In September 2019, the California Association of Realtors released a report about the conditions of the San Diego housing market as they apply to prospective homebuyers. Median prices have stabilized after months of steady increases, and lower interest rates are making things easier and more affordable for mortgage applicants. While these two factors are certainly encouraging for house hunters looking for condo deals in downtown San Diego, the downtown San Diego real estate experts at 92101 Urban Living offer even more reasons to sign a purchase contract now.
1. High Rental Prices
If you’re familiar with the “renting versus buying” debate, you probably know there will never be a definitive resolution. The American real estate economy is too complex and dynamic for a simple answer. Certain factors must be taken into consideration, particularly with regard to rental demand. In recent years, downtown San Diego has ranked as one of the most expensive housing markets for renters, thus making it more attractive for buyers. Combining this factor with lower mortgage interest rates makes it easy to determine that for many people, purchasing a San Diego condo is a better financial option than renting.
2. More Amenities
In an effort to attract homebuyers in a highly competitive market, condo developers have been focusing on providing top-notch amenities. For example, at one new tower, Pinnacle on the Park, residents have access to a 24-hour fitness center that competes with upscale membership gyms in San Diego, and this amenity is augmented by underground parking, an upscale clubhouse with a kitchen, swimming pool, spa, and even a private park.
3. Robust Job Market
According to the United States Bureau of Labor Statistics, the July 2019 unemployment rate in San Diego was just 3.6 percent, lower than both the state and national averages. The three largest employers, Qualcomm, the University of California, and the U.S. Navy, haven’t reduced their payrolls.
4. High Quality of Life
For homebuyers who plan on settling in downtown San Diego, quality of life should be the most important reason. According to U.S. News and World Report, San Diego is one of the top 40 best places to live for American families, and it’s the 14th-best market for retirees. When compared to other large metropolitan areas, San Diego ranks at number four in terms of quality of life.
5. Reasonable Costs of Homeownership
The condo advantage in San Diego is directly related to how much it takes to maintain a property. When you look at the homeowners association fees residential gated communities charge, condos often have the upper hand, especially when taking into consideration structural maintenance. Single-family residences in Southern California are among the most expensive in the U.S., thus making condo units and lofts more affordable.
6. Better Market for Investors
All property owners are real estate investors at heart. When you purchase a San Diego condo, you’ll benefit from the dynamics of the current housing market, which include high demand and greater property value appreciation. Keep in mind downtown San Diego attracts retirees, families, single professionals, and seasonal residents alike. They all like the high quality of life plus the convenience of living in a city blessed with great weather and a strong economy. These factors will be in your favor when you decide to list or rent your condo in the future.
Homebuyers have a wealth of fantastic options when it comes to finding the ideal condo in the downtown area of America’s Finest City. If you need help choosing among the wide variety of amazing downtown San Diego condos for sale, call on the professionals at 92101 Urban Living. We’ll help you find the home that’s just right for you and your family. Give us a call today at 619-649-0368.