San Diego Sellers sit in the Driver’s seat of today’s market. Buyers aren’t in a frenzy, mostly because they can’t find what they want. The first-time home buyer is reluctant to move into the market. They are barely recovering from the recession, with stagnant wage growth, and debt mounted from schooling and credit cards. That said, the ones who are entering the market are ready and eager. The condo and townhome market has been dominantly owned by investors which when the majority of homes in a complex are non owner occupied, the complex will not qualify for the government backed FHA loan programs with a low 3.5% down payment. Many buyers are obtaining financial help toward their down payment and closing costs from relatives and Seller contribution.
Sellers who price their home to sell aggressively, will see multiple offers. Those who do not will sit while others sell. Inventory of homes for sale is down significantly, and mortgage rates have not increased to wane demand. The time is now! Prices have increased as much as they ever have over the past 3 years, affordability cannot sustain such growth. If you want to make a move and are serious about selling, consult a Realtor with a home visit to discuss condition and pricing of your home. Of course, if you are just curious, you can get a free online evaluation to see recent relative property sales.
Buyers today have access to sales information to help them make an informed buying decision. When a home is priced even 5% above market, buyers make choose to look the other way and wait until there is a price reduction. Price it right to get offers within the first 30 days or risk selling your competition.