Has San Diego’s real estate market flattened out? Here is my Real Estate Update for July 2023 where I break that all down. Let’s dive into it!
Buyer Activity vs Inventory
First things first, let’s talk about the buyer frenzy that’s happening out there. Buyer activity is on the rise as we head into the summer selling season. It seems like everyone is out there, getting aggressive in the hunt for their dream home. On the flip side, we’re finally seeing a decent amount of inventory hitting the market. Now, I won’t go shouting from the rooftops about it, but hey, it’s better than what we’ve seen in the past few months.
Despite the surge in buyer activity, we’re not witnessing houses flying off the shelves with multiple offers like we saw in 2020. Nope, not unless they’re priced right, located in a phenomenal neighborhood, and show really well. In reality, we’re seeing some homes taking their sweet time on the market.
While some fancy analysts and real estate agents out there are claiming we’re in this skyrocketing market where prices are shooting through the roof, I am here to be the voice of reason and tell you that we’re in a more level market. How can I confidently say that? Well, I’m all about the stats. I keep an eye on inventory, interest rates, and buyer demand month after month.
We did see prices make a bit of a comeback over the last three months, but it’s mainly because of the scarcity of homes. Inventory levels are still low and, in fact, we’ve been rocking about half of what we should have in terms of inventory since 2020. This is what’s been driving those prices steadily upward, albeit at a slightly slower pace for now.
Interest Rates
As for interest rates, they’ve been doing the hokey-pokey all year. But for the past 60 days, they’ve been playing it cool, staying pretty much flat. Currently hovering around six and a half percent, they’re not exactly low. However, we all know that what goes up must come down. Some savvy buyers out there are taking advantage of the current market, locking down their dream homes, and planning to refinance in the future when rates become more favorable.
In a nutshell, we are in a pretty healthy, balanced market right now. Inventory may be a tad low, and interest rates may be a bit high but here’s still plenty of activity, and prices are finding their sweet spot.
Seller Advice
Sellers, make your place look sharp! Invest in some sprucing up, like a fresh coat of paint and new flooring. Buyers these days want move-in ready homes and don’t want the hassle of renovations. So, if you want to attract those eager buyers, give your place a makeover and put your best foot forward!
Buyer Advice
As for you buyers, be aggressive! When you find a home you love, go for it. Keep in mind that interest rates will come down eventually, and you can always refinance to lower your payments in the future. It might take a little compromise now, but it could be well worth it in the long run.
There you have it, my friends—my tips for navigating this exciting San Diego real estate market. If you need any assistance or have burning questions, feel free to reach out to me or anyone on my team. We’re here to help you!
Stay tuned for more updates, tips, and tales from the world of San Diego real estate. Until next time, folks!
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