Understanding San Diego home prices
Real estate prices are continually changing. By and large, property values appreciate in the long term. But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a bigger asset to borrow against, and you'll generate a better profit when you sell. Property values in San Diego go up and down for various reasons, so how will you know what you're purchasing right now won't depreciate the day after you close? Choosing a real estate agent in San Diego who knows the factors that affect local prices is the most important element to consider.
Many think that the economy is the biggest factor impacting real estate appreciation. Clearly, interest rates, unemployment, job growth, government programs and numerous other national determinants have a noticeable effect on your home's worth. But the most significant factors that figure your property's value depend on the local San Diego economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a priority to many us and will greatly influence home values. So these communities generally appreciate, or carry their value consistently, year to year.
The latest home sales - You should receive statistics on the recent real estate sales in the regions that you're interested in from your agent. You'll need to analyze figures like time on market and asking price versus selling price.
Appreciation history - Have house prices gone up or down over the last 5-10 years? Is the community believed to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice mixture of jobs in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing? Each of these things plays a part.