This is not a bet at the casino analyzing risk versus gain. That perhaps was the motivator for some of the buyers in the run up to bubble bursting in the real estate market. People were buying homes intending to flip the home in less than five years and take the profits and sell the home before the interest rate adjusted. Many now are moving for very different reasons.
The value of a home is different for each of us, and the value of home ownership is almost an American tradition. Depending on your location in the country you will find that 12 to 18% of the population moves each year. So there is always a real estate market.
Timing a home buy often is based on different factors. Some properties are acquired by as a first time home for a young family looking to buy a home in a great school district, and for another purchaser it maybe because of a career move to a new city, and another is looking to down size, or needs more room for a growing family. For some home owners are wanting to move up into a nicer home, and others are looking for that perfect beach home in La Jolla or Del Mar.
The reasons motivating people now are unique to this particular time, and include the inventory of affordable homes, and the long term advantage of historically low interest rates, and a want to find the right home while these market conditions last.
Fewer buyers today are buying with the thought in mind of "Flipping". In a recent study done by the National Association of Realtors it indicated that home owners are staying in their homes longer, about 8 years, and new buyers are planning to stay longer, in the case of repeat buyers they are planning to stay an average of 15 years. If people stay that long, even in today's market the median appreciation would be close to 40%.
The San Diego real estate market is report to be one of the strongest in the nation. With the combination of a good inventory, low prices and historically low interest rates, regardless of your reason to find a new home in La Jolla, UTC / University City, Carmel Valley, Del Mar, or Rancho Bernardo, Scripps Ranch or in the Poway School System now is a good time to look at making your move. Be in your new home before this perfect storm blows itself out. Contact the Ruth Mills team and let us help you find the right home for you.
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