Buying a Home in San Diego: Have San Diego Home Values Reached the Bottom?

Have San Diego home values reached the bottom? If I knew the answer to that question, I would be a rich, rich man. The truth is that no one will know until after it's happened. Roger Showley, a San Diego Union Tribune staff writer wrote an article in today's paper entitled, "County Median Housing Price on Upswing." The article claims that the San Diego housing market has hit bottom and is on it's way back up. It also states that while the good news is that the housing market is showing signs of recovery, the bad news is that the recovery will most likely take a long time (more than a year). In my mind, that would be good news for buyers.

If you would like to see what the San Diego Union Tribune has to say about that in today's newspaper you can read the online article by clicking here.

On a side note, I would like to remind buyers that real estate values are always local. Different areas of San Diego County respond differently to the economy. I do not believe that all areas of the San Diego County housing market will recover at the same time and same rate as each other. The last time I checked there was about one months' worth of inventory for the lower-priced homes/condos in certain areas of San Diego and about three years' worth of inventory for the highest-valued San Diego luxury homes. Those markets are going to recover at different times and at different rates. Make sense?

Lastly, I only post this article because it's interesting. I would never tell a buyer to base his/her home purchase off of timing the market correctly (unless you are a savvy and seasoned investor and are buying a home as an investment and not to live in). If you are buying a home to live in or vacation in, the last thing you should consider is the housing market. The first thing you should consider is whether or not it makes financial sense for you to buy. Then you should see if you can find a home that you love (that you can afford). Then (and only then) should you consider buying a home in San Diego.