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San Diego Real Estate Update – January 2019

New Year, New You.. New Market, too!?

Anyone else feeling whiplash from watching the stock market last month??

For those of you who missed the excitement – the Federal Reserve issued a fourth interest rate hike to close out 2018. Unfortunately this spooked the stock market into a terrifying roller-coaster ride that left many feeling whiplash in their wallets.

The Fed has since indicated that the number of rate increases will be halved in 2019 – while this new year’s resolution is a hopeful start, it may be of little comfort to an already compressed consumer. Change is happening, but is it enough to tackle the growing affordability issue? Here’s what’s ahead for San Diego real estate in 2019..

Unemployment rates are at record lows & wages continue to improve for many households across the country, which is generally a good sing. However, as wages gradually increase so do average home prices AND the rate of increase for homes is drastically outpacing wage increases. This condition is what created an affordability crux in the second half of 2018.

Last year, home prices were consistently up again but at reduced levels compared to years prior. Median Sales Price this month was up 2.5%  for Detached homes and 3.5% for Attached – compared to last year with 5.7% and 8.1% increases. We saw inventory increase 29.6% for Detached homes and 55.9% for Attached homes.

Mounting evidence says we will continue to maintain these higher inventory levels across SD county. This is a step in the right direction for alleviating affordability gaps – however we still have quite a distance to cover – Housing affordability will remain an important storyline in 2019. Here’s the stats for this month:

Buyers Advice: 

Are you pre-approved? Want to buy in San Diego? NOW IS THE TIME TO BUY!San Diego has more inventory now that we’ve had in several years.. that means more buying options & more negotiating power to you! During the winter months, the housing market will typically see a dip in buyer activity- use this to your advantage and start your search! Fewer buyers & more homes means better chance for you to find your dream home.. and possibly for a great deal too!
Start Your Home Search Today! 

Sellers Advice: 

Best advice I can give you right now is this: make sure you will be the “Next-to-Sell- Home”. What I mean is that you have to win on all fronts when compared to your competition. Your home either has to be in the same or better than the rest, in all categories. Certain factors help set up sellers for success – we offer free seller consultations if you would like to learn more.
Ask for a FREE Consultation!Click Here.

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