Winter is coming, and with it comes predictions on the housing market in North San Diego County. As an area that’s growing in popularity, interest in the market is high. Will prices rise? Will rental costs stay low? Read on to find out what experts are predicting for our local real estate market.
What’s Ahead for Buyers?
Experts predict that house prices will continue to rise over the next few years due to increased demand from buyers looking to take advantage of low-interest rates.
This means that now is a great time for homebuyers who are looking to purchase property in North San Diego County—but it also means that competition for desirable properties will be fierce.
Those interested in buying should act quickly and be prepared to make competitive offers.
What About Renters?
Rent prices have been steadily increasing since 2017, but recent trends suggest that they may start stabilizing soon. This could be good news for current renters or those considering renting in North San Diego County as rent increases may slow down significantly over the next few years.
However, this doesn’t necessarily mean that rents will go down—just that they won’t go up as much as they have been recently.
The Impact of Low Inventory
Low housing inventory remains a major factor affecting both buyers and renters in North San Diego County.
With fewer homes available on the market, there is increased competition among potential buyers; this leads to higher sale prices which can lead to higher rent costs as well. In order to combat this issue, experts recommend building more homes so that supply can meet demand and bring balance back into the real estate market.
No matter if you’re a buyer or a renter, it looks like 2023 might just be your year when it comes to finding (or staying in) your dream home!
While prices are likely going up on both sides of the equation, it looks like we may get some relief from increased rental costs over the coming months which is definitely something worth celebrating! So keep an eye out for new developments throughout North San Diego County—you never know what kind of amazing opportunities await you!
Are you thinking of buying?
Let’s chat and figure out the best way to accomplish your dreams of home ownership. It’s more attainable than you may think!