This year has started off with a bang and seller have been blessed with multiple offers and homes are being sold well over the list price.
I work and study all different price points as my business takes me all over San Diego. With that said, it seems like the real estate market is settling in. Meaning we have seen the bottom and prices are increasing. I’m sure you have heard there is shortage of homes for sale county wide and if you combine that with very attractive interest rates you get good foundation for the recovering real estate market. In addition, if a seller prices the home correctly and makes the home attractive they will reap the benefits of a hot market.
The lower end of the market it’s still a frenzy, for instance, I just beat 30 offers on a property at a purchase price of 325k. I was able to communicate with the listing agent and revised our offer a few times to stay ahead of the pack. For those that have good credit and a down payment it’s a very good time to jump in the real estate market. Properties that are listed between 500k – 1 million will still see a very active market and sellers are able to obtain top dollar in a short amount of time.
The luxury market is definitely more active than it has been in recent years, as today I just saw a property close for 8.8 million dollars in La Jolla. These factors are all good indicators that our housing market is healthy and recovering. But I have noticed that sellers have been testing the market and pricing their homes well over market value and are not being rewarded, which tells me that buyers are definitely doing their homework and no one wants to over pay for a property.
I’m still seeing some good deals and opportunities for people to make money on all different levels. As a native of San Diego, I know what areas are better than other to invest and can help navigate buyers and sellers on the entire process of buying or selling. Please contact me directly at 858-518-1236. Happy house hunting!