New listings on the market are down by 11.3% from this same time last year. Even though fewer homes are appearing on the market, there is good news: Pending homes rose by 3.5%. If fewer homes are coming on the market and more are leaving the market, that naturally decreases the number of homes for sale, which fell by about 2% over last year.
Another important factor to follow, especially when it comes to your mortgage, is our market’s interest rate. Right now, rates are at the lowest levels they’ve been in years. Back in Q4 of 2019 and Q1 of 2019, we saw rates up in the high fours, sometimes even eclipsing 5%. Now, however, rates are well below 4%, sometimes even as low as 3.5%.
These low interest rates are attracting a lot more buyers to the table and shrinking the number of homes for sale. So ultimately, what will that do to the market?
For one, it will surely drive the prices up. That means if you’re thinking about buying a home, it’s not too late to do so! We believe that we’ll see a lot more appreciation coming out of the market in the months ahead, especially if rates stay as low as they are.
Home sellers will also find good opportunities in the market. Especially for sellers who are thinking of moving up to a larger home, now is a great time to make a move. There are a lot of buyers who will compete for your property, but there’s not a lot of competition from other sellers, so it’s perfect for you.
Whether you’re looking to buy or sell, there are great opportunities to achieve your goals. Reach out to us if you need any help! We’re always glad to assist.Search Homes For Sale in San Diego