Hi Friends & Neighbors,
“What goes up must come down,” after all.
But unlike gravity, the forces that apply downward pressure on real estate are not so predictable.
Southern California real estate is booming. Last month in San Diego County, single-family homes averaged just 6 days on the market, and the average sales price was up 16% from a year ago. Why?
It’s not a bubble, according to NAR chief economist Lawrence Yun. “It is simply a lack of supply.”
While the last housing craze was driven by dangerous lending that made disaster all but inevitable, the factors driving today’s market show no signs of slowing.
Buyer demand is high thanks to low mortgage rates and more time spent at home, and financial institutions are further adding to demand. On the other hand, housing supply is at historic lows. Some sellers would rather not compete for their next home, listings that do hit the market are snatched up fast, and builders are facing higher material costs.
Will any of this change substantially any time soon? No one has a crystal ball to know for certain. Prices could go down, stay flat or keep rising. But there’s no guarantee of a discount or a smoother ride for those who wait. Looking back a year from now, today’s listings might seem a relative bargain.
So, if your goals and finances align to buy or sell right now, what are you waiting for?
As always, we’re here to help you and anyone you send our way!
Mark & Pete
-The Caspersen Group-
Real Estate in the News
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Carlsbad Flower Fields | Open through May 9th
Chalk Walk at The Headquarters at Seaport District | May 8th, 12-3pm
Bring the whole family out for a Chalk Walk event featuring live entertainment, giveaways, and special treats for Mom on in the Headquarters courtyard. This family-friendly event will leave you in awe of the talent and creativity of over 10 professional chalk artists from all over SoCal. Click here for more info.
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