Current Market Conditions
Looking at the data above…. What does it all mean? The median sales price in San Diego County is just below the peak of 2007. Historically the next peak is higher than the last, so we still have a way to go. Now look at the striking difference in inventory from 2007 to 2017. Price increases are now being driven by low inventory and low interest rates, unlike a decade ago when prices were driven by over relaxed loan restrictions. It is now harder to get a loan and harder to find a house. Although loan restrictions are loosening up a bit, we are not going back to the days of the early and mid 2000’s. CAR also reported that the Median Days on Market is now 20.4 days, compared to 50 days – 70 days ten years ago.
Again, what does this all mean? If you are thinking about selling, now is a great time to get a prime price for your home and sell quickly. If you and looking to purchase a home, get all your ducks in a row. Get pre-qualified by a lender, find a Realtor who will help you keep a close eye out for your dream home, and be ready to make an offer as soon as you find a house you want to buy.