In a conversation with Laura, we discussed how in the past few weeks the San Diego real estate market shifted. It’s not as if houses are not selling, it’s a subtle shift from multiple offers with San Diego homebuyers scrambling to get a house to a week on the market and one solid offer. And, what’s truly interesting, to me, is the shift is for no particular reason.
I’ve also noticed that the myriad of cash investors has disappeared. This could be because many of them didn’t do as well as they could have when buying, fixing and selling (flipping) San Diego real estate. It seemed as if some of the flipped San Diego houses were priced too high and when San Diego overpriced houses sit on the market, investors tend to slow down on their buying frenzy. This is good news for the traditional San Diego homebuyers. With the investors no longer offering cash purchases to San Diego sellers, San Diego first-time buyers and even move-up homebuyers have a much easier time obtaining a San Diego home.
San Diego home loan interest rates remain in the mid-4%. Statistically these are extremely low interest rates, just ask someone in their 50’s! San Diego house prices increased 6+ months ago, but have pretty much leveled off in the last few months. The inventory of San Diego homes is also quite low. All the indicators are that San Diego real estate is still a long-term solid investment.
If you or someone you care about would like to discover the options of renting versus owning and what it will take to become a San Diego homeowner, call me at 619-741-0111, I’m Kim Ward. My promise is to be Your Real Estate Consultant, for Life. Hope this helps!