Many factors are contributing to the demand for homes continuing to rise, especially in San Diego County.
If you have been following real estate news lately you will find that mortgage rates have seen a significant increase. Not only has the state of California seen an increase in mortgage rates, but Encinitas has seen mortgage rates on a 30-year fixed rate mortgage increase as well to roughly 4.425%.
According to the chief economist for Fannie Mae, these increasing rates may actually contribute to driving up demand. Many homebuyers may be afraid that they will lose out on mortgage rates that are still significantly low and rush to buy if they have been thinking about purchasing a home.
In addition to these findings, the June 2013 Housing Survey also found that the number of respondents that believed rates would continue to rise throughout the next 12 months was up more than 10 points to 57%. 72% of those who responded to the survey still believed that the current market presented a great opportunity to buy.
If you are looking to act on purchasing a home for sale in San Diego, make sure that you contact a San Diego Realtor with years of experience to help you get a home that is right for you in a competitive market.