San Diego Home Prices at Peak Cost

San Diego homes are at their peak prices in today’s society. With this becoming an even hotter spot to buy, we’ll take a look at what this means for you as a buyer and a seller.

According to real estate firm CoreLogic, “San Diego home prices in March hit their highest level in nearly nine years.” Just this past month, the median price of a home rose to about $478,000. Although, the number of home sales only increased by 2 percent since this time last year. This could be attributed to a variety of different reasons, from low sales to even lack homes for sale.

It seems to be that the real reason for the low percentage of increase is due to a lack of inventory available. The president of North San Diego County Association of Realtors, Ratline Brundage explains that “We’re not seeing as great of an increase (in sales), simply because we don’t have the inventory.” This is where numbers can be deceiving at times.

The real estate demand in San Diego is currently through the roof. When you mix the high demand for the home with the low inventory, this makes sellers’ market magic.

Just from year to year, San Diego County home prices have increased 5.1 percent each year. This year, in particular, the months February to March have matched that 5.1 percent increase within a months time. That’s a huge increase within just a month, and should be a huge indicator for buyers and sellers that now is the time investment.

With the current low mortgage rates that are continuing to drop, this makes it that much easier for a new homebuyer to invest. The combination of low-interest rates with the increased debt-to-income thresholds is making it very rare for buyers to get rejected for a home loan. With interest rates being so low, it’s creating an even balance with the higher home prices. This is making buying a home that much more accessible to people looking to invest.

These price raises can be seen all around Southern California, including Oceanside, Orange County, and Riverside County. Now is the time to take advantage of the low-interest mortgages to invest in the high real estate market.

Throughout all of San Diego, there has been a lot of absentee buyers investing in homes that aren’t actually for themselves. Whether they plan to rent, upgrade and resale, or even just use part of the year now is the time to invest.

Get in contact with us so we can get you started on the proper investment that best suits your wants and needs. San Diego is calling your name, and we’re ready to help get you started! We take the time to listen to your wants and needs and know the San Diego County real estate market well enough to know exactly what it has to offer you. It’s not called America’s Finest City for no reason. Contact us today!