The real estate market in San Diego has changed, buyers priorities have shifted and things are happening and so it’s important to pay attention to what’s happening with the market. If you are still in a situation where you’re looking to buy or sell, and not exactly sure if now is the time, if you’re going to wait it out, etc., so i just want to share with you what the experts are forecasting.
Despite concerns over inflation, Freddie Mac predicts a robust real estate market and we’re going to end the year strong. The average 30-year fixed-rate mortgage in 2020 was about 3.1 percent it was also about 3.1 percent in 202, but next year (2022) rates are predicted to go up to 3.7 percent, which is still low relative to historical averages.
If you’re trying to purchase a home in a certain price range, that increase could actually bump you out of your purchasing power. The market is still challenging because we have low inventory homes available for sale and an ever increasing sale price. Waiting could cost you the house that you want because sale prices are going to go up and so are interest rates. What this means to you is that the home you could qualify for today, may be priced out of next year this. could potentially price you out of a property that you qualify for today.
For example my husband and I bought a home about six months ago and we got a really good interest rate under 3%; not four months later the same floor plan sold for $150,000 over what we paid. If we were to wait and buy now versus six months ago, we wouldn’t be able to afford the home that we live in right now.
I’m serious like you could potentially be priced out. It’s imperative to choose an agent that has a pulse on the city, that’s a seasoned agent, and knows how to negotiate the best terms, and also it’s easy to get along. Just like when i used to teach third grade, all of my students are different just as all of my clients are different, and different circumstances require a different plan or roadmap. Being present in the community and aware of coming soon’s or new developments on the horizon is really important as well as being able to think outside the box. In tight markets, the greater knowledge your agent has, the more information they’ll be able to provide to you, so you have all the information you need to make an informed decision for you and your family.
If you have any questions about real estate in San Diego, send me a message or give me a call; i’m always here to help!