GEORGE LORIMER AT 619-846-1244
San Diego County Housing Report: Multiple Offers Again?
March 21, 2023
The lack of available homes has resulted in buyers competing against each other to buy despite low demand.
Low Supply and Multiple Bids - Market Times have dropped like a rock since the start of the year, squeezed by not enough sellers.
In-N-Out has arguably the best cheeseburger. What started in Los Angeles has spread to nearly 400 locations in five states. They are also known for their long drive-thru lines. To avoid the long wait, many hungry, wise hamburger connoisseurs head over at a more favorable time, like 3 p.m. Unfortunately, to their surprise, they are greeted by an unexpected mile-long line.
How Much Your Home Has Appreciated
Many buyers have a similar experience as they dive into today’s housing market. After hearing about falling home prices due to sky-high mortgage rates, they expect housing to be slow so they can take their time and not compete in purchasing a home. Instead, they are experiencing long lines of buyers at open houses and multiple offers on homes priced right and in reasonably good condition. Home buyers are frustrated once again.
Search for Newly Listed Homes
Ever since mortgage rates climbed above 6% in June, there has been a tug-of-war taking place between buyers and sellers: low demand, which favors buyers, pit against a low supply, which favors sellers. Last year, inventory kept growing until it peaked in August, while demand continued to drop after peaking in March with rising rates. Market times rose from 19 days in March to 56 days in June to 67 days in July.
EASY WAY - Download the 12 Page Report - no login, no email required
By November, the market time reached 84 days, drastically different than the first five months of the year. As market times grew, buyers had the upper hand. The pool of buyers evaporated due to affordability constraints. The remaining buyers were not tripping over each other to purchase, they were unwilling to overpay for a home, and the few houses on the market took longer to sell.
The sense of urgency that characterized the market from June 2020 through May 2022 had vanished. According to the Freddie Mac House Price Index, as of January, San Diego County has dropped 10% since May and was down 4% year-over-year. Click here for the full report.
San Diego County Housing Report: Multiple Offers Again?
March 21, 2023
The lack of available homes has resulted in buyers competing against each other to buy despite low demand.
Low Supply and Multiple Bids - Market Times have dropped like a rock since the start of the year, squeezed by not enough sellers.
In-N-Out has arguably the best cheeseburger. What started in Los Angeles has spread to nearly 400 locations in five states. They are also known for their long drive-thru lines. To avoid the long wait, many hungry, wise hamburger connoisseurs head over at a more favorable time, like 3 p.m. Unfortunately, to their surprise, they are greeted by an unexpected mile-long line.
How Much Your Home Has Appreciated
Many buyers have a similar experience as they dive into today’s housing market. After hearing about falling home prices due to sky-high mortgage rates, they expect housing to be slow so they can take their time and not compete in purchasing a home. Instead, they are experiencing long lines of buyers at open houses and multiple offers on homes priced right and in reasonably good condition. Home buyers are frustrated once again.
Search for Newly Listed Homes
Ever since mortgage rates climbed above 6% in June, there has been a tug-of-war taking place between buyers and sellers: low demand, which favors buyers, pit against a low supply, which favors sellers. Last year, inventory kept growing until it peaked in August, while demand continued to drop after peaking in March with rising rates. Market times rose from 19 days in March to 56 days in June to 67 days in July.
EASY WAY - Download the 12 Page Report - no login, no email required
By November, the market time reached 84 days, drastically different than the first five months of the year. As market times grew, buyers had the upper hand. The pool of buyers evaporated due to affordability constraints. The remaining buyers were not tripping over each other to purchase, they were unwilling to overpay for a home, and the few houses on the market took longer to sell.
The sense of urgency that characterized the market from June 2020 through May 2022 had vanished. According to the Freddie Mac House Price Index, as of January, San Diego County has dropped 10% since May and was down 4% year-over-year. Click here for the full report.
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