Buying Homes in San Diego vs Renting San Diego Apartments in 2014
What is your best option this 2014: Buying Homes in San Diego or Renting San Diego Apartments?
Let me give you some insider info so you can make the right decision for your San Diego real estate plans for this year.
San Diego Real Estate Market Stats
The inventory of homes for sale in San Diego CA has been in a downward trend as we entered 2014. Currently there is a total 5,798 properties in the market. Same decline is happening with the number of available San Diego apartments for rent which is at around 700. These numbers clearly indicate that there are more demand from both possible owners and renters than the supply of real estate in the San Diego market.
So does this mean that Buying Homes in San Diego or Renting San Diego Apartments aren't good ideas this year? Not at all!
Looking Behind the Scenes
Several investors have took notice of the market trends and already started making more units for San Diego renters. However, prices of these rental homes and apartments are expected to be higher because investors are looking into getting back the capital that they spent in building them. Some apartment owners are being offered high prices for their properties and with the change in management, comes the high probability of a price increase for current renters in San Diego.
On the other hand, there is also an insider secret about the inventory of available San Diego homes for sale. Some interested sellers haven't put their San Diego real estate properties in the market yet because they want to make sure that they find the right buyers. So what happens is that real estate professionals work with buyers and match them with the interested sellers.
What will it be, Buying or Renting in San Diego?
Renters in San Diego should not worry though. With more apartments being constructed, more units will become available this 2014. However, mortgage payments and interest rates are still low if you go ahead and choose to buy a San Diego home for sale. In fact, monthly payments for homes are equal and possibly lower than rent payments. Renting apartments in San Diego can be good but nothing beats having your own San Diego home.
Do you have some questions or need some help with your real estate plans in San Diego? I would be glad to help! Give me a call at (619) 537-9694 or send me an email.
I want to hear your thoughts about Buying Homes in San Diego vs Renting San Diego Apartments in 2014 by leaving a comment below. After what you just read, what are you San Diego Real Estate plans now?