What are the advantages of buying a property in San Diego?
San Diego is reputed for its fast-growing economy that successfully withstood the economic downturn. The real estate sector boomed even when it was difficult to afford a home in this nation. Various financial grants and deductions are assigned to people of some specific qualifying incomes. However, international tax consultants in Toronto have pointed out some important benefits of buying a property in San Diego. Below, we have discussed them in brief.
Stable prices
The average price of homes in San Diego hasn’t altered much in recent years. According to Zillow, currently, the home value index is around $632,600 and it has increased by 1.8% from the last year. Also, when the real estate sector was booming, this value rose up to 4%.
Various other financial reports state that the average home price increased up to 2.5% from January 2017 to January 2018. While speaking in this context, you must know about the report published by CoreLogic. This report states that the median home price of a normal home in San Diego County has gone up to $542,000 from $529,000 of the previous year. Stable prices help investors in keeping themselves financially prepared.
The buyer’s market has cooled
The total volume of home sales has been dropped in San Diego by 19.4% from the end of the previous year. In January, a total of 12,665 new homes and properties meant for reselling have been sold in the five metropolitan counties including San Diego. It has been found that it is 19.8% less from December and 17.1% less from the month of January of the last year. Moreover, a research analyst of CoreLogic, Andrew LePage, has stated that the mortgage rates in San Diego have been going down since December. These facts make it a perfect time for buying real estate properties in San Diego.
Buying a home is an appropriate long term investment
Financial experts know that the equity of a real estate property increases at a good pace. Hence, you will get a proper return if you resell your home. As the real estate market of San Diego is growing rapidly, you can expect a good selling price.
The average value of homes will go up
The average home value of San Diego tops nationally and during the economic downturn in 2008, that value remained better than many other regions. Though in 2009, there was a 40% drop in the home value, in September 2018, it went up by 5.8%. Hence, investors should invest as quickly as possible at affordable rates.
Gain stability for your family
Your spouse and kids will achieve a sense of security if they stay in your owned property. Your kids will remain stress-free and can concentrate fully to build up their careers.
At The Accounting & Tax, we assist our clients residing in San Diego regarding property tax matters, so that they can acquire long-term financial benefits.
