San Diego felt the impacts from the global lockdown in 2020, especially, with many residents who experienced job losses in California. The country’s economy battled through a slow recovery, as industries still suffer losses from the COVID-19 pandemic.
We have the business expert, Sawyer Winston here to guide the public on Real Estate Investing in 2021. Sawyer Winston is renowned for his bold and very profitable risk-taking in the real estate industry. He will enlighten and advise investors on the right path to take.
As a key personality in San Diego Real Estate, how did the industry fare in 2020?
San Diego is a very encouraging location for entrepreneurs in Real Estate and various industries. I felt a direct impact of the 2020 global lockdown, because of my significance in the economy.
About $12 billion was lost due to the pandemic, and there was a low record of real estate inventories in San Diego. Jobs and tax revenue losses influenced the economy poorly; although, the industry will recover in some months.
Where do you see San Diego Real Estate Investment in 2021?
I think San Diego will unlock a lot of economic potentials in 2021. I’ve actually seen the city in different seasons, and I believe there has been huge efforts by the Government to increase economic recovery.
Business will pick up in different aspects of the real estate industry in this city since innovation is enormous. My interest in the real estate business got renewed with the prospects of 2021.
Alright, will the prices of properties increase or decrease in 2021?
You see, with the effects of the pandemic, election, and crypto currency on the economy, it’s almost clear that prices of homes won’t drop. It will actually increase by more than 4 percent and many people will buy properties towards the end of the year. It will be a great idea to sell your house around fall or winter.
What would the economy have for people who consider renting out their properties?
I have already talked about this on my blog at sawyerwinston.wordpress.com and I have always discussed that the trend of increasing rents in San Diego shows that it is already among the highest in USA. People pay above 40 percent of their earnings for rent in this city.
Now, people are reluctant to buy properties because they think that prices have hit highest points and may return. That’s some gambling because real estate is expected to increase in the last quarter of 2021 as more people will move to purchase.
Home purchasing by single families could be affected in different aspects. The very high rents would push people away from the city, and this reduces the home purchasing competition. It is also possible to see the situation swing alternatively if high rents inspire people to rather buy their homes.
Now, as a real estate expert, would you buy now or wait?
I always tell people that this is a personal decision. Personally, if I was renting, and need money for a down payment, I’d definitely buy now with the assistance of down payment programs. If I’m going with a program that doesn’t need a down payment like USDA or VA loans, I’d buy. If it’s a program that requires 3-5 percent down payment, I’d buy now since the rates are low.
San Diego real estate will definitely see more millennials buying homes, and more properties will always be available. So, home owners who have lost their jobs could consider staying in the city with government funding support, or selling their home and relocating to less expensive areas.