That is a tough question to answer. Some Downtown San Diego Condo and Loft owners would say that it’s a good time to sell because the prices are going to continue to go down and if you want to get more out of your home then get rid of it now. Some Loft and Condo owners say its a good time to buy because prices are almost at the bottom and there is a lot of inventory to pick from.
I would have to agree with the buyers right now. Just think of it as a horseshoe standing on end with the open end facing up. As you start on the right hand side you head straight kind of like the market now, then you start to level off, and after that you move to the left side and the market goes straight back up again. You have to ask yourself what side of the curve do you want to be on-right or left?
Most people say the left and that sounds like where you want to be. Prices are starting to go back up so everyone thinks that they have hit their bottom and will only continue to appreciate from here. They are right and also not the only ones to have thought of this, everyone wants to buy when prices are starting to go back up. So what does that do? It allows people that are selling to raise the prices because their is competition again.
If you ask me Id buy on the right side near the bottom. There is a lot of inventory, sellers will be easier to negotiate with, you won’t have a lot (or any) competition, and you can still get that deal of the century before the market moves back to the left side. We have
been seeing both sides of the curve in Downtown San Diego lately with buyers and sellers. It will be interesting to see where we go from here but I think it is almost impossible not to see some changes. ')}