Considering whether to dive into the San Diego housing market now or hold off until next year? It’s a big decision, so let’s break it down.
First off, take a peek at what’s happening in the market right now. Check out home prices, how many homes are up for grabs, and those interest rates. Below is the latest data from the California Association of Realtors®.
Image from the California Association of Realtors®
Ideally, you’d want the prices to be steady or ticking up and interest rates are low. As of this writing, the annual percentage rate for mortgage in San Diego is 6.668%. Historically, in the spring and summer, there are more homes available for sale, which means you’ll have more homes to choose from, especially if you’re looking for something specific. Have a chat with a local real estate agent. They’ll have their finger on the pulse of the San Diego market, in specific neighborhoods, and can give you the inside scoop on whether now’s the time to buy.
The most important consideration is your current financial situation. How is it looking? Got a solid credit score, some cash stashed away for a down payment, and a steady gig? If so, you might quit the wait and take the homeownership plunge. You might be losing on opportunity costs and home appreciation by overthinking it.
Ultimately, the best time to buy a home in San Diego really depends on your personal decision and timeline. One might be moving for a job or schooling that making a transfer now is more important than the dollar savings when timing the market.
No one has a crystal ball that definitely determines what is going to happen in the future. We have a saying in the real estate industry, “The best time to buy a home is five years ago. The second best is now.”
Whether you’re ready to make a move right now or you’re willing to wait for the perfect opportunity, there’s no shortage of amazing homes waiting for you in sunny SD! If you’ve got questions with regards to the current state of San Diego housing market, give the experts at Broadpoint Properties a call!
