Are San Diego homes suddenly more affordable?
Are La Mesa and San Diego homes suddenly more affordable?
Just today, an article in the San Diego Union Tribune indicated that San Diego homes have risen in value only 4% this past year, the lowest amount in the West, and lower than the new national average of 5.5%.
Even though interest rates have risen over the past year, it’s becoming a great time to be a buyer again!
In general, we’ve seen a large rise in prices over the past few years, followed by a softer appreciation, a more balanced scenario which benefited both buyers and sellers. In the past 2 months, we’ve seen much longer on-market times, and many more price reductions, with San Diego leading the nation with 20.5% of listings reducing the price so far this year. Each community is different, but a more modest appreciation of 3-7%, which is what most cities in the US usually experience, prevents the market from shooting too far up, then subsequently re-adjusting downwards.
When buyers start looking in price ranges below the average sales price for San Diego homes, there are still plenty of great homes in South County, inland North County, and East County, which includes all those beautiful La Mesa homes! The more west and north you go in San Diego, the higher the prices tend to be…especially the more coastal you get.
North County inland neighborhoods, like San Marcos, Vista, Escondido have provided consistently reasonably priced homes. The weather can get a bit toasty there, so consider your lifestyle needs, and whether the house has A/C or not.
South County has many wonderful communities , including Bonita and Chula Vista. If you want to avoid HOAs and Mello Roos fees, old Chula Vista (on the west side) boasts charming homes, many of which have been beautifully upgraded over the years. There are other small pockets in Chula Vista which don’t have HOAs and only have smaller Mello Roos. Bonita is a hidden gem with larger lots and plenty of greenery– and frequently you’ll even see people on their horses riding by.
East County encompasses neighborhoods from Lakeside to Spring Valley, Santee and El Cajon to Lemon Grove and La Mesa. With its thriving downtown historic area and fun-filled Village, La Mesa is always a favorite among home buyers…and you can still find La Mesa homes priced below the median San Diego home price, with single family homes still available from the higher $400,000s to the $500,000s, and up.
If you’d like more information about the many wonderful communities throughout San Diego, just call/text or write. I look forward to helping you find an amazing new home!
2018 Barb Fischer San Diego La Mesa