As a local Realtor, I’m often asked about the current state of the housing market and whether it’s a good time to buy. With recent news of rising home prices and concerns about overvaluation, it’s understandable that many people are hesitant.
According to San Diego Union-Tribune, national home prices have risen nearly 50 percent since the end of 2019, and several analyses say homes are substantially overvalued. This overvaluation is a predictor of stagnant, even negative, real returns in coming years, which is a headwind to anyone counting on real estate as a source of wealth.
However, it’s important to remember that the San Diego County housing market is unique, and these factors don’t necessarily translate into a risky market here. With only 1,255 single-family homes built in 2023, our county is facing a severe shortage of inventory, which supports strong demand and keeps prices high.
Ultimately, the decision of whether or not to buy a home is a personal one that depends on your individual circumstances and financial situation. However, I encourage you to seek the advice of a qualified professional before making any decisions.
For more information about my services, please visit https://robertluiswallace.com/services/. I’m here to help you navigate the complexities of the real estate market and make informed decisions about your future.
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