Nick Rogers
It’s an unusual time in the world; we’re all spending more time inside, waiting in longer lines at grocery stores, and many of us are working from home. The pandemic is affecting most aspects of our lives, but as a homeowner, you might be curious to find out the effect it’s having on the housing market. It’s good news for sellers; now is actually the best time to sell your home in San Diego.
Low inventory of homes for sale
As stated in the latest stats report, there are fewer homes being listed on the market right now in 2020 compared to the same time of year in 2019. Sellers have been holding back and are tending to be more hesitant when it comes to listing their house for sale. It’s understandable that they might be unsure about the future of the economy, but we don’t expect to see the world going back to what it was anytime soon and this is starting to be the new “normal.”
The current circumstances have created a one-of-a-kind opportunity for sellers. Since many homeowners are holding onto their properties longer during these unsure times, it reduces the overall inventory of total homes for sale. This increases the gap between supply and demand which gives sellers the upper hand as buyer demand has remained fairly steady. The summer is an active season for buying so sellers should act quickly.
High demand from home buyers
While fewer homes are being sold, the interest rates for buyers are at an all-time low which only adds to the increased demand. Overall, buyer interest remains steady and due to reduced supply, the demand continues to be on the rise especially for homes for sale in San Diego. According to S&P CoreLogic Case-Shiller home prices in the San Diego metro area have risen 5.2% in a year. If you’re considering selling your home, there couldn’t be a better time.
For homes in San Diego that are listed between $250,000 and $750,000, the time on the market before selling averages 26 days which is very quick. These selling conditions won’t last forever; there is a potentially finite window for sellers to take advantage of before the economy changes. Buyers are expected to step up and seize the low interest rates while they’re still around, this means they will be looking for the right home for sale which could be yours.
Find a realtor to get an expert opinion
During this pandemic, you not only want a realtor who you’ll be able to rely on for helping you sell your home, but you want one who takes health and safety seriously. Navigating COVID-19 as a seller is something your realtor can walk you through — from social distanced meetings, safe house showings, and through technology, selling your home now in San Diego can be straightforward and possible.
Selling your home depends on your personal circumstances and your life may be impacted by the state of the world in ways other than just financially speaking. Your realtor can spend time with you talking through the variables, any concerns or questions you have, as well as San Diego’s local regulations as they relate to selling a home right now. This really is an ideal time for selling, so it’s best to act quickly and find the right realtor for you. Contact San Diego Realtor Nick Rogers today!