We have rediscovered the joy of working with San Diego’s first time home buyers.
It’s not that we avoided them in the past, it was just the pricey nature of San Diego’s real estate that kept most first time buyers out of the market. Occasionally, we would have a well heeled Instapreneur who had been too busy to shop for a home in the past–and was now in the market for a breathtaking home near the beach in Coronado, La Jolla, Del Mar, Solana Beach, Encinitas or Carlsbad.
But that is not the market I am talking about.
I am talking about those buyers who are seeking a home in San Diego under $500,000–or even less than $400,000 or $300,000. In the past, it was a very difficult search–especially in the sub-$400,000 market. Junkers were priced in the $500’s and flimsy condo conversions were selling in the high $300’s and new home builders in San Diego were offering liar loans to anyone those who believed the market could only go up.
Smart first time home buyers in San Diego sat on the sidelines and didn’t get caught up in the real estate greed game.
And those patient buyers are now finding cute remodeled vintage homes at around $300,000 instead of the $400,000 to $500,000 that was paid just a couple of years ago. One couple with whom we are working is considering a builder’s closeout where homes that had sold at close to $900,000 just last fall are now available in the high $600’s–with incentives to boot. It also helps that these properties now qualify for San Diego’s FHA loans that now have loan limits of $697,000. There are also other loan programs and perks reserved especially for first time homebuyers in San Diego.
The best deals, however, are most prevalent when you move a few miles in from the coast, at least in North San Diego County. But it is still possible to be within 10 miles of the beach and enjoy San Diego’s ocean breezes and balmy climate–and live in a relatively new home.
Wonder what San Diego real estate deals are available? Just click the Home Search button below and begin your hunt. Additionally, in the next day of so, we will have a direct link to all listed San Diego foreclosures that can be searched at the neighborhood level.