San Diego has great potential as a residential town and people come here to live because the neighborhoods are safe and the level of safety and living standards are pretty good. Being one of the desirable places to live, it would be pretty interesting to watch how San Diego will perform in the next quarter. According to real estate agents and experts, there would be a big surge in the market, and people will buy homes, especially if the job sector continues to do well. This trend will continue as long as the economy stays strong. The real estate market at the present time is active, and probably March was the best time of all. Experts say that the positive growth in real estate will continue to spread to spring and summer months, i.e. in the next quarter.
The reason for people’s home buying trend
The main reason for the happy trend in real estate is probably due to the increase in job security and raised income levels. The year 2014 was not a very good one for San Diego real estate and the sale of homes was pretty down; about 18% lower than the previous year (2013). The year 2015 was also nothing special though many experts said that the market was healthy.
The other reason for this surge in home buying is probably due to significant appreciation in San Diego. When compared to other areas in California or even in the entire country, San Diego exhibits a record-breaking appreciation rate. If the average US homeowner in America is ready to allocate 16% of his income in mortgage payments, it is more than 22.4% in San Diego.
For San Diego, 2016 is a great year!
The year 2016 also started good for San Diego, and many new residential projects are already coming up in different neighborhoods. If there was a shortage in housing over the last few months, that will soon be alleviated in the coming months.
Another interesting aspect in San Diego real estate lies in the rising interest rates. Of course, they are only marginally rising and the rates for 30 year fixed loans are still loitering at under 4%. When this happens, not all potential homebuyers get qualified for a home loan.
Median list price, presently
The median list price of square feet of space is $393 while the median list price of home is $605,000. The median sales price lies at $474,000 while the median sales price per square feet is at $339.