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7 Reasons Why Buying a Home in San Diego Right Now is a Fantastic Idea

Buying a home in San Diego is all about getting back to the American Dream. There really isn’t a better place to settle down and call home.

If you're thinking about settling down, be sure to work with real estate agents in San Diego who know the area well and have happy clients in the area.

Here are 7 reasons why you should consider buying a home in San Diego right now:

1. The price of rent is increasing while mortgage rates are still low

Rental rates are expected to go up 3.6% this year and 3.4% in 2018 while mortgage rates are still low (but increasing over the next few months). 
 
Rental Prices in San Diego Compared to Sales Prices (2016-2017)
 
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This increase is making it a lot more appealing to put money down and own a home compared to paying someone else's mortgage. This makes the real estate market extremely attractive to investors who are looking to use single-family homes as rental income. If you're looking to make San Diego home, now is a great time. 

2. The job market in San Diego is booming

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The job market has seen an increase of 2.9% during the past 2 years according to California employment statistics. Job sectors like life sciences, health care, clean energy, advanced manufacturing and information and communication technologies are growing rapidly, making San Diego an even more attractive place to live. 
 
This boom will make it more difficult to find a home at a fair price in the upcoming years. With approximately 27,000 jobs being created every year in San Diego, the residential real estate market in San Diego is only going to become more competitive. 

3. Tax advantages and ownership deductions

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Tax advantages and ownership deductions are a huge factor that make it worth buying in San Diego right now. After speaking with a successful real estate professional, you’ll quickly learn that owning your own home is a plausible option when you compare how much you pay for rent in the San Diego real estate market.

Find a real estate brokerage or professional who can help educate you on financial matters, such as tax advantages and ownership deductions. It's in their best interest as a real estate business to ensure that their clients are receiving the best possible service.

4. Long-term appreciation is always going up here

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Buyers can build wealth in San Diego faster than other parts of the nation by owning their own home. 
 
Since 1977 housing markets in San Diego saw a compound annual growth rate of 2% as per Yale economist Robert Shiller (who won the Nobel Prize for his work on asset valuation). 
 
Home prices are predicted to increase year over year by 6.2% in the US as per the CoreLogic Home Price Index forecast making it more expensive to wait to buy a home in San Diego later.
 
Getting the advice of a real estate professional about how to find the best homes for a great price is the first step to buying your San Diego home.  

The Home Buyer's Checklist

5. Buyers are starting to care less about money and investment opportunities 

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Home-buyers in San Diego care more about long-term happiness and a higher quality of life versus worrying about whether or not the housing market is going up or down which leads to aggressive investing and house-flipping which takes away stability both on a social and economic level.

Investors in San Diego know that these areas are hot and are willing to flip properties in order to make use of the rising rent prices. As a home buyer, competing with them may mean minimizing your options unless you move quickly.

6. Mortgages are near historic lows right now and interest rates are expected to rise at least three times this year 

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This makes it a great time to buy in San Diego right now because a 2% interest increase on a $400k house could cost you another $150k over the lifetime of the loan.
 
Check out our mortgage calculator and try it yourself!

7. San Diego just might be heaven on earth

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Perfect weather, gorgeous beaches and a great community make San Diego one of the most sought after places to live in the world. Yup. It really is.

From the rolling hills in Rancho Bernardo to the quaint coastal atmosphere of Point Loma, there's a neighborhood of San Diego for everyone. Great real estate agents in San Diego know the best neighborhoods, so if you're looking for a San Diego realtor, choosing a local on is best.

Everyone wants to live here, so now is the time to get a piece of the action while the timing is right!
 
If you have any questions about the San Diego real estate market or would like to learn more about entering the residential real estate market in San Diego, we're more than happy to help! We have helped many clients buy or sell their homes with great success. Learn more aboutSteele San Diego Homes at our website here.
 
Additional Sources for Stats & Information:
 

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Buying or selling a home is among the largest financial decisions a person makes in their lifetime. We are here to ensure that you are confident in your decision. Reach out, and let us show you how we can help!

John and Melissa Steele, San Diego Real Estate Agents
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John and Melissa Steele

619-887-4429

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