TAG | san diego market watch

WHEN YOU PLAY THE GAME OF HOMES…

You Win or You Didn’t Close

As we turn the corner on Spring and head straight into the heat of the summer buying season, we’d like to welcome all buyers joining us from across the Seven S.D. Kingdoms to compete in this season of The Game of Homes!

BRACE YOURSELVES

Closings are Coming…

We all know what summer means for us in San Diego – schools’ out, beaches are packed & crowds of buyers are flocking back to the housing market and eager to make a deal. 

Despite affordability concerns rising, buyers are returning to the market in force & eager to close!  For well-priced homes in desirable locations, the competition is fierce! Those considering buying a home will need to know some things in order to navigate the waters of real estate purchasing… 

San Diego can be full of surprises since it is known as a technology center and with more people moving in to take jobs or start businesses. For years, tourism had been the city’s greatest relation for its economy, then shifted focus to more professional, biotech, IT, telecommunication Industries to grow its tax base. That means more people are coming in to San Diego County as ‘transplants’ rather than tourists, meanwhile wages are still catching up to the population, housing construction has kept the same near-death pace for 3 years.  That results in a competitive home market with higher demands.

While we are already seeing buyers returning to the market again in force, several factors indicate that our housing market in San Diego may get more unpredictable in late 2019 into 2020. Those considering selling when the market is ‘right’ should begin the process and consult with an expert for a detailed home valuation assessment.

What Happened this Month on San Diego’s Housing Market?

Across San Diego county, most markets report the number of days on market decreased between March and April. Overall, properties are selling more quickly than they did at the beginning of the year. Most homes are selling in fewer than 3 weeks. While this month’s total sales is again slightly below that which we saw last year (- 2.1% for detached homes, – 12.1% for attached), we can attribute these variations to the abnormal & unusually frequent weather disturbances seen since the beginning of 2019.

Buyers Advice: 

If you are wondering to yourself if now is the right time for you to buy – Please trust me when I say “YES!” Today is always better than tomorrow, and especially six months down the road whenever it comes to buying a home. While buying during the competitive summer months may seem intimidating to some, it’s nothing compared to what is on the horizon for our housing market here in just a few short months even.. 

The Millennial Generation will represent a huge chunk of home buyers. Experts predict millennials with new, higher-paid jobs will seize the opportunity at home purchases as prices flat line or even decrease in some housing markets come late 2019 and throughout 2020. This new population of home buyers will make for an even more competitive market, particularly with starter homes. 

Those looking to buy should start preparing themselves & their finances now in order to move quickly as soon as the home they want comes on the market. Those wanting more information or have questions should contact me today – I would be more than happy to help you, no matter what stage you may be in the process.

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Sellers Advice: 

Wondering when the ‘right’ time to sell might be? According to expert analysts, if you intend to sell your home, this year might be the best time to get top dollar for your home. Market indicators suggest the state economy will likely dip nationwide in 2020. This could affect San Diego home prices negatively, though no one believes values will drop like they did in 2008. Rather, they could just remain flat. 

Home prices are expected to rise in 2019 at just more than 4 percent and local real estate gurus suggest many will start looking to purchasing home late in the year. While summer months have always been promising times to sell your home quickly & for top dollar, for those still in the initial stages of preparing their home for market – now is the time to consult with an expert and start the process!

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