SAN DIEGO — Skyrocketing home prices and lack of inventory have put home buyers in the hot seat and caused many to question when they should buy.
CBS 8 is working for you to get answers and asked industry experts if they're seeing signs for the market to cool down. Experts say prices will continue climbing, however they expect them to climb at a slower pace.
Chris Anderson, the president of the Greater San Diego Board of Realtors, recommends buying sooner rather than later.
“Buy, if you can get in, get in. Start off with something not exactly that you want which is a hard thing to do,” Anderson said.
She said it's best to not wait around and instead invest your money now.
“Honestly if they would’ve bought one year ago instead of waiting and it was for $500,000 a year ago, the same exact house would cost them $600,000 this year because of the appreciation,” she said.
This same situation is happening throughout California and making San Diego even more desirable.
“We are seeing people coming down from the Bay area, from LA which is driving our price as well because people are having trouble finding homes where they’re currently living,” said Lisa Fore, the North San Diego County Realtors Board President.
The median sale price for a home in San Diego was $825,000 this past February, according to the most recent data from Redfin. That’s up 17% from last year.
The surge in prices and recent rise in interest rates have caused the Federal Reserve Bank of Dallas to believe the market has become a brewing housing bubble.
However, the deputy chief economist for the California Association of Realtors, Oscar Wei expects prices to rise more slowly which will prevent the bubble from popping.
“We do not see the quote unquote bubble bursting because we will see some softening in price,” said Wei.
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