Fluctuating home prices in San Diego, California: What causes this?

Home prices are constantly moving up and down. For the most part, home values appreciate in the long term. But, in real estate there are no "sure things".

When your home appreciates you have more equity to borrow against, and you'll create a larger profit when you sell. Property values in San Diego shift for different reasons, so how do you know what you're investing in presently won't depreciate the day after you close? The most important factor to consider is that you choose a REALTOR® in San Diego who knows the factors that drive local prices.

The economy is believed to be the greatest factor affecting real estate appreciation. It goes without saying that there are many issues on a national level that influence your house's value: unemployment, interest rates, inflation, and more. But the most significant factors that decide your home's value depend on the local San Diego economy and housing market.

Let Mendes Residential help you with your first home purchase in San Diego Location in a community - Many of us wish to live in areas with the most conducive traits for households to grow, such as a close proximity to jobs and schools. So when it comes to holding their value, these communities usually appreciate the best.

Real estate sales trends - How long are homes up for sale before closing? What was the selling price versus the listing price? A lot of data can be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.

The appreciation history - Is the area thought of as desirable because of its location or affordability? Have home prices increased or decreased over the past 5-10 years?

Local economy - Is there a nice blend of business in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring? These items play a part.

It's worthwhile to know the factors that play into your property's price. Get an estimation of your house's value here. Have any questions? Please feel free to call me at 619-889-3614 or e-mail me.

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