Thinking about selling? Don't delay. The window of opportunity is closing as inventory climbs, demand falls and the time it takes to sell grows.
The San Diego housing market has already shifted away from an insanely hot market, so don’t wait if you are thinking about moving anytime soon. It’s a case of you snooze, you lose. We are fast approaching the Fall Market, when demand and homes on the market fall. NOT THIS YEAR. Buyer demand will drop as rising interest rates impact on affordability. Many potential buyers are struggling to qualify for loans. Meanwhile the number of homes on the market will grow, peaking between October and Thanksgiving.
How long will it take to sell my home?
At the beginning of 2022, the market was insane with limited inventory and high demand from buyers. It took an average of 25 days to sell a home and then went down to an insane 18 days in March. This was set against low interest rates starting at 3.25% and growing to 4.25%. By June 2022, interest rates climbed to 6.28% and the market shifted. Affordability is a big issue for buyers in San Diego and demand dropped accordingly. Today, homes in San Diego are selling at an average of 67 days. That is expected to increase throughout the rest of the year to over 90 days.
Why should I sell now?
The longer sellers wait, the slower and more challenging the local market will be. Right now, the market is still strong. Sellers will achieve success IF they price their homes according to theirFair Market Value. We can help you with this.
Reach out if you are thinking about moving. We would love to help.