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July 2019 – San Diego Real Estate Update

What Will The FED Do Next ?

In case you missed the latest gossip on the hill – there has been a lot of talk about the Federal Reserve potentially adjusting the range for the federal funds rate – currently set at 2.25 percent to 2.5 percent.

These discussions arose despite the economy to the mounting economic pressures of uncertainties remain. In the wake of the President’s most recent political headlines, pressures have been on the rise from trade tensions, failed diplomacy, slowdown of domestic manufacturing and meek business investments. While our residential real estate markets across the country have been performing well within an economic expansion that became the longest in U.S. history as of this month. However, there are signs of a slowing economy. Markets have indeed been trending back to a more relative balance between both buyer and seller interests. paired with market variables maintaining overall stable conditions – our housing market shows strong healthy conditions ahead for the second half of summer and into the foreseeable future.

The presidential party has turned once again to put the pressure back on The Fed to remedy our perceived present state of economic stress – the proposed change would work by way of cutting fed rates to then spur further economic activity. As expected, The Federal Reserve has denied any changes to rates at this time.  While our economy has indeed maintained growth despite a barrage of stability upsets and uncertainties, we do acknowledge all signs ahead projecting we are soon to be starting a very slow, gradual turn down to a more moderate, “slower” economic condition for the remainder of 2019. If The White House continues to pressure The Fed with the same card, the possibility of a rate reduction in 2019 is definitely on the table following a string of increases over the last several years.

Here are the stats to back this up:

Closed Sales went down 17.8% compared to this time last year, however Pending Sales went up 4.5%.  Inventory decreased 5.6 percent for Detached homes but increased 8.2 percent for Attached homes while the average days on market (DOM) for a detached home has only increased by 4.8%. So… with the Median sales price going up 3.2% for Single Family homes and 4.8% for condos and townhomes, this just shows up that we are in healthy market that isn’t increasing in value too rapidly. This tells us there is no need to lower the Fed Rate.

Buyers Advice: 

Be prepared for a large amount of not-so-desirable homes on the market. Since the market has rebounded from its lows of 2008 we have seen many homeowners throw their homes on the market without the proper preparation and or pricing. Make sure to hire a True Local Realtor who knows the area and can easily point out the better deals on the market. Inventory levels are up so be prepared to have to filter out the crap!  

Survey what’s on the market right now –  Start Your Search Today!

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Sellers Advice: 

Don’t be just another home on the market. We are seeing inventory levels increase and time on market increase and this is due to not preparing the home for market. Make sure to: Declutter, stage, paint, clean and etc… to get the home in the best shape possible. We are seeing record breaking prices for the homes that show well and are priced right. If you are interested in learning more about our award-winning Concierge Selling Services – Contact Us Today and Ask if Hands-Free Selling is right for you!

Home Values are still on the rise in San Diego! What’s Your Home Worth Today? Click for FREE Instant Value Estimate of Your Home…

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TRUE LOCAL REALTY GROUP | partnered with Compass

P.S. Same Team, New Look!  Our real estate team has decided to make some big changes to our company… We have realigned our company to what truly matters – our local community and the clients we love. We are proud to announce that we are your TRUE LOCAL Experts in San Diego!  

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