What To Expect In Today’s San Diego Real Estate Market
San Diego is approaching the peak season for our local residential real estate market. After speaking with all of our agents and analyzing the market, this is what you can expect if you are in the position to buy or sell a home in the greater San Diego County area.
Inventory for residential homes continues to be very low
In fact, as of today, there are only 6,035 residential listings in the county of San Diego. So if you are buying a home you can expect to pay market value or sometimes higher than list price. Some buyers try to consistently make low ball offers in hopes they can get a great deal. Most of these buyers end up getting nothing. Having the appropriate strategy when making an offer is key to getting the home that you want.
Interest rates are still at historical lows
We see clients able to get 30 yr fixed rates at 3.73%, 15 yr fixed at 3.14%, and a 30 yr with a 5 yr ARM at 3.02%. Obviously, these low rates will not last forever and we do expect an increase in both the short term and long term. Low rates help both buyers and sellers alike. The key for buyers is to get pre-approved before making an offer. Most sellers will want to see a pre-approval letter with an offer. The key for sellers is to only deal with pre-approved qualified buyers.
There are over 12,000 realtors in San Diego County, many of which do not practice real estate full time or do it on a very limited scale.
It is important to choose the right realtor in order to maximize your profit when selling a house and minimizing your price when buying a house. We at Palisade Realty have the experience and extensive knowledge to ensure that you make informed and cost-effective decisions when buying or selling real estate. Please feel free to contact us for a free confidential consultation. We are dedicated to serving you!