Waiting to buy a San Diego home could cost you $156K
George Lorimer
Monday, June 24, 2024
Hi Friend, the San Diego housing Market continues to be frustrating for buyers. The struggle of lack of inventory is quickly becoming eclipsed by affordability.
If you had bought the median-priced home in San Diego last May, you would have $156,750 more in wealth!*
That rise in home prices comes despite high mortgage rates relative to recent memory. Last week, the average rate on a 30-year fixed mortgage was more than double the 3% and below rates seen during the COVID-19 pandemic, according to Freddie Mac.
Access to a COMING SOON - OFF-MARKET HOME.
In San Diego, prices have risen*
It has been nearly two years since 30 Mortgage rates hit 6%. Many predicted that prices would drop. However, the opposite has happened. Over the last year, the median San Diego home price went from $935,000 in May 2023 to $1,091,750 in May 2024.
That's an increase of $156,750 or 14.3% more expensive today than this time last year.
See more stats
Here's the great part if you bought a year ago, you might have another $100,000 or $200,000 in equity.
Here's the disgusting part: if you were waiting for mortgage rates or prices to go down, they both went up.
You probably think it's too late, but it's not.
If you'll be staying in San Diego for at least three years or more, you should consider buying and starting to build equity.
Will the payment be expensive? YES!
Is rent expensive? YES!
Will you "settle" for a neighboring area or a smaller home or condo than you wanted? PROBABLY!
The point is you have to start somewhere, and for the 25 years I've been selling real estate in San Diego, there have been more buyers than homes. Since 2009, they have slowed down new construction, and all the new buildings are apartments, where they keep cranking up the rent.
If you want independence and start having your own property where they can't evict you, give you notice, or raise your rent, consider buying today. Call/text me at 619-846-1244, George.
Are you still waiting to buy? Why?
ProWest Properties, DRE# 01146839, *Conditions apply.
If you had bought the median-priced home in San Diego last May, you would have $156,750 more in wealth!*
That rise in home prices comes despite high mortgage rates relative to recent memory. Last week, the average rate on a 30-year fixed mortgage was more than double the 3% and below rates seen during the COVID-19 pandemic, according to Freddie Mac.
Access to a COMING SOON - OFF-MARKET HOME.
In San Diego, prices have risen*
It has been nearly two years since 30 Mortgage rates hit 6%. Many predicted that prices would drop. However, the opposite has happened. Over the last year, the median San Diego home price went from $935,000 in May 2023 to $1,091,750 in May 2024.
That's an increase of $156,750 or 14.3% more expensive today than this time last year.
See more stats
Here's the great part if you bought a year ago, you might have another $100,000 or $200,000 in equity.
Here's the disgusting part: if you were waiting for mortgage rates or prices to go down, they both went up.
You probably think it's too late, but it's not.
If you'll be staying in San Diego for at least three years or more, you should consider buying and starting to build equity.
Will the payment be expensive? YES!
Is rent expensive? YES!
Will you "settle" for a neighboring area or a smaller home or condo than you wanted? PROBABLY!
The point is you have to start somewhere, and for the 25 years I've been selling real estate in San Diego, there have been more buyers than homes. Since 2009, they have slowed down new construction, and all the new buildings are apartments, where they keep cranking up the rent.
If you want independence and start having your own property where they can't evict you, give you notice, or raise your rent, consider buying today. Call/text me at 619-846-1244, George.
Are you still waiting to buy? Why?
ProWest Properties, DRE# 01146839, *Conditions apply.
We would like to hear from you! If you have any questions, please do not hesitate to contact us. We are always looking forward to hearing from you! We will do our best to reply to you within 24 hours !