Here’s what rising interest rates and low inventory mean for our market.
Interest rates have increased dramatically recently. What will this mean for home prices in San Diego County? I don’t have a crystal ball, but I can look at past and current trends and give you a pretty good idea of where things might head. Let’s take a look at our market and find out what recent changes mean for you.
You can watch my full message in the video above, or you can skip to each topic using the timestamps provided:
0:00 — Introduction
0:57 — Interest rates are rising, but inventory remains low
2:38 — We’ve had less than one month of inventory for four months
3:08 — Every 1% increase in interest rates lowers your buying power by 10%
3:26 — Home prices will likely continue to increase but at a much slower rate
4:46 — Affordability could impact our market moving forward
5:34 — Population growth is driving housing prices
6:33 — Wrapping up today’s topic
If you have questions about anything I mentioned in today’s video or your next real estate move, please call or email me. I am always willing to help!