Spring 2012 San Diego Real Estate Market Update

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There’s a good chance you have heard the words “buy now” when it comes to real estate. Well there’s a real good reason for that. Despite the market crash and subsequent hardships our marketplace has had to endure since then, things are looking up. For the first time since 2007, banks have eased up on their inhibitions of loaning money. The fed still has not done much to increase interest rates that have been at all-time lows and prices remain at their most affordable in many people’s lifetimes.

With more people obtaining financing, the cost of borrowing lower than ever before and prices that allow you afford your dream home – now is a phenomenal time to tap into the market.

Sellers Enjoying Multiple Offer Situations

In many cases, sellers are presented multiple offers on their homes – giving them room to breathe and a chance to make even more money than asking price in many cases. Fewer concessions needed on the part of sellers is also making the process more enjoyable for them. At a time when just a few months ago sellers needed to pull out all kinds of tricks out of the bag to entice buyers, sellers are finally enjoying the spotlight. Well-priced homes in great condition and in a desirable location are going fast. In fact, our average Days On Market was 31 days last year and it has gone down to a phenomenal 11 days this year so far!

Buyers Still Control the Market But Have Fewer Choices

Sales have been on the rise and as a result our inventory of homes is dwindling. Today’s savvy buyers know that before interest rates climb back up and when there are no longer a variety of choice homes available – they need to seize the opportunity today. While a shorter Days On Market average works great for sellers, it means a different thing altogether for buyers. While browsing for homes, keep one thing in mind: If you see it, like it and want it – make an offer on it!  Not only do you have the potential to avoid getting in the middle of a multi-offer bidding war but you will be able to beat that DOM clock and get into your dream home before it’s too late.
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Almost to the midway point of 2011, we are expecting to see more of the current upward trend for the rest of the year. This means you should act fast whether you are an existing homeowner looking to trade up into your dream place or a first-time buyer wanting to secure unbelievably low mortgage rates. Contact us today – our success is in your success and we look forward to serving you!