span trends. I believe not giving this
class="cap">F or San type of advice is implied by
Diego, the summer of 2005 California law.
was the high point in the real
With that said, what can a San
estate bubble. Now almost 2 1/2 Diego real estate agent or broker
years into the steady comfortably tell prospective San
deterioration of San Diego home Diego home buyers? Again, this is
values, the predominant question solely my own opinion and should
asked by most potential home not be interpreted to be any type
buyers is: “Has the San Diego of legal advice or guidance. I
real estate market bottomed out, feel San Diego agents and brokers
or when do you think the bottom can feel comfortable telling
will be in place?” prospective buyers where the
"The only function of economic local market has been, and the
forecasting is to make astrology fact that there are incredible
look respectable" - John Kenneth housing buys today, as compared
Galbraith (1908 - 2006) to just a few short years ago. I
Obviously, no one can accurately think a San Diego real estate
project when any market, agent can tell buyers that the
especially the San Diego real market has changed. Buyers, not
estate market, will bottom and the sellers, are in the driver's
reverse course, except in seat. I feel San Diego real
retrospection.
estate agents can tell buyers
California real estate agents that in the past, a home was
and brokers are continually considered a place to live and
advised not to give legal advice raise a family and any
or financial planning advice. appreciation gain on the sale of
Perhaps, they should also be the home was a bonus. Perhaps,
advised not to give economic such a philosophy is a more
forecast or predictions on market prudent way to look at future
residential home purchases. strongest economies in the world
San Diego agents and brokers and its average home value more
can provide facts and opinions on than doubled from the early 1980s
the direction of our local San to 1990. This sounds just like
Diego California real estate what happened in San Diego from
market that have been published 2000 to 2005. Japan’s real estate
by other sources. These sources market hit its top in 1990, and
could be Wall Street firms, the for the past 16 years has stayed
National Association of Realtors, in a steady downward trend. The
the California Association of average 750 foot condominium in
Realtors and the San Diego Tokyo has dropped over 42% in
Association of Realtors.
value from its peak in 1990.
San Diego agents can also give
Will San Diego real estate
data to prospective buyers values follow the Japan example?
showing that the after-tax cost That's very doubtful. What I am
of owning a home, depending on saying, by citing this actual
the down payment, maybe very example, is that no one can
similar to renting a comparable accurately foresee the bottom of
property.
any real estate market except
Even if the San Diego real after such a bottom has been in
estate broker or agent personally place for at least a couple
thinks that our market has years.
bottomed and we're about to enter
As for San Diego real estate
a new uptrend,they should not values, my own simplistic survey
express these opinions to done in late 2007, demonstrated
buyers.
that in many areas, the top of
As a real world example of a the market in 2005 condominium
protracted real estate value values have decreased well over
depreciation one just has to look 20%. In the areas that I looked
toward Japan. Japan is one of the at,this drop worked out to just
under $100,000 for the background-color: #F5F7FB;
period. border-left: #BAC9FF 1px solid;
So, are today's San Diego border-right: #BAC9FF 1px solid;
condominium buyers picking up margin-top: 5px; margin-bottom:
exceptional values at close to 10px;" valign="top"
$100,000 less than the same align="center">
property sold for just a few
short years ago? The answer is clearly yes. But, the more type="text/javascript">
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Article Tags: diego, real, san
