San Diego housing market by the numbers

George Lorimer
Wednesday, September 6, 2023
San Diego housing market by the numbers

Your Home Sold Guaranteed, or I'll Buy It!*
Call George Lorimer at 619-846-1244 and Start Packing!

Find Out What Your Home is Worth Today
 

This is for detached homes in San Diego County, CA. I ran the numbers on 9/5/23. 
The average market time is 26 days. The average percent of the original price the home sells for is 100%. The forecast of days of inventory going at the current pace is 2.6 months. 

On a $1,025,000 home with a 6.75% mortgage, a 20% down payment is $205,000, and the mortgage is $5319/mo. The taxes and insurance are $1500/mo, or $6819/mo total housing payment. You need a $17,046 monthly income to qualify for or a  $204,000 yearly income. 

Get access to an Unlisted / OFF-Market Home.

The reason I am showing you the monthly payment is not to depress you but to let you know that the biggest risk to home prices decreasing is affordability. Once homes hit a tipping point and very few people can afford homes, the demand will drop, eventually causing prices to stay flat or decline. 

You and I can't do much about affordability, but we can see the cycle that the prices are close to the all-time highs. If you have been thinking about selling, it makes sense to cash out if you have a plan for the money and where to live. 

Similarly, if you are considering buying because the prices and mortgages are high, you should have at least a three-year horizon on your purchase. That way, you allow enough time for appreciation. 

If you want an insight into your neighborhood or area, call me, and I can do it at the micro level and give you some good info to help you make the right decision on selling or waiting. Regards, George 619-846-1244

*Conditions apply, DRE# 01146839




 

We would like to hear from you! If you have any questions, please do not hesitate to contact us. We are always looking forward to hearing from you! We will do our best to reply to you within 24 hours !

You agree to receive property info, updates, and other resources via email, phone and/or text message. Your wireless carrier may impose charges for messages received. You may withdraw consent anytime. We take your privacy seriously.