I recently responded to an agent who was looking for my business by saying that I was going to wait until the market stablizes, and that I expect that the nicer areas of San Diego have another 20% to fall. I follow the market very closely, and read Piggington daily. Either all of you are loonies, or this agent might be overstating the truth a little bit…
The Agents Response:
You may see some higher priced (over-priced) listings fall to where they should be, but the markets here have pretty much bottomed out. The nicer neighborhoods are holding value very well, even the more dated homes within them. In fact, because these neighborhoods have strong values, I’ve seen some homes near these areas listed too high, because they’re not located in them, but they’re close enough to be associated with them.
Generally, if a lot of people wait until they think prices are lower (how can you even tell when they’re the lowest they’re going to get?), then everyone will be buying, and you know what demand does to market values! In a nutshell – if you see something you like in a good area, and it’s within market value, other people are liking it too. Good houses, that are priced right and are in good areas – and that aren’t short sales – don’t stay on the market long at all.
Many people are thinking that prices might go down because of what they’re hearing in the news. Just keep in mind that most news reports on the real estate market are done from a national point of view, too general to decide on a home purchase in any one area. There are even many, totally different markets within East County alone.
