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Time to get off the fence

posted Aug 12, 2015, 2:13 PM by Richard D'Ascoli   [ updated Aug 12, 2015, 2:15 PM ]
Demand for housing has never been stronger. However, the sharp increase in spring housing demand has elevated home prices to levels last seen in late 2007. Also, California’s housing affordability has declined.

 

A recent report from the California Association of REALTORS® (C.A.R.) said 25 percent of households could afford to purchase a single-family home in San Diego County at the median price of nearly $548,000. That’s down from 28 percent in the first quarter of this year and 26 percent in the second quarter last year.

 

For our PSAR members, this means we should advise our clients who may have been waiting to make a move to not wait any longer. Steady rent increases and the slow rise in mortgage rates should be strong motivators for making a decision. Otherwise, there may be fewer options for the foreseeable future.