Is now the best time to list a home for sale in San Diego? I think YES.
This morning, only 3,433 properties are available as active in San Diego county. If you think this number is good, sufficient, or even a lot, you are mistaken. According to the Census Bureau, there are close to 600,000 detached homes in San Diego county. This means that just over 0.5% of the homes in San Diego county are for sale.
Based on demand, months of inventory, and month over month price increases, we should be seeing a greater price increase than what the market is currently showing. We also can handle over double the current inventory that currently exists, given the current interest rates, and low prices.
What this mean to buyers? It is tough out there, this is definitely a sellers market, and multiple offers are being reported on properties within a week. If you are on the hunt, then you must act fast, be aggressive, and have your Realtor contacting every listing agent for as much info as you can get before being disappointed by the overwhelming offers they may have.
What this means to sellers, or owners considering to sell? We are seeing properties sell in less time, and for a higher price than sometimes even anticipated. Buyers are becoming understanding that you will most likely have more than one offer, and that their offer needs to be the best ( Terms, price, etc. ). Banks are more open to dealing with short sales, and approval times for some institutions have dropped to 2 months or less in some instances. January is coming near, and I think 2013 will show an increase of inventory, and possible begin to see leveling prices at the end of the year (2013).
Find out what your home is worth, and what you can expect today. Contact me.
Cell: 619-788-8354
