San Diego Real Estate – Time To Buy
Is now the best time to purchase a San Diego home?
San Diego housing
Compelling Reasons to Buy Now:
- Lowest mortgage interest rates in over 30 years
- High supply of inventory from which to choose their next home
- Sellers willing to make many more concessions than in a more balanced market
- Low home prices
- Lower property tax rates
- Deals from distressed properties in many areas
- Government financial incentives for first time homebuyers
- Income tax refunds for cash for down payments
- Los Angeles California attorneys
If you enjoyed this post, make sure you subscribe to my RSS feed!
5 Comments
Trackbacks & Pingbacks
Comments are closed.
This may be the perfect time for those who waited to buy houses and were smart enough to not have bought a couple years ago! Talk about good pickin’s!
Orange County business lawyers
Everyone’s scrambling. Well not buyers, but sellers for sure. And that means buyers get the easiest ride of their life. Find a foreclosed home, or a short sale and you won’t get the short end of the stick at all.
website content awards
“High supply of inventory from which to choose their next home”
Are you serious? Have you looked at the MLS listings lately? They’re a joke. Overpriced, many in poor condition (and often sold “as is”) and priced nowhere near where they should be to justify buying versus renting.
On the flip side, there are many, many SD homes in the “shadow inventory.” On foreclosure.com, I see >700 NODs issued in SD county just this past week. Just throw them on the pile…along with the >550 the previous week + >600 the week before that, and the >700 the week before THAT, etc.etc.) Even if only a fraction of these end up in foreclosure, that will be MORE inventory (and probably in poor condition, too) trickling onto the market over the next several years (or sooner).
San Diegans are seriously delusional if they think house prices will be back on the “stairway to heaven” anytime soon. Houses are NOT affordable for the majoprity of San Diego residents (not without a huge mortgage, that it…if you can even get one). Considering that the majority of NEW job growth in SD county during the “bubble years” was in real-estate-related occupations – and I see NO evidence of a new, more-sustainable industry settling in the area – incomes will not be able to justify current price levels for a long time to come.
We’re presently renting a 4BR, 2400-sf house in University city for $2900/mo. At current price levels, this house would probably be put on the market at $750K or more…or 21.5x annual rent. No doubt they’d find someone to pay that ridiculous price…but it certainly wouldn’t be us (even though we have the capability to pay that IN CASH).
No, I’ll continue to rent, thanks. You speculators enjoy your slow, excruciating loss of equity. Hang in there, though…I hear that house prices in Calif only go up!
I think this would be the perfect time for those who waited to buy houses and were smart enough to not have bought a couple years ago! Just go and pick up best in market.