Knowing your real estate market

If you're looking for homes for sale in San Diego or considering entering into the real estate market for the first time, it can often be difficult to make sense of market updates and the data circulating about housing trends. There are numerous resources available to you to help decipher all of the information out there and determine which move is right for you.

"Good or bad, optimistic or dismal, real estate market updates have the power to sway economic outlooks and reader impressions on a daily basis," wrote industry professional Vicki Johnson in La Jolla Light. "Of course, these reports are also subject to frequent change and diverse interpretation - meaning that many homeowners find it difficult to get a strong sense of where the market is actually headed, and how to use that information to inform their own plans."

In truth, the information provided in market updates and data analysis is entirely dependent on where an individual homeowner is at in his or her life. Take, for instance, the recent report in the San Diego Business Journal that indicated the median price of a single family home in October increased by 13 percent to $400,000. Industry experts and those analyzing market trends will generally operate under the accepted convention that a rise in home prices is good news for the market and economy, indicating buyer optimism and housing recovery. However, your needs as a potential homebuyer factor into the equation as well.

According to Johnson, any change in market values take a variety of meanings, and there are certain questions you should ask yourself in order to decide how best to act. Consider whether you are upgrading or downsizing, still working for your future or relaxing and enjoying retirement, and what is financially possible.

Analytics at a glance
A recent article in The Herald shed some light on DataQuick, a company that produces market analysis from high quality data. DataQuick, which is itself based in San Diego, provides a wide array of property data that can help an individual make informed market decisions. When looking at the San Diego housing market trends, it could be beneficial to look for quality sources such as groups such as DataQuick and independent groups to avoid the chance of receiving biased information.