Here’s an update on the market and some tips for buyers and sellers.
Today I’ll share an update on what’s currently happening in the San Diego County real estate market and also give some helpful tips for both buyers and sellers.
Many of my clients and even fellow agents have recently brought up our shifting market. To put this into perspective, we had less than a month of inventory in San Diego County at the end of April and just over one month of inventory by the end of May. We haven’t completely reversed course, and we’re not in an outrageous buyer’s market at this point. However, we are starting to see an increase in listings, and more homes are sitting on the market for a little longer.
What does this mean for buyers? This is a good time for you to buy. You’ll have more houses to choose from, and we expect this trend to continue as mortgage rates are predicted to increase. Depending on the price point and the location, you may have to compete with fewer offers for any given listing. Remember to always work with a qualified real estate agent who can present your offers, especially since the average home sale in San Diego County is still above the asking price.
What does this mean for sellers? It may take longer for your home to be sold right now. Ask for advice from your real estate agent on how you can sell your home in these market conditions. Review your hyperlocal market. Your specific location and price point may give many or few options for buyers to choose from. Create a strategic listing price so you can capture buyers’ attention.
If you have any more questions about the real estate market in San Diego County, don’t hesitate to call or email me. I’ll be happy to help!