Calling all lovers of beautiful weather and sunshine: not only is San Diego a fantastic place to live, but the time is right to be purchasing property in sunny California this year.
The city’s housing inventory is increasing rapidly which in turn is providing lots of new opportunities for home seekers to find the house of their dreams. Not only that, but the real estate market in California and across the country has finally shown some signs of slowing down, which increases your chances of locating a condo or home that falls within your price range. More houses for sale means more competition and ultimately, prices will go down, giving you the opportunity to finally buy a home in San Diego.
If you’re still wondering if now is the right time to buy your San Diego home, the answer is yes. We’re certain that 2019 is the year to become a homeowner and I can’t wait to help you do it.
An overview of the housing market in San Diego
Fox Business reports that this is going to be a good year for the housing market, especially this spring and summer. They spoke with Michael Fratantoni, Mortgage Banker Association chief economist who says, “We’re seeing growth relative to last year in home sales…increasing by a couple of percent relative to where they were last year.” Although just a few percentage points are hardly large gains, when you pair them with California’s strong job market you have favorable conditions for purchasing a property. Its been reported that San Diego County’s employment rate is up 1.7 percent from last year, and wages have also increased. All of this is good news for consumers because it now makes owning a home that much easier.
More houses for sale in San Diego than ever
Early this year News 10 San Diego reported that the housing market in San Diego looked really good for buyers in 2019. This is in part to the growing number of houses for sale in the area. Inventory is increasing rapidly and homes are taking a little bit longer to sell, this means that buyers don’t feel pressured to buy as quickly.
This allows you to think through all your decisions at a pace that feels comfortable to you. News 10 went on to look into a recent report by Zillow on the housing market which showed conditions in San Diego are much more favorable for buyers than they were only a year ago, and that more than 20% of homes had a reduction in price in January of 2019. This is great for people hoping to buy a home in San Diego.
Owning your condo in San Diego
There are many condos for rent in San Diego, but with rent prices on the rise and not expected to come down any time soon, renting is no longer a financially feasible option. However, with an increase in the availability of condos for sale, there is also increased competition, meaning prices are bound to head down soon. In order for a condo to sell, it has to stand out from the crowd, so be on the lookout for unique features and really excellent locations when you’re in the market for a condo. If you plan to live in your home for more than 3 years, renting is not a practical option.
Moving to California
Vacationers flock to San Diego to soak up the sun on the warm beaches and visit the world-famous San Diego Zoo, but there are even more great reasons to call San Diego home, including some amazing neighborhoods with homes for sale.
If you’re looking for a hip little neighborhood with plenty of walkable restaurants, Little Italy is the spot for you. Its tucked neatly in the northern end of San Diego Bay, not far from the airport. There is an abundance of places to dine with outdoor patios and authentic Italian coffee shops. It’s also home to a really happening Summer farmer’s market.
The East Village might be the hippest up-and-coming neighborhood in San Diego. What used to be an area of warehouses and vacant lots are now home to Petco Park and the new San Diego Central Library. Businesses, restaurants, and boutique shopping have reclaimed this empty warehouse space, making it a modern, eclectic area full of things to do and exciting nightlife.
Bankers Hill is an uptown neighborhood named for its reputation of being home to the wealthy. Nowadays, many of the homes here have stunning views of the ocean and are in walking distance to some fabulous restaurants and bars. It is no longer just an area for the affluent, as it now boasts some prime condo living where everyone can afford a little bit of the action in this urban, historical area.
How to buy a home in San Diego
Purchasing a home is obviously a huge decision. It doesn’t matter whether this is your first time looking into the home buying process or if you’re a collector of real estate. The home buying process can be overwhelming and may seem wildly complex. There are so many decisions you have to make ranging from finding a mortgage lender to researching neighborhoods. You worry about multiple things such as how many bathrooms you need, closet space, and wondering if now is really the right time to be buying a home.
Ready to start looking for your dream home in San Diego?
Let us help you find your new home. Our team of experts has helped San Diegans buy, sell, rent, and invest in real estate throughout Southern California. I am looking forward to meeting you and landing the best deal for you. Every real estate situation is unique, and I am thrilled to be able to offer you personalized, one-on-one service to meet all your needs.
Give us a call or fill out our online form. We’re happy to answer any questions you have or assure you that we are the right real estate professionals to help you buy a home in San Diego.