TAG | april 2018

April 2018  –  San Diego Real Estate Update 

Can it be true?? Ladies and Gentlemen, no fools’ jokes went into the making of this statement… let it be known: there is finally a significant shift in our San Diego Housing Market! We are just seeing significant evidence of a lasting change to our local market. Basically, what had been several long discouraging months with severe inventory droughts in a scalding HOT sellers’ market has simmered down to what I would say to be a more stable market.  So small shift statistically, but what a significant impact on the market!  

Now, this news may be a shocking surprise to you – but don’t be jumping to any sky-is-falling conclusions about this now.. we are seeing only slight shifts here, nothing to indicate we are at any risk of a market collapse, I assure you! What we are seeing is a slight, and long overdue increase in our market inventory finally, though oddly enough also saw slight dip in buyer demand over last few weeks. This may seem odd, but considering all the many other factors in play here like tax season/reforms, stock market, school season, newly increased interest rates, economic stability concerns, or just some awful cocktail of them all gives just cause for buyer numbers to take slight dip momentarily here, as shown below.

However we can expect buyer demand recover soon as this recent market shift becomes more evident  – this surge of new inventory brings long-overdue relief onto our buyer market.  More inventory means buyers will finally have more options when out looking for their new dream home (and slight decline in present buyer activity is GREAT news for active buyers now! – More options, less competition, better deals!) For sellers, this shift will mean the end of price gauging and return to more strategic home sale practices.

Now you might be asking yourself, “Why is this not a sign of a correction, or market crash???” Well, when the market crashed in 2007 people were stuck with these adjustable rate mortgages which when adjusted, sent their payment through the roof, we don’t have that anymore. Rental rates were extremely low in 2007 so it was cheaper to go rent than to own, we don’t have that anymore. Our population has grown yet we have only managed to build around 22% of the housing that is needed to support those new members of our community. Therefore these signs all point to high demand for housing here.

All in all, the market is going to remain very strong for the foreseeable future, however expect to see more inventory and more options for home buyers.

Here are some stats to back that up:  

 

Closed Sales are down 15.9%,. Pending Sales are down 3.1%. The Median Sales Price was up 10.4% to $635k for Detached homes and 5.7% to $412k for Attached homes.
 
Buyers Advice: 
 
Alright, it’s time to get off that fence and buy now before interest rates go up even more – the Fed has come out and said they plan to do 2 more increases to interest rates within this year. You will definitely want to get into your new home before that happens! Also, we are finally seeing more homes hit the market, this means you can give yourself more time to be picky and make sure the home has everything you’re looking for! 
See all the new inventory for yourself (Click Here)
 
 
Sellers Advice: ​​​​​​​
 
With competition to sale higher than we have seen in last few years, you will really want to make sure your home stands out from all the rest! To do this best, you will need to make sure the home is suitably decluttered and arranged so it can be shown well, make sure the property photos are amazing & flawless, always review all marketing to make sure it is advertised correctly, and of course, make sure it’s priced right! If this sounds like a lot to do, you’re not alone & that’s why our  team created this specialty selling system that provides sellers with full service, start to finish so we when you list with us, we’ll do the rest, cut out the stress & always deliver the best! 
Ask us about our  (Hands Free Selling System)
 
 

  1. 2 beds, 2 baths
    Home size: 1,138 sq ft
  2. 3 beds, 3 baths
    Home size: 1,714 sq ft
  3. 3 beds, 2 baths
    Home size: 1,140 sq ft
    Lot size: 14.27 ac
  4. 2 beds, 2 baths
    Home size: 1,134 sq ft
    Lot size: 2.80 ac
  5. 3 beds, 3 baths
    Home size: 2,500 sq ft
  6. 4 beds, 3 baths
    Home size: 3,588 sq ft
    Lot size: 43,560 sqft
  7. 2 beds, 3 baths
    Home size: 1,246 sq ft
    Lot size: 18,730 sqft

See all Real estate matching your search.
(all data current as of 5/25/2018)

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

 

 

 

Be Sociable, Share!

    , , , , , , , , , ,

    Web Design and Seo Services