For a long time now, buying a San Diego Condo in areas like UTC, La Jolla and even Pacific beach required that you have a considerable amount of money with which to make the purchase. However, one of the most interesting side effects of the housing market meltdown is the fact that San Diego condos are now priced considerably lower and offer amazing values.Take for example the Verano complex in the UTC area, the 2 bedroom 2 bathroom units were selling in and around the 500k mark, today they are hitting the market at 300k and below…quite a reduction I would say. What should you know about the market? What should you consider as you’re contemplating buying a new San Diego Condo in an area like UTC?
First, you need to understand that the low prices currently offered are not going to last forever. In fact, the housing market in general is beginning to pick up and areas like UTC are showing signs of imminent recovery. This is both good and bad news for condo buyers. The good news is that prices are still low enough for most people to make a reasonable purchase. In addition, the fact that prices are set to go back up shortly ensures that any home purchased will be far more valuable in a very short time. This maximizes your investment to its fullest potential.
However, the bad news is that prices are not going to be low for very long. As the economy and the housing market have begun turning around from the recessionary low point, the prices for San Diego Condos have begun to inch back up. Currently, they’re still relatively low. However, that might not be the case in as little as just a few months. Therefore, the buyers’ market created by the meltdown might be short lived, indeed.
Search La Jolla Condos For Sale
What does this mean for buyers looking to enter the San Diego Condo market. While such homes will always be a worthwhile investment, the boost in value created by the market righting itself is not something that happens every day, and something that most people will experience only once or twice in their lifetime.
Search Mission Valley Condos For Sale
Getting into the San Diego Condo market now ensures that you are still able to enjoy low pricing on San Diego Condos, and that you will see the value jump dramatically as the market turns around. Waiting, on the other hand, is simply a decision saying you want to pay more money for the same home. With the interest rates at historic lows and the San Diego condo prices as low as it is there is a term that I would use “perfect storm”.
One thing to pay close attention to while searching the San Diego condo market is the home owner occupency levels of the particular complex you have interest in. Lenders magic number is 51%, which is to say that lenders are requiring 51% or above to be owner occupied. If not it might be hard to get a loan or your downpayment might have to be substantially higher.
