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September 2019 – San Diego Real Estate Update

Current market  conditions could motivate stay-put homeowners to move…
As the summer draws to a close, multiple opposing factors are competing to define the direction of the real estate market.  After the Federal Reserve lowered its benchmark interest rate on July 31st, 30-year mortgage rates continued to decline, approaching all-time lows last seen in 2016.

Yet most experts agree these reductions are unlikely to bring sufficient relief, at least in the short term, for first-time home buyers. The lack of affordable inventory and the persistence of historically high housing prices continue to affect the housing market, leading to lower-than-expected existing home sales at the national level.

As many homeowners refinanced their homes to take advantage of declining interest rates, consumer confidence in housing was reported to be at historically high levels. Signs also indicate that homeowners who weren’t even considering a move previously might now be motivated because of higher home buying power. This is great news for the future housing market because although the inventory of affordable homes at this point remains largely stable, it is stable at historically low levels, which may continue to push prices higher and affect potential buyers across the U.S.

Here’s what we saw last month:

BUYER ADVICE: I’m predicting to see interest rates down in the 3.5% range over the next 3 month, so you may want to consider running the numbers with your lender to see what the home of your dreams might cost you… the answer might be a pleasant surprise!If you are currently active or recently entered into escrow – follow these rate updates closely, hopefully rates will drop next week for you (this can add up to a significant discount over time)! Once they hit a level you like, don’t forget to lock that rate in! Start your search today so you can be ready!

SELLER ADVICE: With inventory levels down, you may want to consider putting your home on the market. Less competition is always good for sellers – however, be aware that quality remains an significant factor in today’s market. Homes lacking proper presentation or don’t show well are just not selling right now. I highly recommend you look into doing basic remodeling and staging work. If the cost of remodeling or staging sounds too pricey, never fear, we will front the cost to get you more money for your home with shorter time on market!

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