Chinese homebuyers eye San Diego
Mid-level to high-end homes in SD sought
Last Updated: 229 days ago
SAN DIEGO - The San Diego real estate market is heating up, and 10News learned foreign investors -- specifically those from China -- are looking to buy homes in America's Finest City.
Local housing market experts say year-to-year prices have increased 19 percent and there is now a shortage of homes to buy.
"This is the lowest inventory of homes since 2002," said Erik Weichelt of Weichert Realty.
Add to that, he said, are foreign investors who are fueling the market.
Gardon Yang came to San Diego from China to study. After earning an engineering degree, he landed a job and learned about the difference between buying a home in San Diego compared to where he lived in China.
"It's really, really high; it's much more expensive there compared to San Diego," said Yang.
The San Diego Realtor's Association just completed a 15-day trip to Asia to tout prices in San Diego to potential buyers, especially from China.
"They accumulated a lot of wealth and they are looking first to buy homes for their children who study here," said Linda Lee, the head of the association.
They are not only buying mid-level townhomes, but also tapping into the higher-end market.
"I think that's good we need to see some movement on the higher end," Weichelt said.
Despite home prices going up, it's still a bargain for investors from China, but the shortage of homes for sale and buyers coming in with cash has also resulted in multiple offers.
Weichelt cautions those who are looking.
"Stay within your means, stay within your financial comfort zone and if someone is willing to pay more, just accept it," Weichelt.
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