Since the economy has started to reopen, there has been significant recovery. Nevertheless, 2021 remains a time of uncertainty. We are by no means out of the woods with respect to COVID-19 and lockdowns. If you have been trying to figure out where the housing market is headed in these unstable times, you probably have run into a lot of noise, but not a whole lot of facts.
San Diego Housing Report
To try to bring some clarity, we can turn to this infographic from the San Diego County Housing Report:
1. Inventory has gone up. Before the pandemic, one hot topic that was getting a lot of attention on the west coast was the issue with housing supply. Demand was far outpacing supply, making for a strong seller’s market. Housing inventory has continued to struggle through 2021, but according to the San Diego County Housing Report, the active listing inventory just hit its high for the year so far. So, if you are shopping for a home right now, that gives you access to a broader selection, and helps to contain pricing.
2. Mortgage rates are still affordable. One of the best reasons to think about buying a home at this time is that you can save big on your mortgage rate.Rates are at historical lows right now. So, if you purchase a home now and lock in a low fixed interest rate, that is going to translate to impressive savings over the lifetime of your home loan. Indeed, this is exactly why we can say that buying a home in San Diego is affordable right now—far more affordable than a lot of prospective homebuyers realize.
3. There may be some great deals in the luxury housing market. Did you know that 30% of the housing inventory in the area consists of luxury real estate? Despite this fact, only 16% of demand is for luxury properties.As this market cools, some amazing opportunities are bound to crop up. So, if you are shopping for a home in the luxury price range, now is the time to act.
Community Mortgage Can Help You Buy a Home in San Diego
Regardless of what you have heard about whether or not now is a good time to buy a home, the facts support taking advantage of today’s low mortgage rates and increased inventory.
To apply for a mortgage in San Diego now, please contact Community Mortgage at 619-692-3630. We look forward to connecting you with an affordable home loan. Already own your own home? We can also help you to refinance your mortgage.