Is San Diego Becoming a Seller's Market?

One development - sellers are entertaining multiple offers

Sunday, May 19, 2013  |  Updated 9:32 AM PDT
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George Chamberlin examines the current trends in the 2013 real estate market with a local broker associate

George Chamberlin examines the current trends in the 2013 real estate market with a local broker associate

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In some areas of San Diego, real estate experts say we’re in a seller’s market.

San Diego is one of several California cities that has been showing growth in sales and media housing prices over 2012 numbers.

Local real estate research firm Dataquick reported the median housing price for San Diego rose 21 percent in April to $400,000.

Southern California also saw an increase in the regional median price of 23 percent over last year. The $357,000 mark is the highest median for the region since June 2008.

A year or so ago, it seemed like sellers needed to practically write letters to potential buyers, asking them to buy their homes.

Now, Victoria Crown from Sotheby’s Realty, said sellers are receiving letters from buyers explaining why they want to purchase a home.

“We’re seeing a lot of situations with multiple offers,” Crown said. “You might have 10 offers and you might have 3 of those that have letters to the seller.”

In some of the upper end areas of San Diego, the market is moving faster.

“Absolutely less than $500,000 even less than $1 million in certain areas, $1 million to $1.5 million,” she said.

She advises San Diegans who are interested in buying get pre-approved and find a realtor that has experience in the market.

Watch the discussion on this episode of Money Matters. 

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