooling off? For the first time, I’m a bit unsure about what we’re seeing. From low consumer confidence to a surprising lack of new homes, what we are seeing right now is unique. I’ll dive into what’s happening with supply, demand, and those pesky rising costs. If you're thinking about moving to San Diego or curious about homes for sale, this video breaks it all down.
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Q&A about the current market
Q: What are the signs that the real estate market is cooling off in San Diego County?
A: Signs include a decrease in home sales, longer time on market for listings, increased buyer hesitancy due to affordability issues, and rising interest rates impacting mortgage payments.
Q: How does consumer confidence affect the real estate market?
A: Consumer confidence influences buying decisions; lower confidence can lead to reduced demand as buyers become more cautious about investing in property.
Q: What is the current supply and demand situation in San Diego County?
A: While demand remains relatively stable, supply has been constrained due to limited new home construction and existing homeowners hesitant to sell, maintaining upward pressure on prices. Over the last few months, we are starting to see supply increase, although it's not nearly to the 2015-2020 levels which were considered closer to a healthy market.
Q: How are rising interest rates affecting home buyers in San Diego County?
A: Rising interest rates increase monthly mortgage payments, making homes less affordable and causing some buyers to delay purchases or seek lower-priced options.
Q: Are home prices expected to drop significantly in San Diego County?
A: Significant drops in home prices are unlikely due to low inventory and strong financial buyers, but there may be slight corrections or slower price growth.
Q: What factors are contributing to buyer hesitancy in the current market?
A: Factors include higher mortgage rates, increased property taxes, rising homeowner’s insurance costs, and general economic uncertainty.
Q: How does the current market compare to the 2008 housing crisis?
A: Unlike the 2008 crisis, today’s market is characterized by low inventory and strong financial buyers, rather than oversupply and widespread lending issues.
Q: What should potential home buyers consider in this cooling market?
A: Buyers should be patient, look for motivated sellers, negotiate better terms, and consider the long-term benefits of purchasing in a desirable area like San Diego County.
Q: Is it still a good time to buy a home in San Diego County?
A: It can still be a good time to buy, especially if you find a property that meets your needs and can negotiate favorable terms. Future interest rate reductions could also improve affordability.
Q: What are the prospects for future development and buildable land in San Diego County?
A: While buildable land is limited, ongoing and planned developments continue to offer opportunities for new homes, especially in less densely populated areas.
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What do you think about the current state of San Diego’s real estate market? 🏡 Are you surprised by the trends we're seeing? If you're thinking about moving to San Diego or looking for homes for sale, I’d be happy to chat. Feel free to reach out at info@bestlifehometeam.com or call/text 619-719-1122.
If there’s a housing market crash San Diego is probably the last area to crash. We’re running out of land in San Diego and cost to build is too damn high.
@ReeLSpirit
15 күн бұрын
You are everywhere 😂
@House_hacker_619
15 күн бұрын
@@ReeLSpirit I’m in San Diego and this guy is spot on with current market 😂
They need to regulate short term rentals as well,
Inventory is increasing a tiny bit. Existing homes on market longer. Sellers coping, with buyers refusal to overpay. Noticeable drop in inquiries to service homes… all and the only stocks going up recently are chip stocks. Yes, slightly uncertain but deals are opening up, just expect sale price to dip a tad, but it might not dip more than 5%
is vid synced with sound?
Dont forget about the beaches always being closed because Tijuana sewage contamination
I don’t think market is gonna crash. The house that I had loved and couldn’t secure due to competition back in 2021 was $1.3 M. Now, the same house is over $2.4M. Even if the prices crash in future, it’s still not gonna fall far off. Crazy insane prices in San Diego is the new reality. If we find a house that we like and can afford today, I think we should go for it. Truth is, incomes are not rising as the house prices are, so affordability is pretty much the same and will remain same or go south considering San Diego rising to being the most expensive city in the U.S. I will keep looking for what I can get in this market.
@ReeLSpirit
15 күн бұрын
If a price crash happens, it’ll drop to $1.5M-1.8M? Still higher than 2021…
And this SELL will happen just DON'T KNOW WHEN!!! BUT WILL HAPPEN REGARDLESS OF COST OF LABOR AND MATERIALS OR POPULATION OR LAND TO BUILD!!! OR WHAT SO EVER!!!
You guys probably saw the recent news article that San Diego was just named one of the most "impossibly unaffordable" housing markets in the *world*. That was computed using the house price / income measure. I don't think it would be bad to have home prices drop modestly.
@House_hacker_619
15 күн бұрын
You’re too late 😂. Last year we were voted the most expensive place to live in the country
@ZuluNation05
15 күн бұрын
@househacker Based off of household income. If you're going to comment read past the headlines. There's way more expensive places to live in the country.
@House_hacker_619
15 күн бұрын
@@ZuluNation05looks who’s here the crashbro. 😂 Any luck with your house hunting
@ZuluNation05
15 күн бұрын
I'm not looking. Just keeping track of patterns an actual data. Was a realtor myself buddy. I know how to read between the lines when it comes to housing. Keep cheerleading.
@House_hacker_619
15 күн бұрын
@@ZuluNation05 you were probably a horrible realtor 😂.
Too much military spending to cause a crash here
I would hate to be dealing with Florida. What's happening there is absolutely outrageous.
@ReeLSpirit
15 күн бұрын
What’s happening there?
You hit the nail on the head Dan! Potential home sellers have less reason to sell when they can rent our their home and make a significant profit which decreases the supply, and you can also add the option of AirBnB ing your home out here in San Diego, a major tourist destination. As a potential home buyer, Im also factoring in the new hurdles in homeownership like insurance and the fact that half of San Diego is now a "firezone" "Like"
To make a story SHORT, a business man want to gain some profits he must sell some goods. A real estate investors wants to gain some CAPITAL GAIN THEY MUST SELL SOME REAL ESTATE!!! 😁👍👍
We got outbid on a property in San Marcos just this week. People are still buying and paying above asking! Lots of ppl have made a lot of money in the stock market this year alone.
i Cant wait to watch this two years from now with the "Aged like milk" tag..
@DanPBestLifeSD
8 күн бұрын
Lol, I’ll always give my opinion and analysis of what I expect to happen, but there’s zero guarantee. I’m curious what you mean. Do you think the market is going to crash or keep shooting up?
If youre thinking "the market wont crash because of all the cash on the sidelines!" Just know this cash aint coming off the side lines anywhere near these prices. And if that means i dont get to buy any time soon, believe me when i say i am in no hurry. Only fools are buying right now.