After a few months of diminished real estate sales activity and slightly lower property values in 2019, the San Diego housing market is once again heating up and tilting the scale in favor of sellers. According to a report published by the Greater San Diego Association of Realtors in late May, median prices have recovered on a quarterly basis, and the average value of condominium units in the downtown districts stands at $420,000. The housing inventory features more listings, thereby giving prospective condo buyers greater choice. Should the current trend continue during the second half of the year, more sellers will likely be enticed to list their properties. With the above in mind, now is a good time to go shopping for a loft or condo in downtown San Diego. Since the house hunting process has largely moved online, here are a few tips to make your search more efficient.
Start with a Market Report
Thanks to real estate analytics websites such as Zillow and Trulia, you can get an idea of what market conditions are like in the areas you’re interested in. Starting with a general region such as the downtown districts, you can narrow your search down to a few zip codes, paying attention to average prices, recent sales, and how quickly properties are being sold. Look for listing trends that stand out. For example, if an area shows stagnant listings and low sales despite price drops, you may want to look elsewhere.
Figure Out How Much You Can Really Afford
Once you settle on a few neighborhoods where you’d like to tour listings, take a look at median prices and talk to a mortgage loan officer about financing options. These days, the mortgage lending process starts with a home affordability worksheet that provides a realistic scenario of how much you can borrow based on your income and all monthly expenses, which allows you to focus your home search within a specific price range.
Pay Close Attention to Listing Status
When browsing sites such as Zillow, you have to keep in mind that not all listings may be available. Look for a description field that indicates the status of the property. If it says “active,” you can schedule a showing and enter a bid. In some cases, you may see the listing has already sold. In other cases, it may be coming back on the market, which could mean a deal fell through, and this may present an opportunity to enter a lower bid.
Set Up Smartphone Alerts and Notifications
This is one of the most enjoyable aspects of online real estate searching. Many websites, particularly those managed by real estate agencies, offer opportunities to receive mobile notifications whenever there’s a price drop or when a listing that matches your precise criteria comes on the market.
If you’re looking for a condo in downtown San Diego, now may be a great time to find your dream home at the right price. Make sure to seek help from reliable professionals with extensive expertise in San Diego real estate. Downtown condos are likely to come on the market steadily, so stay on top of the latest listings by calling the friendly agents at 92101 Urban Living today at 619-649-0368.