Two of the biggest questions I am asked as a real estate professional lately is "How is the market?" and "What will 2014 be like for real estate?" Well, here are the answers.
How is the market?
Currently in San Diego county home prices are rising, inventory is low and mortgage interest rates are still very low.
What to expect.
The real estate market will continue to recover as the economy improves and more sellers regain equity in their homes. Inventory will then improve but it will be more expensive to buy a home in 2014 than it currently is due to rising prices and mortgage interest rates.
Should I buy now or wait?
You should buy now if you can. Inventory may be low but that doesn't mean you can't find the home of your dreams. It benefits you to buy now and take advantage of the low interest rates. Why wait for home prices and interest rates to go up?
Should I sell now?
That depends on your situation. If you are buying replacement home then yes! Take advantage of the interest rates and lower home prices. Not to mention there is less competition from other sellers.
But won't I be able to sell my current home for more in a year or two?
Yes the price of your current home should rise but so will the price of the new house you are buying and with all likelihood interest rates will rise as well. These are items you will be paying for years to come. Waiting could cost you thousands of dollars.
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