Prices for homes have increased dramatically; 6.7% year over year, in fact. The year over year inventory levels of available homes is also 22.7% from this time last year, which has contributed to increasing prices. What’s going on in the San Diego market?
We’re also seeing a lot of multiple offer situations for homes. In fact, we recently saw a home receive 12 offers in a couple days. This trend could continue with inventory remaining low.
We’ve definitely seen adjustments in the way people make offers on a home.
Even when appraisers come in and knock down the agreed upon price, we’re still seeing buyers come up with the different in cash to move forward on a deal. They don’t want to have to go back to the market and compete again, and this is also driving prices up. When someone pays in cash above the appraisal price, it counts as a comparable sale in the area, causing prices to increase in the neighborhood.
If you’re selling your home in this market, it’s a home run. If you’re looking to sell your house later this year, look to spring and summer when you’ll have the most activity. You have a huge opportunity to receive multiple offers and sell above your list price. The important thing to keep in mind is to hire the right real estate agent. It could be the difference in how many offers you receive and finding the perfect buyer.
If you have any other questions about the San Diego market or you’re thinking of buying or selling a home, give me a call or send me an email. I look forward to talking to you soon!