San Diego County Market Update
Combine the slightly slower Summer Market with the current rising mortgage rate environment and demand will continue to slowly cool over the next several months. The inventory will rise on the backs of homes that are overpriced, in poor condition, or have an inferior location. Carefully arriving at the price is crucial for sellers to secure a successful outcome. Homes that are priced according to their Fair Market Value will generate offers to purchase. Homeowners who stretch the asking price will waste valuable market time and will need to reduce to sell. In fact, 25% of all available homes in San Diego County have reduced the asking price at least once.

Attention Sellers: Sharpen your pencils, scrutinize all comparable data, and price your home so that it will sell. Do not learn the hard way that this market is not the same as the frenzied market of the past two years.

Attention Buyers: There are finally more choices, but if a home is priced well, it will not last. Do not mistake a slower market for a Buyer’s Market. It is still a Seller’s Market. Buyers looking to negotiate should consider homes that have been on the market for a while and are having trouble securing a buyer willing to make an offer to purchase.

Are you curious about the new value of your home in this current market? I recommend Homebot to track the value of your home and build more wealth with your home and your real estate investments or vacation home. 
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