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Here’s What You Need to Know About the San Diego Real Estate Market

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Here’s What You Need to Know About the San Diego Real Estate Market

The San Diego Real Estate Market is looking up in 2017 and NBC San Diego reports that the single-family home market in San Diego is ranked sixth-hottest in the nation. But that’s not all. Here are some facts and trends you should know about the San Diego Real Estate Market before you start investing.

Commercial Property

Terry Magee, independent defense industry consultant, said that a growth in Navy personnel in San Diego County will mean more defense companies that support the military in the region will need office space, but they have special requirements.

National co-working giant WeWork recently moved into the same downtown building as the San Diego Union-Tribune and has started filling up 1,700 office spaces.

While most analysts said it was a positive development that will attract startups, Jason Wood said he would be cautious about big co-working firms.

According to Allen Matkins/UCLA Anderson Forecast Commercial Real Estate Survey, the areas favored by technology companies will experience “robust markets.” The commercial real estate market is highest in Southern California, which is probably due to the increased rate of job growth in the region and a reduction of office space supply.

Mortgage Rates

According to The San Diego Tribune, “The rate for a typical 30-year fixed year mortgage has increased 0.6 percent since the day before the election.”

Tony Pauker, senior director of land and housing for Brookfield Residential in San Diego said that the housing market could see a boost as people try to fight the steadily rising rates.

“Where we’ll be with interest rates on July 1 is not clear,” he said. “And it’s doubtful we’re going to have a big jump in incomes in that period of time.”

“Nationally, mortgage rates still have room to grow before the share of income needed to pay the median monthly mortgage reaches the historical average,” Svenja Gudell, Zillow’s chief economist, said in a statement.

Single-Family Homes

NBC San Diego reports that the single-family home market in San Diego is ranked sixth-hottest in the nation.

National Association of Realtors’ chief economist, Jonathan Smoke said in a news release, “The spring buying season is off to a booming start. Not only is the season starting a month early, February is also expected to see the fastest-moving inventory in a decade, as well as the highest home prices the month has ever seen.”

Realtor.com reported the median time homes stay on the market in San Diego as 38 days in February, which is down 32% from January.

According to NBC San Diego, “The Greater San Diego Association of Realtors has pegged January’s median resale price of a single-family home in the area at $559,500, 6 percent greater than one year before.”

Hard Money Loans

Purchasing a property in the San Diego Real Estate Market does not have to be a long term commitment. If you are looking for a short-term investment, house-flipping with the help of hard money loans may be your answer.

Developers and house flippers are the blood of the hard money business. These types of investors main concern is getting the deal and making money from it. Most Real estate investors don’t really show much income on their tax returns but they do make enough money to make the payments, so they cannot qualify for a loan with a conventional lender. Hard money loans will help finance real estate investments. Hard Money will provide them the money they need to purchase/refinance their real estate within days without looking at their tax returns or credit.

The San Diego Real Estate Market is favorite market for many investors and HML Investments funds hard money loans in San Diego. HML is able to make loans to property owners who would otherwise be turned down by traditional lenders.

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