Now that we’re in a more normalized market, this means different things for buyers and sellers.
In the last two-and-a-half months, our San Diego market has shifted from a hot seller’s market into more of a normal one. What does this mean for buyers and sellers?
If you’re a seller, it means you might not be selling your home at the peak of the market anymore. The good news is we’re still pretty close to the peak, though, and an added bonus is that buyers are probably a bit more serious now.
If you’re a buyer, this change has brought with it a couple of huge benefits. First, you’ll have more of a selection and a better opportunity to look at several homes before choosing the one that’s best for you.
Second, you’ll have more negotiability in terms of price. However, you’ll still need to have a firm grasp on home values. Just because there’s more negotiability overall doesn’t mean that every home will negotiate down to a certain percentage. Some homes will already be priced to reflect this recent market change; others might have sellers who are still living in the past. You shouldn’t look at each type of home thinking you can negotiate both down 3%.
Whether you’re buying or selling, I recommend that you make a move soon, because interest rates are going up, and when rates go up, nobody really wins.
If you have any other questions about our market or you need help buying or selling a home, don’t hesitate to reach out to me. I’d be happy to help you.