The real estate market has historically always gone in cycles. This means that housing prices go up and they go down. When prices are up, it is considered a seller’s market and when prices are down, it is a buyer’s market. There are of course other variables that play a part, like mortgage interest rates; but housing prices are the most important factor that defines the market.
Right now in San Diego we are still in a buyer’s market, in that the prices are low. Although there has been some modest prices increase in the last year, housing prices in San Diego are still significantly down from six years ago.
In addition, mortgage interest rates are still historically low, which allows buyers to borrow money at very affordable rates. Low mortgage interest rates can also allow buyers, who may not have been able to qualify for a home mortgage previously, the opportunity to qualify for a home loan at today’s low interest rates.
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