There is no doubt that the housing market has recovered from the meltdown that occurred just a few short years ago. However, in some states home values still have not returned to the prices we saw in 2006 and 2007. Here is a breakdown showing where current prices are in each state as compared to peak prices.
In California, in particular-San Diego, all though we have not reached the gigantic appreciation values that we did at the peak of the mid-2000’s, we have seen a steady appreciation that signals a healthy real estate market. It’s always a warning sign when appreciation shoots through the roof at astonishing rates, like it did back at it’s peak, as it points to a potential real estate “bubble” that has a great potential to burst (aka, market CRASH).
With mortgage rates still at all time lows, more programs available to buyers with little to no downpayment, and homes still within an affordable reach, NOW is the perfect time to buy (whether you are a first time homebuyer, moving up to your forever home, or downsizing to more comfortable home). If you would like to know the options available for home buyers and sellers, schedule a free phone consultation by clicking the link below.