The market is doing well right now, but what do rumors of a coming recession mean for its future? Let’s discuss
As some of you probably already know, I consider myself a lifelong student. Seeking out and absorbing the latest information on real estate, the economy, and the marketplace at large is a passion of mine, and I’d like to share just a few of the things I’ve learned recently with all of you.
Specifically, I’m going to fill you in on what’s been going on with our San Diego real estate market this September.
First, allow me to address the elephant in the room: Yes, a recession is coming. However, it won’t be a real estate recession—it will be an economic slowdown.
Only one of the past five recessions have been coupled with a major housing crisis. And given current conditions, as well as a few factors which are unique to San Diego, it’s unlikely that this recession will pose a major threat to real estate.
“Overall, our market remains strong.”
San Diego is actually a bit of a “unicorn” in the market. Between our military base, our massive tech sector, and our general size, there’s a lot that sets us apart. This only further insulates us against the possibility of a housing crisis.
With that out of the way, let’s move on to another common question: Are we in a buyer’s market or a seller’s market? Actually, the answer varies by location and price point. Generally speaking, metropolitan markets with homes priced at or below $650,000 are still facing a seller’s market. Higher price points in our market, however, currently favor buyers—especially in the luxury market. The same is true for more rural areas surrounding the city.
Regardless of what market you’re buying or selling in, though, you’re sure to benefit from today’s interest rates, which are currently the lowest they’ve been in the last three years. This is really stimulating local real estate, and, overall, our market remains strong.
The main point to take away from this message is that there’s no cause for panic. Our market is doing quite well.
If you have any other questions, would like more information, or want to speak with me about the best way to pursue your real estate goals, feel free to give me a call or send me an email. I look forward to hearing from you soon.
