First time home buyer in SD

[Rami Nasrallah]

Hey All,

I have been reading that the ER market is slowing down, and its turning into a buyers market. My wife and I are looking to buy our first property. We are looking a starter SF house in SD metro area for around 500K. As many know, the inventory for starter houses in SD is low. We started looking few weeks ago and already got pre-approved by a lender. We visited few open houses. A house we are looking at and really like got reduced 50K by the sale agent when we asked...right away (526K). I asked if they would go for 500K but they said no. Same house with same lot size in the same area is are in the market for 600K (with solar and better appliances). I just noticed that prices are been dropping in the last few weeks that im looking.

I hear that inventory is gonna increase slowly by spring. Should i jump on an opportunity now or wait few months to view more houses and maybe get a better deal in this down market?!

[Ben Biggs]

Hi @Rami Nasrallah, Great Question! 

Things do seem to be in transition in San Diego and I believe there are opportunities this winter to grab up a great deal. It’s hard to “time the market” and I advise against trying. The best time to buy is when it’s right for you, when you find a place you like, and can afford. Especially if you’re an end user planning on keeping it as a primary residence. The return on a 10 year hold time is going to make waiting a month or two negligible. Plus interest rates are STILL at historic lows, and we don’t know what they’re going to do after the first of the year. 

Hope that helps! 

All the best.