As we close out September, our San Diego County real estate market remains strong, and buyers are still motivated to take advantage of low interest rates. Here’s a quick glance at the latest year-over-year numbers:
As you can see, fewer homes are hitting the market and more buyers are buying. Additionally, interest rates have dropped from 3.6% to 3.8% to 2.7% to 3%. Last year we were already at historic lows, so this is the lowest we’ve ever seen them.
Having 25% more buyers and 45% fewer homes means, in theory, prices should rise, and The San Diego Union Tribune recently reported that they’ve indeed risen 9.4% year over year, and it’s all due to low interest rates. A lot of sellers are hesitant to list their homes due to the pandemic, which is understandable, but if you put your home on the market now, you should see plenty of showings and offers. You can also expect to sell quickly.
If you’re a buyer, competition is fierce, so if you see a home you like, don’t hesitate to submit an aggressive offer. If you’re one of the lucky ones to get your hands on a property, remember that prices should continue to rise in a strong market like ours. What’s most important to remember, though, is that if you bought with a 30-year fixed-rate loan, the year-over-year decrease in rates could save you upwards of $100,000 over time. Take advantage of that fact while you can.
As always, if you’d like to know more about our San Diego County market or there’s anything else I can help you with, feel free to call or email me. I’d love to help.