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March San Diego Real Estate Update 2017

FED Raises Rates to Slow Down the Market

Things are a little confusing right now… the FED has raised interest rates with an intent to slow down the market, however all that this has done is push more people into hurrying up and buying (which is a smart move) which in turn has caused for our inventory levels to stay low. As you all know because I say it almost every week… Low Inventory + High Demand = Increase in Prices. This factor combined with tax returns and the spring selling season ahead of us, is a recipe for a strong growing market.

Here are some numbers to back that up:
Closed Sales decreased 0.7% for Detached homes however Pending Sales increased 14.2% and the Inventory level decreased 24.3%. The Median Sales Price was up 5.6% to $559,500 for Detached homes and 7.8% to $378,750 for Attached homes. Days on Market decreased 2.3% for Detached homes and 22.0% for Attached homes. All these stats are pointing to a market not ready to slow down.

 

BUYERS ADVICE

With low inventory you are likely to see multiple offer situations once you find the home you want.

Do these 4 things now to avoid missing out on your dream home:

1) Get Pre-Approved for a loan.

2) Find out how much you will need for downpayments and closing costs, and have those funds set aside.

3) Find an agent who will be patient with you, who won’t try and rush you, and hire that agent.

4) Setup automated search updates on a website you like, then you’ll be updated on all the homes in the area you want to buy in. Use other sources besides Zillow.

Setup Automated Search Updates Here… ​​​​​​​​

 

SELLERS ADVICE

For you folks who are looking to sell then turn around and buy your next home, here is what to do:

1) Get a ballpark valuation on your current home and figure out how much you will be making on the sale.

2) Get pre-approved for a loan and figure how much you can afford.

3) Do a search online and see if there are multiple homes out there that you could see yourself in.

4) Hire your Real Estate Agent.
Find out how much your home is worth: Click Here

 

  1. 4 beds, 3 full, 1 half baths
    Home size: 2,130 sq ft
    Lot size: 10,889 sqft
  2. 2 beds, 2 full baths
    Home size: 1,025 sq ft
  3. 3 beds, 2 full baths
    Home size: 1,128 sq ft
    Lot size: 10,890 sqft
  4. 2 beds, 2 full, 1 half baths
    Home size: 1,078 sq ft
  5. 3 beds, 2 full baths
    Home size: 1,280 sq ft
    Lot size: 5,662 sqft
  6. 2 beds, 2 full baths
    Home size: 1,286 sq ft
    Lot size: 26,190 sqft
  7. 3 beds, 2 full baths
    Home size: 1,313 sq ft
    Lot size: 39,639 sqft

See all City of San Diego Real Estate.
(all data current as of 5/28/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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