Today we’ll be going over the 2017 market recap and our 2018 housing market predictions.
Unfortunately, we don’t have a crystal ball to see exactly what 2018 holds for the housing market. For now, we have a forecast from top economists and housing experts.
In 2017, home values increased in San Diego by an average of 6.9%. However, experts projected that growth will slow down in 2018 with a project value increase of 4.1%
As far as rents are concerned, in 2017, rental appreciation increased by 2.9%. This is going to more than double in 2018 to 6%. With such a huge jump in rental prices and weak income, renters are going to start looking at the option of buying a home, causing more demand in inventory with very little supply.
There is, however, exciting news for new homebuyers in 2018. Not only are loan limits increasing, but there are several different programs available, such as down payment assistance programs, self-employed programs, and programs with as little as 10% down with no mortgage insurance.
If you are currently thinking of buying and are tired of renting and throwing your money away, please contact me. I can definitely refer you to our preferred lender. I’m happy to help.