We’ve all been hearing about real estate markets slowing, mortgage rates rising and prices dropping. All of which is true in the San Diego real estate market. But the news you hear is national, and real estate is local. Here in San Diego, that’s not the whole picture. Read on for both the local and national real estate market update, and find out how they differ.
Continue reading Real Estate Update: The San Diego Market vs. National Trends
Last year, one factor drove home prices more than any other: rising mortgage rates.
In March 2022, the Federal Reserve began a series of interest rate hikes in an effort to pump the brakes on inflation. And while some market sectors have been slow to respond, the housing market has reacted accordingly.
Both demand and price appreciation have tapered, as the primary challenge for homebuyers has shifted from availability to affordability. And although this higher-mortgage rate environment has been a painful adjustment for many buyers and sellers, it should ultimately lead to a more stable and balanced real estate market.
So, what can we expect in 2023? Continue reading Home Prices in 2023 and What That Means for You
The last two years caught many of us off guard, and not just because of the pandemic. They also ushered in the hottest housing market on record. Low mortgage rates paired with a supply shortage drove home prices up nationally by nearly 19% in 2021.
Continue reading Rising Mortgage Rates, Short Supply: The State of Real Estate in 2022
Home prices skyrocketed in San Diego and the rest of the country last year, and odds are that your home earned more than you did.
Continue reading Home Prices Soar: Did Your Home Outearn You Last Year?
Where is real estate headed in 2022? Last year was definitely one for the real estate history books. The pandemic helped usher in a buying frenzy that caused home prices to soar nationwide by a record 19.9% between August 2020 and August 2021.
Continue reading The State of Real Estate in 2022
The housing market is caught up in a basic supply and demand predicament. Homes in the U.S. are selling at lightning speed, but the availability of listings remains limited. Helped by historically low mortgage rates, buyers keep shopping for homes. This reduces the available inventory and pushes home prices up across the country.
Continue reading 5 Factors Telling Us Where the Housing Market Is Headed
When’s the best time to sell your home? Now. According to a recent study by realtor.com, the week of April 25-May 1 is when conditions are best for selling a home in the San Diego-Carlsbad market.
Continue reading When’s the Best Time to Sell Your Home?
If you’re a homeowner in the San Diego area, chances are your house is making you rich. Although there’s no guarantee that homeownership will help you build wealth, the Federal Reserve 2019 Survey of Consumer Finances found that the median homeowner has 40 times the household wealth of a renter. And if you live in the San Diego – Carlsbad area or in several other parts of California, you’ve gained a lot of equity in the last 10 years.
Continue reading Homeownership Builds Wealth
“2020 will be known for a lot of things, and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” prominent economist Daryl Fairweather said. And he’s right. Most of us would have expected the housing market to suffer from circumstances like a global pandemic and historic inventory shortages. Instead, we’re experiencing a strong seller’s market.
Continue reading A Strong Seller’s Market: The New Normal?
Traditionally, spring is one of the busiest times of the year for real estate. However, the coronavirus outbreak and subsequent stay-at-home orders led many buyers and sellers to put their moving plans on hold. In April, new listings fell nearly 45%, and sales volume fell 15% compared to last year.
Fortunately, as restrictions have eased, we’ve seen an uptick in market activity. And economists at Realtor.com expect a rebound in July, August, and September, as fears about the pandemic subside, and buyers return to the market with pent-up demand from a lost spring season.
But given safety concerns and the current economic climate, is it prudent to jump back into the real estate market?
Continue reading What’s Ahead for Real Estate?