Being one of the most sought-after cities in the country by potential buyers, San Diego has
always been an attractive place to call home. With its beautiful beaches, warm weather, diverse
neighborhoods, high-performing school districts, and safe communities, it’s clear why San Diego
always ranks near the top of most lists for desirable places to live. Though there are many
obvious reasons why this city is appealing, there are also financial rationalizations for buying a
house in San Diego presently.
At any given time, the demand for purchasing a home in southern California is healthy which
puts buyers in a favorable place because the properties are only going to appreciate further. We
often get asked by our clients if now is a good time to buy a house in San Diego and if there are
any indicators about which way the housing market is trending. As of now, overall home sales
have been dropping to relatively low levels compared to recent years and are down by
approximately 20% since this time last year. What this means for buyers is that there is a
greater inventory of properties to choose from.
When there is more inventory, there is more negotiating room with sellers as listings are staying
on the market for longer periods of time. If you work with a San Diego real estate agent from
housesforsaleinsandiego.com, you will get the benefit of having an experienced negotiator on
your side. One of the most important parts of the home buying process actually takes place after
you’ve decided on the house that you would like to purchase. The list price of the house is just
the starting point, but it’s often higher than what buyers end up paying. Our real estate agents
can help you with identifying the right number to use for your offer as well as handling any back
and forth negotiations with the other party.
As the market continues to shift more in favor of buyers, housing prices are slowly starting to
come down because interest rates are rising. For those who are considering buying a home in
San Diego, right now is a good time to start looking. As the prices drop, buyers can use that to
their advantage. When you decide that you’re ready to begin looking, it’s best to start on the
right food by hiring a real estate agent who can help you get the most out of your search and
find the hidden gems and MLS listings that match your preferences.
A seasoned real estate professional can also help you stay informed by pointing out the market
trends as they vary. As it stands now, housing prices in San Diego County have fallen the last
couple months as stated in the Case-Shiller Home Price Index report. With the longer term
forecast for property values indicating that prices will eventually rise, anytime there are
temporary drops, it’s an opportune time for buyers to take action.
Whenever there are notable signals that suggest the market has fluctuated, you should be
aware about the underlying causes. Since the overall sales of homes peaked over a year ago,
rising mortgage rates were pointed to as one of the key reasons for the current slowdown.
Prospective homebuyers should start to set aside as much extra funds as possible to go
towards the down payment because the more that they can put down, the more cost-effective
the mortgage will be in the long term which is especially important when current mortgage rates
are going up.
For those who are first-time homebuyers, a worthwhile option to consider is buying a condo in
San Diego rather than a single-family home. Condos in the area are going for a median price of
$418,000 while San Diego houses are sitting around the median price of $590,000 for recently
sold properties, according to recent Zillow data. Condos are quickly becoming an attractive
choice for people who want to have affordable mortgages while at the same time having the
value of their home continue to appreciate.
Properties in southern California and especially the San Diego region have been appreciating at
a faster rate than the national average. This foreshadows the belief that it will continue to be a
buyer’s market here until the appreciation rates drop down closer to those of the rest of the
country. What this means is that once you own the home, within a year, the equity gains will
surpass the previous year which will give you an encouraging outlook for the future value of the
home should you ever wish to sell.
If you’re still deciding about when to buy a home in San Diego, there is no better time than the
present. Furthermore, if the market predictions continue to hold, then the long term property
values on the west coast are only going to rise while the temporary decrease in sales gives
buyers a larger supply of listings to search from. We’re here to help you take the first step in the
buying process — reach out to one of our experienced and friendly San Diego real estate
*The information comprised in this article was sourced from third party sites. Although this
information was found from sources believed to be reliable, and current at that point in time,
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express or implied, as to whether the information presented is accurate, reliable, or up-to-date.
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