San Diego Homes Show Decline

As a real estate specialist, I don’t mind home prices decreasing because as history shows real estate is still a great way to invest.  Home prices will continue to decrease but  not forever, at some point it will appreciate higher than what you probably paid for the property if you buy in this market.  If you try to chase the bottom, you probably have missed many great deals and have to deal with multiple offers for 1 property.  One example with my client, we put an offer on an REO 4br/2ba, 2000 sq ft SFD listed at $289K in North Escondido.  The offer was for $320K because of multiple offers.  The lender accepted an offer for $350K, come to find out that there were 24 offers on property, yet the market hasn’t bottomed out.  Yes, foreclosures and short sales are bring down the home prices in neighborhoods but this will open upqualified first time homebuyers’ or investors’ that will fuel the appreciation of home prices.  When will that be?  No one has the answer.

Michael Carter
San Diego Real Estate Agent
MTC Future Realty
(619) 488-5774