"So, what's really going on with the market?"
The burning question that I hear from family, friends, clients and most people I meet. The answer: "Well, that really depends. Are you buying or selling? Are you an investor or is this your personal property? Where do you live? Where do you want to live?"
There are so many factors that come in to play for me to give you the best answer to this question.
Are we talking about Carlsbad 92008, 92009, 92011? San Marcos, Oceanside, Encinitas to Escondido these are all completely different markets. The real estate market is hyper-local. Location! Location! Location!
I am sure that you have heard over the past couple of years that we have a shortage of inventory of homes for sale here in North County San Diego. This means that we've had more buyers in the market than homes to sell to them. While the market was dropping and short sales and foreclosures were in every neigborhood many buyers were holding out to see how far prices would drop and saving their money to make their purchase. At the same time home owners who had lost equity were holding on and hoping for the market to come back up so that they could sell and recoup their losses.
With interest rates still at all time lows, we have seen multiple offers on homes. Buyers have been bidding against investors, overseas buyers, buyers with cash and LLCs. It was a rough market especially for first time home buyers. Homes were selling at or over asking price. It was a great time to buy if you could get your offer accepted! Prices rose steadily for two years from 17 to 22 percent in our North County markets. It's been a firm Seller's Market.
The tide has changed!
This isn't a bad thing. It's actually a really good thing. We are in a healthy and stable market. Interest rates remain low. More sellers are finally listing their homes either to downsize, relocate or move up. Prices have remained steady and in some cases we are seeing price reducions….but not in great amounts. Buyers have more homes to choose from which has brought the market into a neutral state.
Builders are starting to build again. In San Elijo Hills new homes are being built and a new K thru 8 school is being built at the top of San Elijo Road across from the Fire Station.
So, how is the market?
Today I will tell you that the market in North County San Diego is strong and actually it is good for both buyers and sellers. Homes that are priced at correct market value are selling and buyers who are qualified are still getting some of the best interest rates in history.
Since August 2014 the market has calmed down and is quiet. As a Realtor who watches the market every day, I expect for the market to pick up after the holidays and tax season. January through March are usually some of our busiest months! Prices may go up, but I don't expect to see the great leaps and bounds that we have seen these past couple of years.
If you want to know the current market value of your home, or you are looking for a home to buy….Call Me! I would be happy to show you your numbers.