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San Diego Real Estate Update – February 2019

Rain Boots on the Ground

Whew, nothing like a chilly month of rain to make you eager for Spring! After weeks of winter chills, it’s no coincidence that our housing market has likewise cooled down. Will warmer days give way to warmer housing markets??

Despite a strong US economy with historically low unemployment and steady wage growth, home sales began to slow across the nation end of last year. Analysts blamed a combination of high prices and the steady stream of interest rate hikes by the Federal Reserve.

The Federal Reserve responded last month to this growing affordability conundrum with a new approach to further rate changes. The Fed has so far maintained its promised move to new ‘Patient Approach’ – this is a step in the right direction; The Fed has not increased rates in 2019.

Market Stats for this Month: Closed Sales -13.3% for Detached and -26.2% for Attached homes. Inventory levels +28.3% for Detached and +45.2% for Attached. Median Sales Prices for Detached were +3.4% to $615,000 and +2.5% to $415,000 for Attached. Supply +41.2% for Detached, +61.5 % for Attached.

While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation, including in several markets that are beginning to show regular year-over-year percentage increases. As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve.

From your boots on the ground market report – Spring buying frenzy seems to be just around the corner; we are seeing buyer activity already start to improve over last weeks of February. As many buyers return to their search after months of hiatus during ‘market slowdown’, it’s promising to see this shift in mentality throughout several in the buyer pool. With Spring around the corner and sunny days back in the forecast, we can expect we to see a return of eager buyers into our warming housing market in full force within the next few weeks..

Buyers Advice: Did you know that with most buyers loans you can ask the seller to pay up to 6% of the purchase price to go towards remodeling costs?? And yes, that includes VA loans as well! So… what strategy do we implement here? How about you see a home that needs new carpet and paint… ask for a credit. Want to redo the kitchen? ask for a credit. With these seller credit options available, your buying opportunities can expand and gives you chance to make changes needed to call your new house your home.

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Sellers Advice: The market has shifted and we have more inventory than we have had in 5 years which  means more competition. However the majority of the homes on the market right now are NOT in the best of condition. If you want to stand out, make sure to make your home as nice as possible before listing. Learn more about how you can best prepare your home for market:

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