The San Diego Association of Realtors reports that rising housing prices are injecting a new energy into the move-up market for San Diego County home buyers.  The price of a single-family home went up 14% for the first time in two years.  The cost for both attached and detached residences climbed 18%.  President Linda Lee advises prospective buyers to get prepared before starting that home-search.  Be pre-qualified with a lender, so you know exactly what you can afford, before you become emotionally attached to a property that is not in your price range.

Linda Lee, Board President of the San Diego Association of Realtors, writes that San Diego County is at the onset of a healthy real estate market.

“People were sitting on mortgages with negative equity, could barely make their payments, and were doing all that they could to hold on to their homes. Those who could not make their payments were negotiating with the bank on loan modifications.

The result was a deluge of foreclosures and short sales. Banks trying to unload their newly acquired real estate put many homes back on the market at very low prices. Lower prices fed back into the short sale environment and the cycle continued.

But in recent months, I have seen homeowners sell their homes and buy new ones.

Prices have risen enough that many people who delayed doing this for years are finally able to move up into a nicer home or down into a more affordable one.

This is good for our industry.”

The Daily Transcript: San Diego Source