Nick Rogers
As we step into 2024, the real estate landscape is undergoing a notable resurgence, characterized by an increase in bidding wars and a significant uptick in buyer activity. The reduction in mortgage rates is drawing buyers back into the market and intensifying competition for coveted listings.
Recent data from the Mortgage Bankers Association revealed a substantial 9.9% increase in mortgage applications. To put this into perspective, at one of my recent open houses I had over 250 people attend and received multiple offers. Buyers appear to be seizing the opportunity presented by year-end declines in rates and a modest upswing in inventory levels.
For those of you who have been patiently waiting for the right time to buy a home in San Diego, the beginning of the year presents a promising window of opportunity. However, the increased buyer interest is sending some home prices upwards for the most desirable listings. This means that if you’re on the fence at all about buying, you should talk to a realtor as soon as you can to lock in the best deal.
The heightened competition has given rise to bidding wars in some popular areas, with at least 24% of homes selling above their list price. The median sales price of single family homes in San Diego as of January 2024 has reached $980,000, reflecting a notable 15.40% year-over-year increase. A realtor can help you navigate the bidding wars and make sure you’re putting in a competitive offer to give you the best chance of getting your dream home, without overpaying. Likewise, if you’re selling your home in San Diego, a realtor will help you every step of the way from staging to listing and will do the hard work for you.
To sum up, the real estate market is poised for an exciting year in 2024, marked by heightened buyer activity, bidding wars, and potential shifts in affordability. For those contemplating entry into the market, the current window presents opportunities, underscoring the importance of strategic planning and timely decision-making. If you are considering making a move in this thriving market, I’m here to provide personalized assistance and expert guidance to ensure your real estate journey is a success. Don’t hesitate to reach out – let’s navigate this exciting market together.