“The price index for San Diego was up 0.6 percent from January, the only market out of 20 surveyed nationally with an increase. The index locally was up 7.6 percent from February 2009, second only to San Francisco.”
I am not surprised to see these kind of stats being posted. Recenty, I have noticed a shift in perception from home buyers when it comes to home values here in San Diego. I am hearing “prices are going to go up, now is the time to get in before you lose out”. More and more you get the feeling that our market is turning around. You have a better chance of playing for the Padres then getting an offer accepted in the 350k and under price range. Seems like multiple offers are the norm and starting to feel like 2006 again.
The upper end seems to be still slightly sluggish but I assume as the stock market continues to recover, soon we will be seeing those buyers back in.
Recently, I was told from a mortgage banker that mortgage insurance companies are no longer using declining values on a national basis and will now lend 95% of the value of the home up to 417k. This shows you that we have made some serious headway from 2 years ago.
It is my opinion that once the tax credit disappears we won’t not see any significant chang. After all, it is the American dream to own your own home.
San Diego was the first city to have its “bubble” burst, now it only makes sense that we would be the first to show significant improvement.
It should be interesting Q3-4 of 2010.
http://www.signonsandiego.com/news/2010/apr/27/san-diego-county-leads-home-index/
Tags: PineappleHut, Real Estate, San Diego Home Connection, San Diego Home Prices, Union Tribune