What are the current market conditions, where is it heading, and what to expect as a seller and/or buyer?
Since March 2020, the inventory here in San Diego has been cut in half and has not returned. Most of us were waiting to see this number bounce back in the past 20 months, but that has not happened and all signs point to it staying low. With shortage of homes on the market and buyers taking advantage of low interest rates we have a perfect example of simple economics; Supply and Demand. This past month of October San Diego County had just over 3,100 homes sell. As of today, we only have roughly 2,300 homes for sale. Those two numbers alone can give you an idea of what is happening in the market. Prices are climbing due to the competition among buyers and this trend will continue until we see a large increase in the number of homes for sale .
As a buyer what does this mean? Should I buy a home right now? These are really good questions to be asking yourself and the answer is you should be looking to buy a home right now. Even with the competition and multiple offer situations you will most likely find yourself in, it is the right move. Getting in sooner than later will allow you to take advantage of the home values increasing and building you equity.
As a seller it is clearly a great time to sell. With the right guidance you will find yourself with a hot commodity that everyone wants. That is if you prepare your home correctly, market it to the right buyers, and price it right. Taking these steps will result in many showings, multiple offers, and a top dollar sale. The biggest mistake that I am seeing from sellers in this market is leaving money on the table. With poor or no guidance, sellers are not marketing homes correctly and missing out on the right buyer, or losing money due to poor representation/negotiation. Just because it’s a sellers’ market doesn’t mean you should approach your sale lightly and assume you’ll get the best price. It may be more important now than ever to work with an expert.
Until there is a shift in the inventory, these market conditions are going to remain the same. Contact me today and let’s put a plan together that helps you navigate through this market and accomplish what it is you’ve set out to do.
