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3 Reasons We’re Definitely Not in a Housing Bubble

Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year. This has some voicing concern that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different.

San Diego home prices at the end of 2020 shot up the fastest six years
All cities in the in the S&P Dow Jones index showed notable gains.
Union Tribune
JAN. 26, 2021 2:07 PM PT

San Diego home prices near the end of 2020 increased at a pace not seen in six years.
In November, prices in the San Diego ......... Read More
Most cities are making a comeback — but not the priciest ones
Data from Redfin shows that cities are making a comeback, and young white-collar workers are seizing low mortgage rates and work-from-home policies to move to affordable cities
February 09, 2021

Over the last several months, America’s cities have waned in popularity as the suburbs found new life. But, recent data shows that cities are making a comeback, and young white-collar workers are seizing the moment of low mortgage rates and work-from-home policies to move to affordable cities, Bloomberg reported on Tuesday.
Urban U.S. markets saw a 15 percent increase in home prices during the three months through late January, outpacing annual price growth in the suburbs, according to data from Redfin (via Bloomberg). The growth shows a stark reversal from just a few months ago when prices in some cities were falling, causing many to wonder how long some cities would survive.
The country’s most expensive urban hubs, however, aren’t getting the same love from homebuyers as more affordable cities. Places like New York, San Francisco and Boston are still less appealing with their top-dollar prices, especially now that many workers can work wherever they want. Instead, cities like Austin, Texas; Boise, Idaho; and Columbus, Ohio, are gaining residents from those pricey cities, where real estate is more affordable and there’s more room to spread out.
As of January 24, overall homebuying demand was up 60 percent from the same time last year
Tony Gwynn’s former Poway estate sells for $1.43 million
The estate of Tony Gwynn, owned by the Padres hitter and his family for nearly 20 years, has sold in Poway for $1.43 million
DEC. 19, 2019 6:58 AM PT

The longtime Poway home of Major League Baseball great Tony Gwynn has sold for about $1.43 million, records show.
Owned by the Padres hitter and his family for nearly two decades, the sprawling estate centers on a Mediterranean-style house of nearly 7,400 square feet. Built in 1991, the house has high ceilings, open-plan space and a mix of hardwood and tile floors. A Palladian-style arched window brings natural light into the front entry.
2 Stunning Cottages located in the heart of Pacific Beach, and just blocks from the beach and Mission Bay!
Both 1 Bed and 1 Bath.
Please contact me for more information.

Vendor Referral of the Month

Felicia Corbett, CEPA

Financial Planner/Business Exit Strategy Planning/LTC

I highly recommend Felicia, as she is honest hard working and experienced in her field.
You are in good hands.
Decorating Tip of the Month!
If you are considering buying or selling in the new year, we expect robust economic growth to take place, historically low interest rates to continue, home sales to increase by at least 10% and average national sales prices to rise approximately 8%. It’s a great time to make a move, and I love to help.

As we gently swing into 2021, and get use, to the "new normal" I wish you all a healthy and sane year!
I am always here if you need help or more information on the market.
Thank you for your support.

We've got this!