TAG | market update

San Diego Real Estate Update, September 2017

Fall is Here! 

Weather is Finally Cooling Down…

But When Will this HOT Market Do the Same ??

This time of year marks the bittersweet transition out of summer & into fall. Life seems to slow down as the weather starts to cool & the kids are back in school. Similarly, the housing market has historically seen a slight cool down in buyer activity around this time.
However, market savvy buyers and sellers know that deals can still be made well into the school months – and with inventory levels still very low, we can expect competition to remain fierce to buy available listings. We are seeing very low days-on-market with multiple offer situations becoming less and less unusual for sellers on today’s market.

All-in-all, as San Diego may now be finally cooling down outside, it’s safe to say that the heat in this housing market is here to stay!   Here are some stats to back that up…

• Closed Sales decreased 6.4 percent for Detached homes and 11.0 percent for Attached homes.

• Inventory decreased 27.9 percent for Detached homes and 22.1 percent for Attached homes. 

• Days on Market decreased 9.4 percent for Detached homes and 15.4 percent for Attached homes. Supply decreased 31.0 percent for Detached homes and 21.1 percent for Attached homes. The prevailing trends lasted through summer.

Buyers Advice: 
We are so often asked the same question, “when is a good time to buy?”. Without a crystal ball, it’s hard to give a definitive answer for that question, but what we like to say is that the best time to buy is simply when you are able to buy. With home values still on the rise, there is a lot of talk that there will be an increase in mortgage rates within the year – so if you were thinking of buying in the next year or so, you should try to do so sooner than later to avoid facing higher monthly payments!
* Pro Tip: Speak with a lender to help determine what monthly payments you are comfortable making.. Don’t have a Lender? We have some great recommendations! 
Sellers Advice: 
Sellers are seeing their homes sell with multiple offers in a very short amount of time, and for Top Dollar! We are in a HOT Sellers’ Market – Sellers carry most of the control here. With more pressure on buyers to make a purchase, buyers might be willing to make more concessions to help you accept their offer and seal the deal. You may be able to ask to rent-back the home for a short period to give you more time for moving and/or make your home sale contingent upon you first finding a new place to live.
Of course, the best approach to help optimize your home sales return is to simply have the right agent in your corner. Be sure to find an agent that is dedicated to you & deliver your best results!

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