What Does A Slowing Real Estate Market MEAN?

    Arash Rokni explains how HOT the first 3 quarters of 2018 were, but we started to see a BIG slow down in 2019 in the San Diego Real Estate Market. It’s not a crash, rather moving towards a more normal market.

     

    I’m Arash Rokni, with the Whissel Realty Group, and I want to prepare those of us living in San Diego for what we can expect moving into 2019.

    San Diego Real Estate Market Recap:

    The first nine months of 2018 was on fire. We were seeing homes:

    • getting multiple offers above asking price
    • homes were selling in just a few days
    • prices reached an all-time high.

    Overall, home prices increased about 6% last year. Not a bad investment.

    Now, each winter, we see the market slow down a little. But as you probably noticed, towards the end of 2018, it slowed down more than it had in the most recent years. But that doesn’t mean we’re heading into a crash, absolutely not. We’re getting away from that super fast, unsustainable real estate market, and moving towards something a little bit more normalized. Now, what’s a normal market? Well, instead of homes selling over a weekend, we can expect them to stay on the market for a little bit longer. Remember, a few months is completely normal, and nothing to panic about. And instead of homes getting multiple offers over ask, we may only get a few offers. But that’s only because buyers have more options. And once the offers do come in, we can then work on some of the terms to ensure a smooth ride all the way up to closing.

    So if you’re thinking about buying a home in 2019, here’s what we need to know. You’re going to have more options, so you can now afford to be a little bit more picky. And you may even be able to get a better price or more favorable terms.

    Now, if you’re thinking about selling your home in 2019, here’s what you need to know. We’re going to have to price the home correctly. Overpricing a home in this market simply will not work. We’ll also need to be a little bit more patient, as it may take a little bit longer to sell.

    If you any questions or anything I can help with, buying or selling anywhere in San Diego, I would love to help out. Give me a call or shoot me a text at 619-762-0777. Again, I’m Arash Rokni, with the Whissel Realty Group and as always, who represents you matters. See you next time.

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