San Diego Housing Market is hotter than ever. Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. When properties come on the market that are priced right and ready to sell, we tell our buyer they have to get here to see them within 24 hours. That is how fast this market is moving.
With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.
The Median Sales Price in San Diego County was up 17.0 percent to $753,500 for Detached homes and 17.2 percent to $491,000 for Attached homes. Days on Market decreased 31.3 percent for Detached homes and 21.4 percent for Attached homes.
San Diego County housing inventory continues to hover at historically low levels. Supply decreased 52.0 percent for Detached homes and 29.2 percent for Attached homes.
Despite the relative strength of housing and the recent improvements in forbearance numbers, the number of serious delinquencies and potential foreclosures in California remains a risk over the medium term. According to recent data from the MBA, 6.83% of California’s residential mortgages were delinquent by 30 days or more delinquent. Foreclosure starts remain minimal due to current moratoria, and many of these homeowners may get current, sell their homes, or otherwise avoid foreclosure, the numbers translate into more than 350,000 homeowners behind on payments here in California.
Tips for Buyers
- In a highly competitive market, it is common for sellers to pick a date and time to review all offers at one time. If this is the case, you may not have an opportunity to negotiate back and forth with the sellers. Presenting your strongest offer will give you a higher chance of the scale tipping in your direction when the seller needs to choose an offer.
- Overall, homes are selling like hot cakes, which is leaving no time to waste in the process. You may not have time to “sleep on it” or shop around when you find a home you love. Chances are someone else loves it, too. If you wait too long you may not even have a chance to get your offer in.
- You will have to make your offer strong enough to beat out a multiple-bid situation. If you want the house, you’re likely going to have to go above the asking price. Making an offer above asking price won’t end up costing you much in the long run. What you put down and what you pay monthly on your mortgage will only change significantly if you offer an unrealistic amount above asking. Keeping your offer aligned to the home’s value, while still above the asking price, will help you secure the home you’re interested in.
Tips for Sellers
- Homebuyers who are concerned about COVID-19 will have a better experience if they can walk your home without touching anything. Make it an easy walkthrough. Turn on lights and opening closet doors, especially the master bedroom closet.
- Hire a real estate agent with a broad online marketing program, which includes a 3D tour, Facebook tour, video, and plenty of photos. Many buyers do not want to fly, and with modern technology and a good San Diego realtor there is really no need to make a trip to Coachella Valley to purchase a home.
- Do not wait. There are home sellers who put off listing their home because they are waiting for the highest point in the market. No one knows or understands what the future holds and holding off on selling a home, banking on a higher return later is dangerous — just as the folks discovered in 2006. The right time to sell is when you are ready to move on with your life.
If you would like a FREE CMA or Comparative Market Analysis of your home in San Diego then please contact us so that we can do an accurate analysis on your home.