The median home price in San Diego county dropped to $415,000 in August. It is still at a 20.2% increase compared to 2012, as DataQuick reports.
So what does all of this mean for the sea of buyers that are out house hunting and potential sellers?
Well for potential sellers they can finally start selling their homes with a larger profit to gain than before. As for the buyers the interest rates are still low and taking advantage of this is in their favor. Historically we are seeing rates that haven’t been seen in a long time, which is a great reason to go out and buy that first starter home or build up your own inventory of income properties.
We know that the rates are low. But why are first time buyers having such a hard time getting their offers accepted?
Well with a low inventory in most places in San Diego, lets take Point Loma, for instance. Point Loma has a very low inventory of properties to be sold and because there is such a high demand to live in the area Sellers have really been able to “name their price” or be more selective with the certain types of loans that they would like to accept. But don’t be discouraged as a buyer there is always the right home for you, and maybe instead of just submitting an offer you could include a few personal touches as well, such as a personal note about why you love the property.
So why should buyers be thinking about buying a home now in San Diego?
Well, like we stated before; interest rates are at an all time low in April they were recorded at 3.4% and they are starting to rise. It is an excellent time to buy with that advantage. Also who wouldn’t want to call beautiful San Diego home!