How far have home prices come since the market crash? In some areas, home prices are higher than they were at the peak of the market — I’ll explain why today.
If you are curious about how far home prices have risen since the crash, there are a few things you should know.
First of all, home prices all over the county have hit record highs in the past few months. In fact, in many areas home prices are just as high as or even higher than they were in 2006, which was the peak of the housing bubble.
That said, the current market is not in a housing bubble like it was 10 years ago. Instead, today’s high prices are mostly driven by a lack of supply. If you want to sell your home, then now is the time to do it.
"We are not in another housing bubble like we were 10 years ago."
Secondly, interest rates are still low, but they are rising. For example, last July, interest rates hovered between 3.25% and 3.35%. As of right now, interest rates are around 4%, which is still great news for buyers out there.
When you combine low housing inventory with low but rising interest rates, it is clear why so many homebuyers are looking to make their move. The spring season is fast approaching, and it is the hottest season for the real estate market. You need to take advantage of the spring market right now.
If you have any questions about the home buying or selling process, give me a call or send me an email. I would be happy to guide you through the San Diego market.
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