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Throwback From 2022 to 2024: The US and San Diego Housing Market Today

By
Real Estate Agent with Big Block Realty 858.232.8722 CA BRE# 01261476

I posted this about 2 years ago. I reposted it today to show you that my info is pretty accurate and most news sources are more off-target with facts and on target with sensationalism and click bait! Rates are down, prices are up and inventory is squeaking ever so slowly up.

What's Happening In The US and San Diego Housing Market Today?

It’s probably not going to be a shock that the real estate market is softening. After a record period of low-interest rates (2020-2021), we’ve seen a significant increase in the average mortgage after multiple subsequent rate point hikes from the Fed as it tackles inflation in 2022-2023. This has hampered both buyers and sellers.

This creates a lock-in effect or “house-arrest”. Homeowners that hold a low-interest rate mortgage and are reluctant to sell in an environment with rising rates. Buyers also don’t want a high-interest rate, but there are still buyers in the market because they realize the low rates are in the past so why wait on building equity now. Mortgage companies offer alternatives to a 30-year fixed loan along with many ways the buyer and seller can work to buy down the loan to make the payments more palatable.

Right now, there are fewer listings on the market, and active buyers are still looking for the perfect home at the right price. Some homes are still selling within weeks, about 30% nationally. In San Diego, the average market time is under 2 weeks for priced right and over 2 months for overpriced homes. What’s the secret? Being completely ready for occupancy and pricing properties based on condition and comparable sales.

A good real estate agent can work with you to do the right things that will make your home attractive to potential buyers. If you’re not interested in selling right now, you can sit tight because you’ve built equity in your home, and even in this rollercoaster market, that equity will likely not erode. In fact, over 55% of Americans are sitting on 50% equity or better! Just mind your tax consequences!

I’m happy to answer questions about the property value of your home and specific neighborhood comparables. Zillow is not an accepted source of property values by any professional (nor the courts), so you might consider consulting with a local agent that knows your neighborhood…like me! Please use your favorite form of communication to reach out! A true professional will never sell you; they’ll want to serve you!

 

Thomas J. Nelson, REALTOR®
Working By Referral 
since 1999
DRE# 01261476 
Military & Veteran Rebates!
First Responder & School Teacher Discounts!

TJN’s Vision Drive Realty, Inc. is Brokered by:
Big Block Realty DRE# 01885775

 

Ah, my dear friends, behold the present moment, two years later! What tidings, you ask? Sellers, with glee, part with their homes, fetching princely sums, whilst buyers, with joy, seize the chance to claim their own equity in The American Dream. The dire forecasts of doom, akin to the squawking of Chicken Little, have been revealed as naught but folly, and the fair-weather enthusiasts, as ever, abandon the real estate arena.



Yet we, the steadfast Winter Patriots, hold fast to our stations, weathering yet another transient trend in this noble realm of real estate. But heed my words: at the first hint of a resurgence, the summer soldiers shall return, tarnishing the name of our venerable trade, which, in truth, bestows wealth and opportunity upon the deserving!

We Winter Patriots will stand firm amid the ebb and flow of trends. We never waiver, we're here to stay.

 

 

 

Cover Photo by Andrea Piacquadio: https://www.pexels.com/ 
Photo by Anna Tarazevich: https://www.pexels.com  
Image by Kati from Pixabay
 Image courtesy of [name of the image creator] at FreeDigitalPhotos.net

 

Posted by


Thomas J. Nelson
REALTOR®, CRS, RCS-D, CDPE, e-Pro, Certified Military Home Specialist, Luxury Home Specialist, Author, Keynote Speaker and  Podcast Host 

Serving Coastal San Diego from Carlsbad to Coronado, Downtown, Balboa Park Area,
La Jolla/UCSD & Mission Bay Park Areas
I Offer Rebates to Veterans
& Active Duty

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RCS-Divorce     Southern California Chapter of Certified Residential Specialists (CRS)

 
 
Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, medical advice or financial advice.  For legal advice see an attorney.   For tax advice, health or financial advice see a tax attorney, certified public accountant, or other qualified professional.

Comments (4)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Thomas. A true professional will never sell you, they will want to serve you. A true professional provides the best choices and the customer makes the decisions. Enjoy your day.

Feb 25, 2024 04:27 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It's always nice to look back upon information provided that proved to be accurate!

Feb 25, 2024 04:55 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Great information. Thanks for sharing, enjoy your weekend. Bill

Salvatore Arizona Elite Properties.

Feb 25, 2024 05:28 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Thank you for taking the time to share this report!  Great insights!

Mar 01, 2024 08:54 AM