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April 2019 San Diego Real Estate Update
Junk on the Market: It's Spring Cleaning Time!
We have seen buyer activity skyrocket in recent weeks - what is the cause? Interest rates!
Thanks to promises kept by The Federal Reserve, we've enjoyed low interest rates since January 2019 and they've stayed in the low 4's. This has been welcomed news for U.S. consumers who on average carry a revolving credit card debt of $6,000 per household. Current rates are still low at only 4.13% and Real Estate professionals and savvy buyers know that a lower interest rate is often more important than a lower purchase price.
Now let's talk about inventory.. We do have higher inventory levels due to the build up that happened during the last quarter of 2018 and the start of 2019. Perhaps due to skeptical buyers, probably due to rising interest rates... However from our (Boots on the ground) prospective what really happened were San Diego homeowners rushed to put their homes on the market and threw a high price tag on it just to see if they could get it. What that means now is, quite frankly, we’re seeing some “junk” sitting on the market and inflating our inventory levels. However please rest assured... we still have extremely high demand from buyers right now... however that demand is for quality properties that show well, are priced right, and are marketed properly!
As spring and summer months are notorious for hot sales markets, we can expect a rising buyer demand these upcoming weeks and if sellers tend to their listing like their wallets depend on it, we can predict a lot of this inventory to produce sales contracts soon across San Diego county.
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