The price of real estate continues to rise across the United States and is likely to continue, especially not in California. Real estate markets have become so prolific that Netflix’s award-winning hit show “Selling Sunset”, based in Los Angeles, now has spinoffs in Tampa and Orange County.
The median price of a San Diego home costs $905,000, which requires an approximate household annual income of $166,828. To make San Diego real estate more affordable, president-elect of the San Diego Association of Realtors Frank Powell says “Build, build, build. If we want to solve this cause, as long as there’s no supply and increased demand, like any other product on the market, it’s going to continuously go up.”
San Diego is the third most expensive city when it comes to purchasing a home.
— Source: Visual Capilalist
However, the market may now be leveling out, with home sales slowing down ever so slightly. Ben Graboske, president of Black Knight Data & Analytics says that “25% of major U.S. markets saw growth slow by three percentage points in June, with four decelerating by four or more points in that month alone.” That said, the gap between housing prices and the ability to finance represents “a national shortage of more than 700,000 listings” that could take more than a year to normalize.
Exorbitant house prices aside, it’s hard not to fall in love with the weather and culture of San Diego. Moreover, those who own a home in San Diego may find it hard to justify relocating at this particular time in the market. Some homeowners are enticed by the opportunity to sell their homes, a high-value asset in an eager market, in order to earn capital gains that could be then used to purchase a home in a less expensive area. Others might feel locked in—moving in and of itself can be expensive, and moreover, now might be a time to hold rather than sell a high-value asset that isn’t expected to diminish in value anytime soon.
With so much appreciation for their existing homes and so little desire to leave the nest, many have upgraded their homes and had their backyards transformed by San Diego Landscape Designers. Founded by one of San Diego’s very own, Torrey Pines Landscaping designs and builds stunning gardens, patios, water features, fire features, outdoor kitchens, driveways, entryways, patio covers, planters, and more.
Read Christine B.‘s review of Torrey Pines Landscape Company on Yelp
Many people no longer see their home as a place just for sleeping, eating, and relaxing. Homeowners desire more functionality than ever from their homes, like home office space to replace or supplement a traditional 9-5 office, or outdoor living and dining space to host friends and family get-togethers to replace public dining and entertainment.
There is no better time and place to start a landscaping project than right now. You can give Torrey Pines Landscape Company a call today.
Torrey Pines Landscape Company
5560 Eastgate Mall, San Diego, CA 92121, United States