DO NOT BELIEVE ALL THE MEDIA HYPE……
Typical of a transition from the end of a past year to start of the new year, 2023 has pretty much followed form! Based on results from my daily MLS Paragon “hot sheet” data, inventory is a bit more scarce then in previous years, but as mid February dawns, there seems to be a “pre-spring” increase. Many daily results actually showed that there were ore closed deals than there were new listings.
It seems that every day, the local media headlines, laments the rising mortgage rates, dropping home values and “California Exodus” suggesting cause for alar – and while the market is correcting itself, the actual market activity trend seems to be fairly in line with previous years’ transaction activity. The majority of listing are closing at list price or below, unlike in 2021 and the first half of 2022, a time of spiking sales prices and frenzied buyer competition for homes. It is a bit unreasonable to compare the current market activity to the activity in that span of time! With the higher mortgage rates, lower list prices and a number of attractive buyer options are available, keeping buyers in the market. with early-year trends.
Day-to-day-life continues regardless of market conditions. As the year moves forward, early market activity suggests that San Diego inventory will remain low, keeping prices fairly in line with what they are presently. Regardless of the market conditions, it is a great idea to rely on a TRUSTED, well-informed and experienced agent as your “go-to” source for real estate needs! If you are entertaining either buying or selling, a great first step is contacting me and arranging a sit down to review your situation and what your best options are to help you RE-ach your goals! I relish the chance to be of service!