Call George Lorimer at 619-846-1244 to find you a home before it hits the market.
NO HOMES FOR SALE - THINK ABOUT SELLING BEFORE THINGS CHANGE
SELLERS - THE RACE IS AGAINST MORTGAGE RATES GOING UP, DROPPING THE PRICE BUYERS CAN AND WILL PAY FOR YOUR HOME.
less buyer demand = lower home prices
BUYERS - THE RACE IS AGAINST MORTGAGE RATES GOING UP, AND IT'S LIKELY TO COST YOU MORE EVERY MONTH BY WAITING.
higher mortgage rates = higher monthly payment
Look at the cost of the waiting chart below. Again, even if prices drop, your payment goes up.
(thoughts on inventory)
It's tough to convey just how devastatingly low the inventory is right now. Today, there are only 1,702 homes available to purchase in all of San Diego County. There were 2,294 homes last year, still tragically low, but 35% more than today. Last year, the number one complaint was that there were not enough homes to purchase, illustrating how dire the issue has become. The lowest level before COVID was achieved in 2013 at 4,617 homes. That was more than double the current level.
The six-year average from 2014 to 2019 for this time of year was 5,913 homes, an additional 4,211, or 247% extra, more than triple. The current inventory level is severely low, and the main reason home values are skyrocketing. Click here to get the free report.
The simple economic principle of supply and demand does not adequately capture today's dilemma. There is nothing available for buyers to purchase right now. Anything that does hit the market is greeted with a deluge of showings and plenty of offers. There is nothing spectacular about the number of buyers looking to purchase today. That is not the issue. The issue is that there are only 1,556 homes available today in the middle of March when there are typically around 5,900 (the six-year average between 2014 to 2019). Even with a similar number of buyers searching for a home today compared to past years, there are far fewer choices. This lack of FOR-SALE signs is why the housing market is out of control.
As long as the inventory remains catastrophically low, expect more of the same.
George Lorimer 619-846-1244
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