The market is finally shifting to a buyer’s market

Image source: The Crazy Tourist Last year, a headline on a local San Diego news station read: “Making it in San Diego: Slowing Housing Market Could Create Buying Opportunity.” This was good news for both local and out-of-state potential movers. After all, San Diego has notoriously been a difficult market to penetrate for yearning buyers. However, a report from CoreLogic, a real estate tracking company, found that there was an 11% dip in homes being purchased. At the same time, the home appreciation rate slowed down 4.6% year over year. "It's a good time to get in there," Mark Goldman, a San Diego loan officer, told Channel 10 San Diego. "There's more of a selection of homes to purchase, and there's probably sellers who are more willing to consider offers maybe a little bit below their list price, and so forth." He also added that qualifying families who have just a few percent of the home’s value to put down have a much greater chance of getting an offer accepted in today’s market. As a whole, Southern California has seen its biggest drop in home prices than in the previous three years, making this an ideal buyer’s market. With low interest rates and a waning housing market, it’s best for buyers to take action sooner rather than later. A survey of over 200 business economists believe that there will be another recession by 2020—or by the end of 2021 at the latest. With a possible recession on the horizon, potential homeowners looking to make a move should consider their possibilities. When interest rates fall, affordability falls. Many realtors believe that today’s marketing situation is similar to what was happening over in North California during 2004, when housing prices spiked before businesses became aware that they would have difficulty hiring out-of-staters. Here’s how Alex Wang, a real estate agent in the Bay Area, described that period of time: “Homes were being sold at record pace in 2000 and between 2004 to 2006. The two recessions in the last 10 years pushed DOM to above two months, even up to three. Though desirable homes in good neighborhoods will always sell quickly, the housing bubble inflated everything, which resulted in a flood of overpriced homes during the crisis and pushed DOM upward.” It can be difficult for people who aren’t familiar with real estate markets, trends, and data to make a decision about when to proceed with such a major life decision and huge financial transaction. A great real estate can lead you in the right direction. Here at McClain, our goal is to help you make the most informed and educated decision possible. We understand that this is a big deal—we’ve been in your shoes before, and have helped many other buyers discover what’s right for them, and when it’s right for them. Now, if you’re an out-of-stater who doesn’t have much knowledge about what’s going on over here in San Diego, here are a few amazing reasons to consider transplanting: The Amazing Weather San Diego is known for its temperate weather year-round. On most days, you’ll be able to walk around with a light sweater. And in the summer, you can of course expect warmer weather. The average temperature for the year is around 63 degrees; if you plan on moving into this city’s it’s a great time to get rid of some of those heavy winter clothes and make some room in your closet. Close Proximity to Mexico If you’re someone who likes to travel or enjoys the idea of a quick family trip, then you’ll appreciate San Diego’s close proximity to Mexico. The nearest Mexican city is Tijuana, and it’s just a 30-minute ride away from San Diego. That means that within less than an hour, you can you can completely immerse yourself in a new culture. If you love wine, check out Valle de Guadalupe, the Napa Valley of this region, which produces 90% of the country’s wine. There Are Plenty of Farmer’s Markets San Diego is one of the best places in the world to live a healthy lifestyle. On any given day, there are plenty of farmer’s markets for you to enjoy. If you’re wondering why, consider this: San Diego has more small farms than anywhere else in the entire country. Diverse Nature Whether you like caves or beaches or mountains, there’s something for everyone. Prefer the bustling downtown scene or the scenic views of residential neighborhoods like La Jolla? The same applies for activities, too. Whether you like surfing, golfing, paragliding, sailing, hiking or biking, there’s ample opportunities to do all sorts of activities for you and your family. Get In Shape If you love an active, healthy lifestyle, San Diego is a place that makes it that much easier to have. This is easily one of the best places in the world to balance your physical and mental health, and spearhead a perfect work-life balance. From beautiful state parks to a myriad of hiking trails, parks, and beaches, there’s no shortage of opportunities to have fun and stay fit. Craft Beer Scene If you enjoy a nice, cold craft beer, San Diego is the town for you. The city is home to roughly 150 different breweries, each offering a variety of flavors from local and regional areas. Check out San Diego magazine’s list of top 10 breweries for inspiration on where to get started if you’re looking for a place to check out.