In other words, if a listing is not selling, it is probably due to the fact that it's priced too high and not because the stock market tanked today, or because of the earthquake in Japan. Conversely, the price of oil and the tensions in the Middle East shouldn't take a commanding role in the decision making process when buying a home.
Yet, buyers and sellers tend to complicate the email list issue and bring the context of their real estate outside the realm in which it should be, which is local. For buyers in this market: For San Diego, our market is looking quite good relative to what is happening in the rest of the country. This market is now 5 years removed from the onset of the housing correction. We don't predict a full blown recovery this year, however we do see a fantastic buying opportunity for this and next year.
Affordability for a home buyer today is the highest that it has been for decades. We see that San Diego has corrected, on average, about 25% below its peak and prices have stabilized for some time now. To further sweeten the current situation, we should all know that mortgage interest rates have been hovering around 4% which is near the lowest ever seen.