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September San Diego Real Estate Update 2016

Are rising prices making homes sell faster?

The short answer seems to be YES! As crazy as it sounds, prices keep on rising in many communities throughout San Diego, which is creating an urgency in buyers to secure their dream home or risk paying more for that same house a few months down the road.sep 16 mkt snapshot
To add to that, we have a good portion of sellers who are also buyers… sellers who want to upgrade or downsize. This adds another layer of buyers to the market and reduces the amount of inventory.

Now this is all speculation and what we are seeing first hand, however here are some stats to back this up:
We we have seen Closed Sales decease 15.8%, and the Average Sales Price for detached homes increase 2.4% to $687,775, yet our inventory level has still decreased 11.9 %. So what does that tell us…? Well not much until you see this stat, our average days on market decreased 11.2%.

What does this mean for us… too many buyers, not enough homes!
What does this mean for you? Please read more below.

Buyers Advice:

I must admit: we are seeing a lot of multiple offer situations in the average to entry level price range. So how do you get your offer to stand out? There are a few things we like to do, one being making the timeframes convenient to the seller. What I mean is ask the seller if they would like to rent back, stay in the home for a short period after close, or close fast.
For more tips Click Here

Sellers Advice:

With low inventory our sellers are finding themselves in multiple offer scenarios, the market is theirs and they’re selling their homes for Top Dollar in less time! However price is not the only thing to look for in an offer, and it can be a mistake that leads to losing thousands.
Here are a few tips for what to look out for when responding to multiple offers Click Here

 

See the newest listing to hit the Real Estate Market in San Diego:

  1. 3 beds, 3 baths
    Home size: 2,175 sq ft
    Lot size: 6,098 sqft
  2. 3 beds, 3 baths
    Home size: 1,686 sq ft
  3. 3 beds, 3 baths
    Home size: 1,686 sq ft
  4. 3 beds, 3 baths
    Home size: 1,368 sq ft
  5. 2 beds, 3 baths
    Home size: 1,108 sq ft
    Lot size: 1.31 ac
  6. 2 beds, 2 baths
    Home size: 1,477 sq ft
  7. 2 beds, 2 baths
    Home size: 997 sq ft

See all City of San Diego Real Estate.
(all data current as of 12/17/2017)

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

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