I like listening to some local news. Today, as I was drinking my coffee on my way to work, the local news said that the percentage of first-time homebuyers who could afford a median priced home in San Diego rose 7% to from 24% to 31%. Condos and homes both! A quality median house runs just shy of $450,000. To be more specific, $444,480. Can you believe that? That is the median price of a home in San Diego county!?!? Gnarly! How is this rise explicable?
Well, there are multiple factors affecting this rise in first-time homebuyers. 1. Lower interest rates and 2. Over supply of product. With lower rates, more people can afford condos and with the over supply of condos and other types of real estate, the average price has gone down. San Diego is a very unique place to live. It’s a very beautiful area of the US with a very expensive real estate market but there are pockets that are very affordable. I predict that next quarter, the number of people who can afford a median priced house will increase even more. This is great news for first-time home buyers. They are getting such a sweet deal. Developers of San Diego Condos are offering incredible incentives and other sellers are dropping their prices drastically. San Diego condos for sale are a great investment right now. Buy if you can and if you’re selling, hold off for a little bit longer!