TAG | Real Estate Market update

 

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. 4 beds, 3 baths
    Home size: 2,122 sq ft
    Lot size: 7,405 sqft
  2. 2 beds, 2 baths
    Home size: 989 sq ft
  3. 3 beds, 2 baths
    Home size: 1,456 sq ft
    Lot size: 6,098 sqft
  4. 3 beds, 2 baths
    Home size: 1,206 sq ft
  5. 3 beds, 2 baths
    Home size: 1,392 sq ft
  6. 2 beds, 3 baths
    Home size: 1,116 sq ft
  7. 3 beds, 2 baths
    Home size: 1,766 sq ft

See all City of San Diego Real Estate.
(all data current as of 8/18/2017)

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. 4 beds, 3 baths
      Home size: 2,122 sq ft
      Lot size: 7,405 sqft
    2. 3 beds, 2 baths
      Home size: 1,456 sq ft
      Lot size: 6,098 sqft
    3. 3 beds, 2 baths
      Home size: 1,206 sq ft
    4. 4 beds, 3 baths
      Home size: 1,700 sq ft
    5. 3 beds, 3 baths
      Home size: 1,858 sq ft
    6. 3 beds, 3 baths
      Home size: 1,932 sq ft
    7. 4 beds, 2 baths
      Home size: 2,156 sq ft
      Lot size: 10,299 sqft

    See all City of San Diego Real Estate.
    (all data current as of 8/18/2017)

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

    Be Sociable, Share!

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