If you are the owner of a condo in downtown San Diego, your property is among the most sought-after real estate in the United States, and you will likely be able to entertain a few bids should you choose to enter the red-hot sellers’ market. The American housing market is not entirely cyclical. Periods of heavy activity come and go. Sometimes they favor buyers and other times they favor homeowners who have built a generous amount of equity. Trying to time the housing market is not a good strategy. The key is to decide whether to participate or not. In 2017, people who own condos in downtown San Diego should consider selling them, and here are seven reasons why.
1. Millennials Want to Buy Urban Properties
Demographics and lifestyle are two factors making your downtown San Diego condo very desirable. If you decide to list your unit, you may notice many of the bids will be placed by young prospective buyers. Members of the Millennial generation tend to prefer living in urban centers with pedestrian appeal, a trend that is boosting property value and profile.
2. A Housing Bubble May Be on the Horizon
Home prices are rising across the United States. In some places, they are rising very quickly. This could be a prelude to a housing bubble, and you don’t want to get caught inside. Instead of holding out until prices are higher, consider listing your condo now.
3. Mortgage Interest Rates Are Rising
If you think the sellers’ market is here to stay, think again. Janet Yellen, the Chair of the Board of Governors of the Federal Reserve System, has made it clear that interest rate hikes are clearly coming soon, which means prospective borrowers are rushing to get their mortgages now. When the prime rate goes up, housing markets go down.
4. The Political Climate Is Unstable
Recent history shows that political crises at a major level are certainly possible, and few people think about buying condos for sale in Cortez Hill San Diego when their country is in disarray.
5. Inventory Is Shrinking
As more condos in East Village San Diego are sold, listings become more scarce and buyers become more motivated. If you do not want to spend too much time and effort preparing your unit for listing and showings, take advantage of current market conditions.
6. Many People Are Moving Here for Jobs
Here’s another factor that explains why your condo might be attracting so much attention: an April 2017 research study published by ZipRecruiter indicates San Diego is a top market for college graduates looking to land their first major job. As a result, property investors who wish to become landlords are very interested in San Diego.
7. It’s Time for a Fresh Start
If you feel it is time for a change, selling your condo may be the fresh start you need to explore new opportunities in life. Take your proceeds and start a new business, see the world, or embark on a new adventure.
Whether you’re looking to sell your current condo or purchase a new unit, it’s important to find trusted local agents who can help you. Get in touch with 92101 Urban Living today. We are downtown San Diego’s urban real estate experts. Call 619-649-0368 to set up an appointment. ')}