Check out the latest US stats, and discover when you should buy or sell. Everything depends on how much longer the nation must deal with the coronavirus pandemic and how quickly the economy is able to recover from the blow. Search Now: See the latest San Diego homes, townhomes, and condos for sale. "postalCode": "92103", The housing market forecast for San Francisco suggests that home prices could weaken through 2020 and into 2021. However, despite more houses being listed on the market, the number of home sales has remained constant over the last year, roughly inline to the date over the last decade. That disparity is making houses stay on the market longer and a fewer percentage of homes being sold. “That’s what I believe.”. "@type": "RealEstateAgent", That will result in more competition for current homes because there will remain a flatline of construction for new single-family houses. While that is slightly lower than the 3 percent growth the entire state of California experienced, it is still a good increase. This makes them less willing to want to buy the house at a higher price. CoreLogic predicts a decline in home prices in nearly every state by next year due to unemployment. But that’s exactly what is happening, as of late summer 2020. "@context": "http://www.schema.org", The forecast for the housing market in 2021 is for continued low mortgage rates, an improving economy, political dysfunction, and for reduced listings and rising house prices. The unemployment rate has hovered around 2.7 percent. The 2020 figure is 4.5 percent lower compared with the pace of 397,960 homes sold in 2019. It’s hard to believe that home prices across the San Diego metro area could be rising steadily at a time like this. What are the San Francisco real estate market predictions for 2020? They are down 8 percent from this time last year, and 70 percent of what they were in the peak year of 2003. “Would-be buyers who are concerned that home prices may have peaked will wait on the sidelines until they have more clarity on where the housing market is headed. 5 Reasons it Wont Crash, Revealed: 5 Reasons to Not Use Quicken Loans San Diego, (Controversial Post) 5 Reasons to Move to San Diego, Zillow San Diego: 5 Lies, Fraudulent and Deceitful Tactics Used, 5 Tips for Using Airbnb San Diego to Maximize Your Rental Returns, San Diego Real Estate Market Forecast For 2020 | 2021 (Trending), Employment is at close to an all-time high, GDP per capita and average income are rising, Multi-family construction exceeds single-family construction. The average for 30-year, fixed mortgage interest rates will dip to 3.1 percent in 2021, down negligibly from 3.2 percent in 2020 and down from 3.9 percent in 2019, remaining low by historical standards. Read More: 6 Best Places to Live for Singles in San Diego. "hasMap": "https://goo.gl/maps/FcbVQm6pnu2uRCuP9", However, with a growing economy and an increasing number of homes for sale, it could be a great window of opportunity for home buyers ready to purchase a property. Its latest comparable figures from 2014 and 2015 show the county had a 2.2 percent growth in per capita income, with it settling at $55,168 in 2016. However, after a massive 44% month-over-month rebound in U.S. pending home sales in May and another strong 9.6% rebound in September, the U.S. housing market is stronger than ever! The county is situated beautifully for employment with payrolls adding 4,600 jobs in September alone, according to data from the Employment Development Department. "addressRegion": "CA", Under state law, homes can only be reassessed for tax purposes upon completion of new construction or when it is sold. CoreLogic expects Las Vegas home prices to drop 11.3% by June 2021, while places like Lake Havasu, Ariz. — where coronavirus cases have resurged most — face the greatest risk of falling housing values. Although the San Diego housing market is slowing down overall, many indicators are suggesting it’s still an excellent time to buy. This should make home-buying more attractive. There is a lot of diversity, activities for everyone, and niche communities that make for an excellent quality of life. CAR President Steve White said there aren’t enough homes available for middle-income families. "url": "https://www.sandiegorealestatehunter.com/", var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(rg, s); (Note: This information was taken on 11/11/2020. 12 Sacramento. "image": "https://t3.realgeeks.media/thumbnail/W6EC-AGWRH8xS0n38JydksHkI6k=/fit-in/200x43/filters:format(png)/https://u.realgeeks.media/sandiegorealestatehunter/SDREH_-_Dark_Logo.png", San Diego County home values have gone up 7.6% over the past year and Zillow predicts they will rise 7.5% in the next year. Here are my housing predictions for 2021. Instead, the next downturn could be delayed until 2021 … 15-year fixed-rate mortgage rates show a similar story. This value is seasonally adjusted and only includes the middle price tier of homes. He bought his first investment property at the age of 21, became licensed at 22, and a broker at 24. However, the window to buy will likely be short as predictions are that those currently renting will be looking to buy toward the end of 2020. From Real Estate experts to Bubble Pundits, what are they saying about 2021 San Diego Housing Market Forecast? If those things were to occur, the forecast would shift to a 9.8% drop in house sales and a 16.4% drop in the median house price. And the number of listed homes is the highest since 2015. San Diego County employment is up 0.7 percent from last year, totaling over 1.5 million jobs. In comparison to the first half of 2018, 2019 had roughly 22% more listings. Even so, the homeowner turnover rate of 9 percent is matching that of 2005, and most expert say that is good for sales because it puts more homes on the market. After that, there will be more vacant rentals as more people start buying homes. Need to sell your house? Please leave a comment below – or contact me by phone or text at  (760) 297-4539. San Diego home prices will decrease 1.3 percent in the next 12 months, much less than other parts of the nation, said a forecast released Tuesday.. First. We forecast house prices to increase by 2.4% quarter over quarter in Q3 2020 and 5.5% over the calendar year. If we get to the second quarter of 2021 and the number of loans in forbearance remains high, we could see homes begin moving onto the market and foreclosures increase. Yet, sales have stabilized to about the same rate every year, going in cyclical seasons, since the bottom dropped out in 2008. Yet, this rate is nowhere close to the record high in 2011 with 72,134 homes listed during the first half of the year compared with only 38,475 homes listed during the first half of 2019, according to the San Diego Tribune. The news is worse for the country’s casino capital. This means that the GDP has completely recovered from the 2008 financial crisis, and the current GDP per capita is the highest it’s been since 2006. The baseline scenario of C.A.R.’s “2021 California Housing Market Forecast” sees a modest increase in existing single-family home sales of 3.3 percent next year to reach 392,510 units, up from the projected 2020 sales figure of 380,060. San Diego continues to outpace the state’s jobs recovery, which is clearly good news for San Diego’s housing industry. The one bright spot in sales is turnover rates. The last annual decline was in January 2012, at -0.3%. Housing Matters Podcast. San Diego Housing Market Overview September 2020, Mortgage relief guide: Forbearance programs; freeze on foreclosures, evictions. About . Washington, D.C., trailed at 5.5% with Los Angeles in third at 5.3%. Prices will fall about 6.6% in the year through May 2021, the first annual decline since 2012, as the economic damage from the pandemic deepens, according to a forecast by CoreLogic Inc. Prices nationwide had climbed 4.8% in 12 months through this past May. The forecast for the trend in the San Diego housing market for the 3 years ending with the 3rd Quarter of 2021 is UP. Homes in San Diego receive 5 offers on average and sell in around 14 days. setTimeout(function() {document.querySelectorAll('.rg-valuation-root iframe').forEach(function(elem) { elem.src = 'https://sandiegorealestatehunter.com/cma/property-valuation/widget/?background_color=%23FFFFFF&button_background_color=%23b40101';})}, 1000); That is because of an ongoing shift to rentals rather than homeownership. The director of John Burns Real Estate Consulting, Dan Kuhn, has said that this is from a growing divide between buyers and sellers. "description": "Scott Taylor is a licensed mortgage loan originator, real estate agent, and full time investor in San Diego.\n\nHe specializes in creative financing, locating undervalued real estate for buyers, and getting sellers more money for their homes in less time with less stress and hassle.\n\nHe bought his first investment property at the age of 21, became licensed at 22, and a broker at 24. San Francisco Bay Area Housing Market Forecast 2021 (Updated) San Francisco's real estate market is shaping up to continue the trend of the last few years as one of the hottest markets in California. Southern California likely will see a similar pattern to the statewide trend, according to C.A.R. Most home sales experts are predicting a slump in San Diego home sales in 2020. Just Released: 5 (Shocking) Reasons to Buy a House in San Diego. Homeownership rates in San Diego are gently climbing from previous years also. Despite that, the average listing price is far higher at $699,877. Unlike in 2018, buyers are not as confident in the market in general, according to John Yen Wong. // ]]>, { (function() { Among 10 of the largest metro areas, San Diego saw the highest annual growth, increasing 6.2%. ", Though it is the lowest rate in the previous five years. Save my name, email, and website in this browser for the next time I comment. According to the Open Data Network, the forecasted 2019 GDP per capita is $61,776, with a 1.25 percent increase from 2018. Over the last several years, the US GDP per capita increased roughly 2 percent each year. Housing Market Forecast, Real Estate Market. That is, you either happen upon the right moment to buy your home or you hold it long enough for time to make your purchase right. Despite the rising housing prices, the low mortgage rates make this potentially a perfect time to buy. Scott Taylor is a licensed mortgage loan originator, real estate agent, and full time investor in San Diego. August from the 2008 economic collapse, according to Zillow market in general, to! Will see a similar pattern to the same time in 2018, which was percent. What are they saying about 2021 San Diego becoming harder and harder to sellers. Areas, San Diego housing market forecast, real estate agent, and website in this for... Diego homes, he said to Live will shape the housing market for. 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