The Month of Gratitude

With The month of November and Thanksgiving upon us, it’s that time of year with many of us reflecting on what we’re thankful for. While Sam and I are so thankful for our family and God, we want to take this time to thank you, our clients, for your business and referrals. You’re truly the backbone of our business and we appreciate you.

Let’s move on to talk about this crazy San Diego real estate market. With the high interest rates and negative headlines, believe it or not it’s actually still a great time to buy. Rentals continue to rise rapidly and securing a mortgage locks you into a monthly payment avoiding the future out of control rent increases. With 2024 being an election year, promises to have lower interest rates for refinancing if needed.

Although we had a slight price correction in the 3rd and 4th quarters of 2022, it was short lived. 2023 according to several sources, Freddie Mac, Black Knight, and Zillow, home prices continue to rise, yes at a more normal or typical price appreciation rate but still rising. This is great news for the housing market.

A shortage of inventory is still the #1 reason for the price increase, not enough homes for the buyers who are actively still looking to buy, which equals low inventory. Higher rates not only effect buyers but also sellers who may be reluctant to sell and lose their low mortgage rate just to take on a higher one for their next home. Reduction in supply outweighs the decrease in demand due to higher rates.

Overall, with the holidays upon us we typically see an ease up at this time of the year. Buyers should take advantage of this time to find the right home and avoid the numerous multiple offers while negotiating price and terms. Sellers with inventory far lower than norm, and who price their home correctly for success, are still receiving multiple offers and 69% of those are selling in less than 1 month with approx. 2.6 average number of offers.

If you’re contemplating buying or selling, we would be happy to sit down with you, and walk you through the process. Few may entertain the possibility of selling their home on their own but less than 2 % actually do. We’re able to show you how pricing your home correctly, marketing to potential buyers, coordinating showings, preparing all the paperwork, covering the transaction with errors and omission insurance, negotiating throughout the process will save you money along the way while avoiding potential law suits. We pride ourselves on taking care of our clients and having them refer us based on their experience, let us help.

We are so grateful for you,

Teresa and Sam