Considering Selling? Here’s a Quick Summary of the San Diego Housing Market in 2018
Here at Sell Your House Direct, we pride ourselves on educating our clients to make the possible decision based on their situation. Staying on top of the local real estate market and trends plays a big role in that. While we know that real estate statistics can be boring (it’s true), it’s important to understand how your home fits into the current market. With that, we want to provide a quick summary of the current marketing conditions in San Diego County. This Data came from a recent San Diego Union Tribue Article, as well as Zillow Research.
How Does the San Diego Housing Market “Feel?”
There are some words that immediately come to mind in regards to our market, some being: high prices, low inventory, and a tight market. The median for home prices in November landed at the second highest all year, at $540,000 and indicating an overall increase of 9.1% year over year. This reflects a BIG jump in overall home prices throughout the year. Buyers are continuing to pay more for homes as inventory stays as low as it is.
According to the California Association of Realtors, there were 4,858 homes listed for sale in November, which is down from 5,960 November of last year. The average time on market for these homes was 29 days and the quickest thing to sell was condos listed between $250,000 and $500,000. While these lower-priced homes are moving quickly, the pricier listings are sitting on the market for longer. For homes that fall within the “luxury” bracket or cost more than $1 million dollars, they will see a minimum of 61 days on the market before a sale takes place.
While mortgage rates remain low, at 3.87% currently, they are up a bit in recent weeks. The need for the US to sell off more of its debt can likely be connected to the rising mortgage rates. Overall, conditions are still favorable to buyers when it comes to mortgage rates.
What do High Home Prices and Low Inventory Mean to You?
If you’re a homeowner in San Diego, all lights are green if you’re considering selling. There is no doubt that it is a seller’s market and that you can get much more for your home today, then say, seven years ago. If you’ve been waiting for the “perfect time,” we would recommend you consider now being that time. While no one truly knows what the market will do next, we do know by looking at the data that things have been on the upward trajectory for many years and eventually things will slow.
Ready to make the move and take advantage of San Diego’s market?
If you’re ready to take the plunge, especially after seeing the high median home prices today, then you have three options to consider:
1 – Sell your house on the open market by listing it with a real estate agent. This is usually the route most homeowners take, especially if they are in no particular rush and can list their home as it is. If your home is in great condition and you aren’t in a hurry, this method will most likely net you the most from your home. It may take a bit more time, but inventory today will support high offers from buyers. Just get ready for those open houses!
2 – Sell your house on your own to avoid commission fees via FSBO. This will mean less out of your pocket when it comes to closing costs and commissions, but it will also mean more spent on marketing and getting your home ready to sell. Plus, it takes time navigating a transaction on your own.
3 – Sell it when you want by selling directly to a cash home buyer. There are some companies (and even individuals) who are willing to pay you cash for your home and close quickly. They handle all the “hoopla” and pay all of the closing costs and commissions. If you’re someone who is in a hurry or doesn’t want to make needed repairs prior to selling, this is a great option.
No matter where you find yourself, the San Diego housing market is pretty friendly for most sellers (for now). If you’re interested in your options and want to learn more, consider giving us a call and speaking to a home buyer specialist.