What a Change in the San Diego Market Means for You
Today I want to have an honest conversation with you about our current market. According to our most recent figures, it is changing.
Today I want to have an honest and direct conversation with you about what is happening in the marketplace. Most agents are unwilling, or unable, to have this conversation because they lack the scope of being able to have as much data as we do.
The market cycle is changing. Five months ago there were about 4,200 homes on the market. Today there are 7,040. That is a huge jump.
At the same time, rates have been climbing. Depending on the loan product you are getting, your rate now could be as much as an entire point higher than it could have been five or six months ago.
We are in a vastly different environment right now where buyers have a lot more choices. This is the phase that always happens at the beginning of any market cycle shift.
Buyers and sellers are not on the same page. Since buyers are seeing all the different available places, they understand that they have a lot more options and can be pickier. In the neighborhood where I live, for example, there were zero to two properties available at any given time five months ago. Now, there are 24. That...