California is usually seen as the barometer indicating the general state of health of the overall American real estate market. After all, it’s only fair to say that Californian encompasses some of the hottest beaches, diverse holiday destinations and super lavishing mansions carrying exorbitant price tags. San Diego makes no exception. Nonetheless, a recent article published by cnbc indicates that the San Diego real estate market has cooled off significantly over the past few years. Does this mean that now would be the best time to buy or rent a place in San Diego? Would this bold move allow you to embrace the laid-back, sought-after Californian lifestyle without going bankrupt?
The San Diego Real Estate Market Has Definitely Seen Better Days
According to recent statistics, the sales volume in San Diego has recorded a 18.5% decrease, compared to the numbers reported last year. While homeowners who are eager to sell aren’t exactly willing to lower their asking price, more than a few superb Californian properties are still waiting for the right buyers to land on their doorsteps. As a matter of fact, the median home price in San Diego reached $445,000 towards the end of the summer, reflecting a notable 6.6% increase, compared to the value of the price tags that one could find on the local real estate market one year ago. Why are the factors that could be linked to these changes and how could they affect potential tenants and buyers? As most owners are inflating their list prices, potential clients are weighing their options more carefully. Also, financial gains are constantly easing because all-cash buyers and investors are scarce and less determined to make a purchase.
How Cheap Is Cheap in Your Book?
In this context, you should also know that well-priced homes in excellent condition don’t usually gather dust on the local real estate market. Due to the fact that they explore both online and offline channels, prospects are much more able to spot the most convenient deals in record time and act before their competitors.
On the other hand, if you can’t afford to buy a new roof over your head here or you just want to avoid the cons of ownership, keep in mind that you could always turn your attention to a nice rental property tailored to your specific needs, demands and budget.
According to Zillow, the temperature of the San Diego real estate market is warm. The median rental cost was estimated at $2,264 per month in October. Don’t let this value scare you off. Once you choose to do business through Apartment Hunterz, you can rest assured knowing that you will spot the most convenient deal on the local real estate market in only a few days.