As we head toward the end of 2018, our market is slightly favoring buyers, but sellers shouldn’t be discouraged.
As we head through December, our San Diego market has changed a lot in the past few months.
Right now, we’re in a more normalized market that’s perhaps slightly tilted toward buyers, which is a big change compared to the crazy seller’s market we were in before.
If you’re a buyer, this means you have more homes to choose from, and many sellers will be willing to negotiate over price.
If you’re a seller, don’t assume that you’ve missed your chance to sell for a good price. I’ve been in real estate for 34 years, and I’ve never once bought a home at the very bottom of the market or sold one at the very top. If you’re able to sell your home at 95% of the all-time record-high prices, you’re still doing pretty good.
“Don’t assume that you’ve missed your chance to sell for a good price.”
As far as mortgage rates go, the average 30-year fixed rate is around 5.25%. Some people will think that’s pretty high, but consider this: When I first got into real estate, mortgage rates were around 14%. A few years prior to that, they were as high as 18.5%. In other words, 5.25% is still historically very low.
If you have any more questions about our San Diego market or you’re thinking of buying or selling a home, feel free to call or email me. I’d be happy to talk to you.
