The Rundown:

There is no denying a shift in the real estate market is happening. More homes are now on the market and they are sitting for longer. Interest rates continue to rise which affects buying power.   

We hear a lot of chatter about another bubble and we just don’t see it that way.  Rather, what we see is a shift to a balanced market. Balanced markets occur during the transition between a Buyers' Market and a Sellers' Market.  Buyers face potential affordability barriers while sellers ultimately risk being faced with fewer buyers as a result.  This is the shift we are seeing it is a normal part of the real estate cycle and it makes sense.

 

Bottom Line:

Buyers - Many buyers are taking a “wait and see” position and if you’re a cash buyer, this makes sense as prices are likely to go down a bit over the next year. However if you’re financing, it’s all about buying power. As rates continue to rise, your price point drops and you can afford less house.  The good news is, there will be more inventory to choose from and sellers will become more open to negotiations. Keep looking because you never know when the perfect home will come up!

Sellers - Best to list now before rates rise again. There are still plenty of serious buyers and it’s a great time to sell if downsizing. Make your move before the flood of inventory comes on the market in the spring because you will be faced with more competition!  

Marketing is much more important now as the days of, “put up a sign and put it on the MLS” are over. Dynamic marketing and remarketing are going to be key factors in moving forward.  Not sure what this means? Ask us!  

Something To Consider - Whether you are buying or selling, if your home is not going to fit your needs for the next 5 years or more, all signs point toward making the move now.  Let’s discuss a plan that works for you whether you are buying, selling or both.

Question? Please ask! We’re here to be a resource.

 

Interest Rates
 (Source: Bankrate.com as of 11/9/2018)

15-yr Loan - 4.08%
(Up 0.02 from last week)
30-yr Loan - 4.81%
(Up 0.03 from week)

Looking for a referral to a great lender?  We can help!

 

 

Community Spotlight:

Spotlight: Carlsbad 92009

Single Family
Median Sales Price, $996,000 (- 0.2%)
Days on Market Until Sale, 28 (+ 12.0%)
New Listings, 49 (+ 69.0%)
Pending Sales, 28 (- 12.5%)

Townhouse-Condo
Median Sales Price, $520,000 (+ 10.9%)
Days on Market Until Sale, 38 (+ 35.7%)
New Listings, 38 (+ 35.7%)
Pending Sales, 23 (- 14.8%)

 

San Diego County Overview:

Single Family
Median Sales Price, $560,000 (+ 4.7%)
Days on Market, 33 (+ 10.0%)
New Listings, 4,328 (+ 15.8%)
Pending Sales, 2,660 (- 5.3%)

 

Recently Sold:

SOLD:

  • 20282 Elfin Forest Rd Escondido - $1,700,000

Pending:

  • 2303 Caringa UNIT B, Carlsbad CA 92009

New Listings:

Coming Soon: