I don’t think that we’ve ever seen a crazier market than the one we have now. You’ve probably heard a lot of information about what’s going on from the media, so today, let’s dive into the numbers for a clearer picture of what’s happening in the San Diego County real estate market.
To the homebuyers in our market: I feel your pain. With our crazy low inventory, finding a new home and getting your offer accepted can be a struggle. We recently listed a home and within the first four hours of it being on the market, we received between 25 and 30 scheduled showings for the following day. This is happening across the board, so buyers need to be patient; there will be more inventory available. That said, if you find the right one that makes sense for you to buy now, jump on it! Interest rates are still low, and if market trends continue the way they have been, we can expect home prices to keep rising.
If you’re a seller, you’d be hard-pressed to find a better market to list your home. Our current inventory is the lowest it’s ever been, and while supply dropped month over month, demand sharply rose. Mind you, these numbers will be different in different neighborhoods and depending on what type of home you’re looking to buy.
The challenging part for sellers isn’t finding a buyer; they outnumber sellers in our market. As a seller, you need to talk to your agent about their strategies to get you the highest price for when you do sell your home. For our part, we tailor our marketing strategy for each property and market (remember that markets can change very quickly).
If you have any questions about our market numbers or buying or selling a home, don’t hesitate to reach out to us. We’d love to help you find success no matter your goal.