This could be the best time to buy condominiums downtown. With interest rates still low, and plenty of properties on the market to choose from, much of the edge in the market is shifting back to the buyer's side.
The fate of the San Diego housing market is still to be determined, but with the aforementioned factors, and the fact that the city is still in a housing crunch, one would tend believe that any losses in value that may occur will likely be very short-lived. Listings are remaining on the market longer, forcing more motivated sellers to be flexible with prices.
With still many more units to be added to the downtown skyline, buyers will have to choose between the new and the established. As builders try to compete with re-sale seller price flexibility, builders sales teams have become increasingly eager to offer incentives to help buyers make the purchase, many offering closing cost credits with financial insitutions they have partnered with.
All lenders, however, may be able to provide buyer credits for closing costs assuming the buyer qualifies and the property appraises. In general, you can expect much more flexibility in terms when purchasing a re-sale property.
All things added up, this could be a fruitfull buying season for those have held off thus far. So as we head in to the the holiday season, we may think of adding a new home to our gift list.
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