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- CNN Money: San Diego a Hot 2016 Market
- County Loan Limits Increase to $580,750
- Buyers Bought Bigger Homes in 2015
CNN Money Lists Top 10 Markets for 2016
CNN Money ranked San Diego as one of their Top 10 housing markets for 2016. Given San Diego’s recent hot market coupled with upcoming new construction, nearly-perfect weather and fast-moving inventory CNN Money predicts San Diego home prices to increase almost 10% in 2016. Rounding out the list: Providence RI, St. Louis, Sacramento, Atlanta, New Orleans, Memphis, Charlotte, Virginia Beach and Boston.
San Diego County Loan Limits Increase to $580,750
The Federal Housing Administration announced increased loan limits for 2016. Due to changes in housing prices, the maximum loan limits for forward mortgages increased in 188 counties. San Diego County increased from $562,350 in 2015 for one-unit properties to $580,750 in 2016, a $18,400 increase. Each year FHA recalculates its loan limits based on 115% of the median house price in the area.
Buyers Bought Bigger Homes in 2015
In almost every region of the United States buyers are trading up and buying bigger homes according to the National Association of Realtor’s 2015 Profile of Home Buyers and Sellers. The report found that 42% of all Buyers traded up in the size of their home, an increase from 40% in 2014. One reason for this shift in purchasing power is that people finally have more equity from selling their previous homes. Rising home prices have helped homeowners regain their equity positions after the housing downturn. In 2014, 17% reported waiting or stalling to sell their home, which dropped to 13% in 2015.
Is someone you know thinking about buying or selling?
Have them call me! I’ll help them get started.
Laura Sechrist Molenda