Market Commentary -Home Sales Up in Oct 2018 - San Diego, CA
Sellers are more realistic on pricing and the trend of pricing higher than the last sold home has diminished. Additionally, sellers that can’t get their price are, slowly but surely, withdrawing their home from the market or renting it.
What that means to the market is that there is not a glut of inventory, it is stable, and we have 82 days of inventory. So, if we keep selling at the same pace as we are now, we will be sold out of homes in 82 days. However, we never sell out of homes because new homes go on the market each day. (HOW LONG WILL IT TAKE TO SELL YOUR HOME, click here).
Sellers- Listen to the feedback the market gives you. If buyers don’t feel your home is a good value, you are not getting showings or offers, reduce the price so it becomes the best value on the market.
Find Out What Your Home is Worth in Today's Market, Free, and No Obligation. (Click here)
Buyers are excited about having a selection of homes to see. Also, since they are not selling immediately buyers have a choice and some negotiating power. Mortgage rates are approximately 4.75% for a 30-year fixed mortgage. I just had a client get 4.375% on a jumbo loan this week.
Buyers- Listen to the feedback the market gives you – if you put offers and they are not accepted, you are offering too low.
If you are waiting for the market to go down until you do anything, you have probably been waiting for the last 5+ years and prices and interest rates have gone up. Waiting to buy real estate doesn’t work. What does work is to make offers aggressively and proactively create your own good deal.
Here are some of the numbers. Home sales increased 7.9% from the month before and were down 12.7% year-over-year. Prices slipped in Oct 2018 with the median price dipping 1.4% from the previous month, up 5.0% compared to last year. The average price rose 2.8%, a yearly gain of 10.2%. Inventory fell 0.8% from last month and was up 16.6% year-over-year. (click here)
George Lorimer real estate team open houses this weekend
Saturday, November 10, 2018
Poway Home JUST LISTED $480,000 (12-1:30PM)
Poway Home JUST REDUCED $639,900 (2:30-4PM)
Sunday, November 11, 2018
Rancho Bernardo Home $600K-$625K (10AM-1PM)
Mission Valley Condo $352,000 (12-1:30PM)
Lake Murray Condo $238,500 (2:30-4PM)
(Click here) to see our current inventory
Recently Sold George Lorimer
New Construction- Black Mountain Ranch $1,200,050
Aviara Home $1,185,000
Rancho Mission Condo
Mission Center Condo
For Rent Carmel Valley Home $3995/mo.
Call George Lorimer to buy, sell or invest in San Diego real estate 619-846-1244.
Sellers are more realistic on pricing and the trend of pricing higher than the last sold home has diminished. Additionally, sellers that can’t get their price are, slowly but surely, withdrawing their home from the market or renting it.
What that means to the market is that there is not a glut of inventory, it is stable, and we have 82 days of inventory. So, if we keep selling at the same pace as we are now, we will be sold out of homes in 82 days. However, we never sell out of homes because new homes go on the market each day. (HOW LONG WILL IT TAKE TO SELL YOUR HOME, click here).
Sellers- Listen to the feedback the market gives you. If buyers don’t feel your home is a good value, you are not getting showings or offers, reduce the price so it becomes the best value on the market.
Find Out What Your Home is Worth in Today's Market, Free, and No Obligation. (Click here)
Buyers are excited about having a selection of homes to see. Also, since they are not selling immediately buyers have a choice and some negotiating power. Mortgage rates are approximately 4.75% for a 30-year fixed mortgage. I just had a client get 4.375% on a jumbo loan this week.
Buyers- Listen to the feedback the market gives you – if you put offers and they are not accepted, you are offering too low.
If you are waiting for the market to go down until you do anything, you have probably been waiting for the last 5+ years and prices and interest rates have gone up. Waiting to buy real estate doesn’t work. What does work is to make offers aggressively and proactively create your own good deal.
Here are some of the numbers. Home sales increased 7.9% from the month before and were down 12.7% year-over-year. Prices slipped in Oct 2018 with the median price dipping 1.4% from the previous month, up 5.0% compared to last year. The average price rose 2.8%, a yearly gain of 10.2%. Inventory fell 0.8% from last month and was up 16.6% year-over-year. (click here)
George Lorimer real estate team open houses this weekend
Saturday, November 10, 2018
Poway Home JUST LISTED $480,000 (12-1:30PM)
Poway Home JUST REDUCED $639,900 (2:30-4PM)
Sunday, November 11, 2018
Rancho Bernardo Home $600K-$625K (10AM-1PM)
Mission Valley Condo $352,000 (12-1:30PM)
Lake Murray Condo $238,500 (2:30-4PM)
(Click here) to see our current inventory
Recently Sold George Lorimer
New Construction- Black Mountain Ranch $1,200,050
Aviara Home $1,185,000
Rancho Mission Condo
Mission Center Condo
For Rent Carmel Valley Home $3995/mo.
Call George Lorimer to buy, sell or invest in San Diego real estate 619-846-1244.
We would like to hear from you! If you have any questions, please do not hesitate to contact us. We are always looking forward to hearing from you! We will do our best to reply to you within 24 hours !