An Update on the Recent, Drastic Changes in the San Diego Market
Our market has undergone some dramatic changes as of late, so today I’d like to bring you an especially important update on these conditions.
Today I wanted to bring you a quick market update because there have been substantial changes to the marketplace.
Typically my team likes to provide you other educational material, but there’s currently nothing more important than what’s going on in our market right now. The changes we’re currently experiencing have been long-anticipated, and they’re finally here.
Roughly 60 days ago, we had about 4,500 homes on the market across San Diego County. Since that time, 1,421 new listings have come onto the MLS. This means we currently have 5,921 properties available for sale in our area.
For whatever reason, not many are talking about this major increase in inventory. My personal opinion is that this is likely because the current number of available homes is still far below what would be considered a healthy level of inventory.
Yet, if you look beyond the current state of our market and consider the trajectory of this change as part of a larger trend, this increase is certainly worthy of note. It represents a 31% rise in inventory in just 60 days.
Moving on, the mortgage market markets have also been moving. Rates are a good half-point above where they were just a short time ago.
Also, our current political climate is hairy at best. Regardless of your opinion of today’s politics, I think it’s clear for anyone to see that the state of affairs right now is something different than what we’ve ever seen before.
With this national and global uncertainty in mind, alongside the changes to our market I mentioned earlier, I would also like to point out the impact of the recent tax bill. The state tax deduction is now limited to $10,000 per year including property taxes. For a lot of people, this is a significant hit, as many of us have between $5,000 to $10,000 in property taxes alone.
While certain recent conditions, such as the fact that we remain in a seller’s market, still hold true today, it is evident that changes have taken place in our real estate environment. So, if you’ve been waiting to sell until the peak of the market, there’s no way to guarantee that we aren’t already at that point. There is truly no way to know when we’ve reached the top of the market until we’ve already passed it and are looking backwards.
Trying to time everything perfectly is impossible, but if you base your decision on current market conditions, you may see that now is a good time to make your move. If you have been thinking of selling your home, it may be in your best interest to go ahead and schedule a consultation with my team. We would love to help you achieve your real estate goals.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.