One significant reason why it’s a good time to buy a San Diego condo or home is the prices; San Diego condos have dropped approximately 30% since the high water mark of 1996. I’ve been a Realtor in San Diego for the last 15 years and it’s my opinion that now is a very attractive time to buy a home in San Diego because we are very close to the bottom of a market decline that could be one of the biggest in history.
Another reason why it’s a good time to buy is that along with the 30% discount you are also getting historic lows in interest rates which as of today are hovering in the low 4′s for qualified buyers. This amounts to at least a 50 year low in mortgage rates and combined with the discount in housing prices we now have the “Perfect Storm” for buying a home in San Diego County.One could argue that the prices in San Diego could fall even more, maybe, but not by much. I believe we are close to the bottom if not there already, saying that, locking in today’s interest rates will most likely offset any decrease in price. I’m sure the interest rates are going to rise, it’s only a matter of time. Locking in today’s rates and prices makes sense for the first time home buyer here in San Diego.
As a home buyer here in San Diego hire a Realtor to represent you as a Buyer’s Agent, this is the best way to go, why not have a professional on your side who can guide through the negotiations and home buying process. As a home buyer you won’t be charged a fee, the Buyer’s Agent Fees are paid by the Seller, this commission is split between the Seller’s Agent and the Buyer’s Agent.
Steven Gluyas is a San Diego Realtor with 15 years experience specializing in San Diego condos for Sale, he can be reach at 858-405-3797