The lower the price range, the hotter our market is.
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How is our San Diego market? That’s a question I get asked virtually every day, so I’ll give you a quick update.
The San Diego market is (incredibly) still very hot. As I said in our last market update, the lower the price range, the hotter the market is, so entry-level homes in the $500,000 range are hard to come by nowadays and usually sell pretty quickly. As you go up in price range, conditions aren’t as hot, but they’re still pretty warm.
“The lower the price range, the hotter our market is.”
What about interest rates? The Federal Reserve said they would be raising rates this year, and they already have. Right now, interest rates are right around 4.75%. This is definitely higher than where they were a year ago, but if you look at rates from a broader historical perspective, they’re still very good. When I first got into real estate, interest rates were around 14%. On top of that, there are a lot more mortgage options with loans requiring lower down payments.
Whether you’re thinking of buying or selling a home, now is a great time to do either.
If you have any more questions about our market or you are thinking of buying or selling a home soon, don’t hesitate to call or email me. I’d be happy to help you.