If you’ve been waiting for a sign that now is a great time to buy a home in San Diego, this is it! We are currently experiencing the Real Estate Trifecta of perfect home-buying conditions: increasing inventory, homes spending more days on the market, and low interest rates. But how does this Real Estate Trifecta really affect you as a prospective home buyer?
Increasing Inventory
If you’re in the market to buy a home, increasing inventory is a very good thing especially if you’re looking to buy in one of San Diego’s most desirable neighborhoods. Unlike years past where too many buyers competed for too few homes, buyers today have a lot more properties to pick from. While some homes still receive multiple offers, overall there is less competition. This is particularly true over the past few weeks with the recent surge of listings.
Longer Days on Market
Across the county, homes are taking 6% longer to sell than they were a year ago. While that increase might not seem like much, homes now spend an average of 35 days on the market – too long for some sellers. In an effort to get their home into escrow, many sellers resort to lowering their asking price. This is good news for you! Not only will you potentially pay less for your home, the sellers may be willing to further negotiate with you to get the property under contract.
Low Interest Rates
While the Federal Reserve initially planned to raise interest rates over the course of this year, at its March meeting the Fed announced that short-term interest rates will instead remain unchanged for the remainder of 2019. Again, this is good news for you! As of writing, the average 30-year fixed rate is hovering just above 4.0% – still historically low. And the lower the interest rate, the more home you can afford to buy.
While I can safely say that the Real Estate Trifecta will make this spring and summer an amazing time to buy, it’s anybody’s guess what the future will hold beyond this time. So don’t wait – call me at (858) 735-5767 to get started today!
