If you’re interested in buying a single family home, and have been checking prices, what would you think if you found one for 250-thousand dollars?
That’s what San Diego Union Tribune business and real estate reporter Phillip Molnar did. And in an interview with KOGO News he talks about his experience that he wrote about in the newspaper this week.
As he put it, “A $250,000 price tag for a National City home is hard to beat. But it’s about the size of a studio apartment and falling apart.”
Phillip says the home is on a 500 square feet lot with the 94 year old house occupying 98 percent of the lot. And he says the home needs a lot of work.
But he experienced for himself the challenge people face trying to find a single family home in San Diego they can afford, with the current median price approaching $600,000 dollars.
And with not anywhere near as many single family homes being built in San Diego as needed and not much of a change expected in that trend, it’s unlikely prices are going to come down.
Real estate experts say the option of course is to buy a condo which is not as expensive and easier ways to finance.
Or as Phillip shows with pictures in his story of the large single family homes you can get for 250,000 dollars elsewhere, it would mean moving to places like Nebraska, Michigan and West Virginia. If you're interested....
LISTEN to interview below.
(Photo credit reporting partner 10News)