Hot market for Sellers – shortage of listings
in San Diego, CA
.- Regardless of what you hear in the news, the San Diego market is heating up!
Currently the number of homes available for sale otherwise know as market inventory, is at a four year low of around 8,000. It’s estimated that when all the factors are considered this translates to about a 3 month supply of homes. Meaning, if no more homes came on the market at the existing rate it would take about 3 months to absorb this inventory.
Who would have imagined the market conditions being what they are in San Diego – A SELLERS market!
With the inventory being this low, the lowest in four years, buyers are experiencing multiple offer situations. If the property is well priced, especially way below market value it may receive offers in the double digits. Buyers are over bidding on properties and forfeiting the opportunity to receive closing costs paid by the seller.
The shortage of listings in San Diego is creating a market that was similar to the one before the market decline but without the rapid price appreciation. Appraisers for the most part are helping to keep price increases at a very moderate pace.
What does this current market situation mean for a homeowner that’s looking to sell in San Diego, CA? If you believe your home has equity then getting it sold and quickly won’t be a problem. If you are upside down on your home and need to do a short sale the chances of getting an offer and having the buyer stick around to complete the sale has greatly increased.
Lorraine Santirosa is a San Diego Realtor that is experienced is selling homes including short sales. https://www.buyhousesinsandiego.com 619-248-5484