Heading into fall, we have great news for San Diego homebuyers. According to data from CoreLogic, the median price for homes in San Diego County has dropped. This is something which hasn’t happened in 7 years.
Last year at this time, the median cost of a San Diego home was $584,500. This year, it is $584,000. Even though that drop is small, we haven’t seen this type of decline at all since early in 2012. That makes this news significant.
Does it herald a greater drop to come? At this point, experts are not expecting a dramatic crash. So, rather than wait for one to come, it may be wise to buy sooner rather than later.
If you are shopping for a home, you also are probably aware that interest rates have dropped. Last August, the rate for a 30-year, was over a % higher than it is today. Which makes this a great time to refinance if you haven’t done so in the past 12 months.
Buyers are not the only ones who can reap the bounty of the county’s healthy real estate market. While costs have dropped marginally for buyers, there has been a boost in home sales as measured in August (up 1.9% year-over-year).
That means that if you have spotted a beautiful home that you love, you should not wait long to move on it. There are lots of other buyers who are eyeing the same properties you are, eager to cash in on great rates and prices.
Harvest the Bounty of San Diego’s Low Housing Prices and Interest Rates
If you are looking for a San Diego mortgage lender that can help you close fast so that you can lock in a competitive rate and buy the perfect home at a great price, I would love to help you! Please give me a call today at (619) 857-7191 so I can schedule you for your consultation.