Question:
“Who are you seeing out there buying homes in San Diego? Are they first-time homebuyers, people moving up or down, foreign buyers, or ???”
Answer:
Of course, we’re seeing all of those groups, and a few more. But I think you’re asking about major trends…
There’s an unusually high percentage of cash buyers, many of whom are “fix and flippers” who buy a home to renovate and resell at a profit. As matter of fact, if you see a vacant, newly remodeled listed for sale, you can make a pretty safe bet that it’s a fix/flip home.
In the bottom half of the market, there’s also a high number of first-time buyers competing with these cash fix/flip buyers.
And in some parts of town, we’re seeing more than the normal percentage of foreign buyers, most of whom pay cash or have large down payments.
