TAG | Real Estate Market update

Who Said the Housing Market is Slow During the Holidays???

With the holidays around the corner, I think​​​​​​​ most homeowners and realtors alike are assuming the housing market will slow down here soon.. However, alongside having a white Christmas in San Diego – a slowdown in this housing market would also prove to be a Christmas miracle.
 
Now the housing supply will dip due to homeowners not willing to move or show their homes during the holidays – however buyers are continuing to pursue what homes are on the market. This means numbers may be down, but competition to buy will only increase! I predict that prices will continue to climb through the holidays and into the new year. I do believe we will see more inventory hit the market in January – this is based on the intentions stated by the numerous potential sellers I speak with on a weekly basis.  Will it be enough supply to balance out the extreme demand of our current market? …only time will tell.
 
Here are the numbers we are seeing now:
Closed sales fell 7.7%, Pending Sales increased 4.2% and the Median Sales Price increased a whole 6.3% from this time last year. What is a true shock to the market is the inventory levels for Detached Homes plummeting to 26.9%.. this tells me that the market is in high demand for detached homes right now, however with supply levels still so low, we should expect to see prices for detached homes to climb quite a bit during this Holiday season.
 
Buyers Advice: 
Stay active throughout the holidays!! I can’t stress this enough. Yes, there will be less inventory..Yes, you will be busy during the holidays.. BUT there will be opportunities out there still, and now LESS competition going after the good deals! To make it easier on you, set up a search on our website and be emailed only the listings that match your search as soon as they come to the market!
 
Sellers Advice: 
 
I am going to suggest the opposite of what I tell buyers during this time… Consider NOT listing your home during the holidays. We will naturally see less buyers active in the market at this time, therefore you might get less for your home than you would in the heat of peak season. I would say the say the only people listing during the Holidays are those who really need to sell, or those selling detached homes (not condos)… San Diego’s detached homes inventory has dropped 26.9% compared to this time last year, therefore the demand remains high enough to likely help you get more for your detached home throughout this holiday season.
 
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!
 

  1. 2 beds, 2 baths
    Home size: 987 sq ft
    Lot size: 1.38 ac
  2. 3 beds, 2 baths
    Home size: 2,102 sq ft
  3. 3 beds, 3 baths
    Home size: 1,631 sq ft
  4. 3 beds, 3 baths
    Home size: 1,333 sq ft
    Lot size: 1.34 ac
  5. 2 beds, 2 baths
    Home size: 1,176 sq ft
  6. 3 beds, 3 baths
    Home size: 2,175 sq ft
    Lot size: 6,098 sqft
  7. 3 beds, 3 baths
    Home size: 1,686 sq ft

See all City of San Diego Real Estate.
(all data current as of 12/18/2017)

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

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    We are feeling the pain… the inventory shortage pain!

     

    We have seen a slowdown in sales in most parts of San Diego… but we continue to see prices increase! This is because we still have a lot of buyers entering the market, presumably due to our thriving local economy, our unemployment rate being well below the national average, and we have also seen wages increase.  So what can we expect moving forward? We will continue to see the crunch on inventory which, in turn, will cause bidding wars and price increases. For homeowners who are thinking about selling? This is great news! For buyers? Not so much… However, we are expecting to see a spike in new development with lots of new construction hitting the market in the next 4-12 months, so stay tuned!

     

    Here are some stats to back that up:

    Closed sales decreased 8.7% compared to this time last year, the more shocking number is that Inventory has decreased 26.4%! Yes that is a big difference and something that needs to increase if we wish to see a more stable controlled market. This has caused our Median Sales Price to increase 10.1% across the county.

     

    July 2017 Real Estate update

    Buyers Advice: 
     
    Buyers really need to be patient, yet aggressive. Be patient by resisting the urge to jump into a deal just because the market is so competitive – wait until you find the right deal, and then be aggressive and go after it! Remember, having the right agent at the ready is a great way to ensure you will have a strong offense to close the deal.
    For helpful tips, watch my video for 3 Buying Hacks!  
     
     
    Sellers Advice: 
     
    This market is hot and when you are selling anything, timing is everything. So if you are thinking of selling this year, now is the time to do it. Make sure to hire a great agent who will be looking out for your best interest. There is a common scam we are seeing happen right now – don’t let this be you! Watch this video to learn more.
     

    1. 2 beds, 2 baths
      Home size: 987 sq ft
      Lot size: 1.38 ac
    2. 3 beds, 2 baths
      Home size: 2,102 sq ft
    3. 3 beds, 3 baths
      Home size: 1,631 sq ft
    4. 3 beds, 3 baths
      Home size: 1,333 sq ft
      Lot size: 1.34 ac
    5. 2 beds, 2 baths
      Home size: 1,176 sq ft
    6. 3 beds, 3 baths
      Home size: 2,175 sq ft
      Lot size: 6,098 sqft
    7. 3 beds, 3 baths
      Home size: 1,686 sq ft

    See all City of San Diego Real Estate.
    (all data current as of 12/18/2017)

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

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      The Battle Continues… the Inventory Battle that is!

      Throughout most of the County, we continue to battle an inventory shortage issue which is causing home values to significantly increase. This condition has lead many people to believe that we must be in some type of market bubble; however, the problem with this logic is that there are no valid indications of the market slowing down. Quite the opposite. We live in a market now without subprime mortgages, $0 down loans, or no stated income loans – lenders have MUCH stricter qualifications that serve as a market safeguard during a rising sales spike. Now, if we apply the law of averages, we can predict that things will eventually slow down, but so long as inventory stays this low, all signs confirm that this competitive sales market is here to stay.

      Here are the numbers I am referring to…

      June 2017 San Diego Real Estate Market updates

      Closed sales have decreased -4.3% from this time last year, even worse is the current amount of inventory is down to -25.2% !!! With such minimal levels of inventory, of course the Median sales price has increased to 8% compared to this time last year, and caused the average days on market to decrease 31.2%.

       

      Buyers Advice: 

      This market is hot, so don’t get burned and rush to buy something out of fear. Get prepared and take your time… wait for the right opportunity to arise. For helpful tips, watch my video for 3 Buying Hacks!

      Click Here to Watch Video

       

      Sellers Advice: 

      If you have been on the fence about selling, it’s time to get off! You’ve probably seen a few signs go up in your neighbors’ yards, then in no time there’s moving vans bringing in your new neighbors. It’s clear that now is a great time to sell; however, we continue to get the same questions and concerns… what to do if you need to buy a home after selling ? Well… we have a guide for that!

      1. 3 beds, 2 baths
        Home size: 2,102 sq ft
      2. 3 beds, 3 baths
        Home size: 1,631 sq ft
      3. 3 beds, 3 baths
        Home size: 2,175 sq ft
        Lot size: 6,098 sqft
      4. 2 beds, 2 baths
        Home size: 1,359 sq ft
      5. 4 beds, 2 baths
        Home size: 1,352 sq ft
        Lot size: 6,599 sqft
      6. 4 beds, 2 baths
        Home size: 1,772 sq ft
        Lot size: 7,840 sqft
      7. 5 beds, 3 baths
        Home size: 2,967 sq ft
        Lot size: 5,127 sqft

      See all City of San Diego Real Estate.
      (all data current as of 12/18/2017)

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

      Be Sociable, Share!

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