I have heard a number of articles out there in the media state that buyer’s should or are, waiting for a drop in home prices before taking the plunge and becoming a homeowner. While this is a very personal discussion, and highly depends on where you are currently, and what your future goals are, this isn’t necessarily the best approach to take nor likely to occur in San Diego in the near future. Read below to find out why.

According to S&P/Case-Shiller Home Price Index, San Diego home prices were up 8.8% year over year, the highest in the nation, compared to the 5.5% national increase. Over the years, and more frequently as of late, there has been a lot of discussions around affordability in San Diego, and overall in California in general. I can see it not only when I work with buyer's and seller's, but even walking around my own neighborhood. In the past, people would purchase a home, and perhaps live in it as is, or in some cases, renovate or add minimal square footage. Now, it seems as though every 8th house (my own estimation) is being purchased, torn down, and a home four times it's size is going up. This will have (and already has had) a significant impact on home prices in our future, as when these start to turn, it will drive up pricing in La Jolla, and in all surrounding areas.

While I certainly don't have a crystal ball, and there are always exceptions, I find it hard to believe that San Diego (La Jolla specifically) will experience 'a crash or significant drop in home prices anytime soon. No matter what rates or inventory is doing, if you are in a position to purchase a home, and are waiting, I highly recommend you reconsider and sit with a Realtor (reach out to me for a custom consultation) to weigh your options. With continued demand, and limited supply, the numbers are continuing to rise, and the data doesn’t lie, San Diego’s median sales price is up 15% to LY.

If you’re thinking of buying or selling, and wondering if now is the right time, let’s connect. Believe it or not, the answer isn’t always yes. I will provide you with a recommendation on a path forward based on your personal goals. Contact me to get started.

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