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In May, San Diego home prices increased 7.3% in a year, faster than the national average. We are starting to see a buyers’ market which could lead to some rough seas for agents. However, we may not need to brace for impact because things can change rapidly.
Interest rates are cutting affordability which is limiting the buyer pool and creating a soft and slow market as we transition into the end of the year. There has been an influx of showings with lots of window shopping and buyers becoming pickier with home choice. This has led to a slowing of offers submitted and offers being lower than relevant and recent comps in nearby areas. We are also experiencing buyers getting cold feet and backing out of transactions because they feel as if something better is out there and may be able to get a better deal elsewhere.
Homeowners are looking to sell fast as we near the end of 2018 which allows some great deals to be had for those looking to purchase. What can you do to help your sellers? We recommend offering an incentive that will set you apart from the competition and want buyers to make you an offer over others.
You may also consider selling to a cash buyer to speed along the process if your buyers are getting antsy and looking for a quick close- lucky for you we would be more than happy to look at your listing and see if we can make an offer!