San Diego Housing update

Experts are beginning to talk about a housing recession. The National Association of Realtors noticed that sales of previously owned homes fell approximately 6% in July, and sales have gone down nearly 20% from July of last year. Everything seems to point to downward trends.

The news has gotten people excited. We suggest house hunters calm down. The real estate market in San Diego is a horse of a different color.

The Market Is Still Hot

A drop in sales does not necessarily mean a decrease in overall cost. Even if some houses cost less, it may be because the property is in a region where the markets are cooling down. The San Diego housing market is not entirely quieting down. The demand for housing is still very high, and although the median price of single-family homes went down one percentage point in San Diego County from June to July, there are areas where the prices are still rising.

Mortgage interest rates are beginning to climb, which means the monthly mortgage bill for a new buyer will be steep. The housing picture in America’s Finest City is not expected to change until after 2023. Prices will go up at a slower rate as interest rates climb.

A Unique Opportunity

Landlords in San Diego can take advantage of developments in the housing market. Rent increases in California are capped by law and are not in double-digit territory. Therefore, a good argument can be made for renting a house instead of buying one in the current real estate environment.

Those who want to buy a house ultimately can rent and save the difference between the rent and the current average sales price to make a sizable down payment. Furthermore, renting means that somebody else pays for all the little maintenance costs, such as plumbing problems. One or two more years of renting can help afford a very nice house.

Landlords in San Diego have options to entice good tenants. For example, a rent discount can be used for signing a two-year lease. The rent-to-own agreement allows a landlord to quickly sell a property the owner intends to sell soon. However, quality service is the most significant incentive to encourage an existing tenant to stay. The landlord should provide that.

Emergencies happen, and a quick response to a repair call is greatly appreciated. Rent collection is a sticky issue and making it convenient is a good idea. Service is more important than free food delivery services. A property owner in San Diego with a sizable real estate portfolio could use some help. Fortunately, the assistance is available from a reliable source

Professionals Make the Difference

Property management companies in San Diego will provide the services. These real estate companies work with tenants daily and know what to expect. A property manager establishes good relationships and solves problems. Alta Vista Properties is a property management company in San Diego with a proven track record.

Solving Problems, Providing Service

Our website has an emergency reporting space, and emergency calls are handled immediately. We avoid rent collection hassles by establishing an electronic transfer protocol with new tenants. Relations with all tenants are professional and friendly at the same time. We are transparent, and we solve problems quickly. Our strict attention to small details is why many tenants living in our managed properties renew their leases.

Please do inquire at any time about our property management services. You can reach us at 858-274-3600 or by email at info@altavistaProperties.net. We look forward to hearing from you and answering your questions about what we do as a property management company in San Diego.