Interest rates impact affordability and real estate is the instrument to control the economy.
We are seeing Buyers want to pay exactly what a home is worth and San Diego home sellers seem to be holding off on selling.
Equity gains on homes in the last 2 years were at 24% but are still at a strong 8%.
Number of Current Mortgages by Interest Rate:
- 72% = 4% or lower
- 55% = 3.5% or lower
- 34% = 3% or lower
Since the beginning of 2022, the expected market time has increased from around 21 days to around 62 days since July ,but compared to the pre-pandemic market time of 90 days, it is still a seller’s market in San Diego. Similarly, inventory levels need to grow by 20% when comparing them to the 3-year average.
Is it still a great time to buy a home in San Diego? Yes!
Ashley Peterson, Realtor
Pacific Sotheby’s International Realty