Nobody can perfectly predict the San Diego real estate market. You can never know the what the real estate market will do except after the fact.
But the economists at Moody’s Analytics made a bold housing prediction over the next five years in a recent article on Money.com.
The city’s 2016 growth forecast is solid, says Andres Carbacho-Burgos, a senior economist at Moody’s Analytics, although he notes that income growth “isn’t as strong as it once was.”
And here is the San Diego Real Estate Prediction over the next half decade.
You can see original article here http://time.com/money/4285854/real-estate-markets-housing-price-forecast-map/
The median sales price of attached and detached homes last month was $551,000, 5 percent higher than the month before and up 7 percent over March 2015, SDAR reported.
If Moody’s prediction comes true, the San Diego Median home price will increase like this.
2017: $567,530 (3% up)
2018: $584,555 (3% up)
2019: $613,782 (5% up)
2020: $650,608 (6% up)
In December 2014, there was an article stating “Only 3 years left for the average American to buy a home”. Now two years have passed. Thankfully, interest rates has stayed low despite of the expectation that mortgage rates would rise in that article. But this Moody’s prediction makes us wonder how many years are left for the average American to buy a home?
Note: Housing Prediction is a interesting and popular topic in real estate. But don’t let it dictate your home buying/selling division. Always concentrate on your goal, your big why. In the end, there are only two ways to make money in real estate. You either hit the right timing of the market or you have enough time in the 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. Nobody is able to time the market. But you most certainly can count on the later.