Looking into 2016
Posted by: Dino Morabito 4 years ago
Looking into the Crystal Ball: The 2016 Coronado Real Estate Market
The sensation when gravity no longer has dominion and we enter orbit should be a familiar feeling for anyone who owns Coronado real estate. After all, over the last couple of years, homeowners in Coronado have experienced butterflies in their stomach as housing trends forced median property values to hit a whopping $1.6 million [i].
So, what's next for this market? What is the best play for homeowners and those interested in buying real estate in Coronado in 2016?
Buying Coronado Real Estate in 2016
People who are interested in buying Coronado real estate in 2016 have one thing going in their favor, as this is a buyer's market to the fullest extent. Unfortunately, high property values present obstacles to those on a budget and looking to secure lender financing. Since interest rates are on the uptick, preapproving a high value loan may present a challenge.
Those who still have their sights set on purchasing Coronado real estate should understand that property values are expected to increase another 3.9% in 2016 [ii]. While purchasing property when property values are at their peak can be risky, buyers who put a positive spin on their decision may consider real estate in Coronado to be an investment.
Selling Coronado Real Estate in 2016
Homeowners who are interested in selling Coronado real estate in 2016 should realize that they are not alone. Since there are opportunistic sellers in the region, it is imperative to stand out from the market in order to impress buyers. Those who decide that selling real estate in Coronado is the right choice should be able to take advantage of a median sales price of $1,500,000, up $275,000 or 22.4% from September 2015 [iii].
The median list price in Coronado is presently sitting around $2,000,000, at $949 per square foot [iv]. Those who can attract the attention of buyers should be willing to negotiate and capitalize on peak property values in the area in 2016.
Can't Afford Real Estate in Coronado?
People who can't afford real estate in Coronado should consider broadening their focus and scout out the entire San Diego real estate market for a residence that suits them. On the bright side, the median property value in San Diego is $465,000 [v], giving those who are looking to move into the area more options.
2016 Goals – Buying or Selling Real Estate in the San Diego Area
Those who have made it a goal to buy or sell San Diego real estate should develop a plan of action and move forward. All in all, it makes sense to sell Coronado real estate in 2016, as property values are favorable and affordability is in question. On the other hand, those who want to buy real estate in Coronado should negotiate with sellers and realize that they are in the driver's seat.
Interested in learning more about the local real estate landscape or potentially listing your home for sale? If so, contact The Morabito Real Estate Group today!
[i] Zillow, Inc. "Coronado CA Home Prices & Home Values | Zillow". Zillow. N.p., 2015. Web. 29 Dec. 2015.
[ii] Zillow, Inc. "Coronado CA Home Prices & Home Values | Zillow". Zillow. N.p., 2015. Web. 29 Dec. 2015.
[iii] Trulia.com,. "Real Estate Overview For Coronado, CA - Trulia". N.p., 2015. Web. 29 Dec. 2015.
[iv] Realtor.com,. "Coronado, CA Housing Market, Schools, And Neighborhoods - Realtor.Com®". N.p., 2015. Web. 29 Dec. 2015.
[v] Trulia.com,. "Real Estate Overview For San Diego, CA - Trulia". N.p., 2015. Web. 29 Dec. 2015.