For the first time since March 2020, the median San Diego housing prices dropped from $750,00 to $749,000. It was a very small drop but one that is significance given the unprecedented price growth from the past 12-18 months. If you’re a homeowner wary of market trends there is no reason to panic. If, however you are thinking about selling your property, sooner might be better than later.
What to expect for San Diego housing prices
Price growth has been slowing in past months despite rates and housing inventory remaining low. This is a sign that buyer fatigue is setting in and demand just won’t be what it used to be. San Diego homeowners should note, if you are monitoring housing prices, now is a good time to strike.
If you are about to sell your house, be prepared to have to negotiate and wait longer than the past several months. Many buyers are more emboldened to ask for repairs and contingencies with the current market conditions. This is not a bad thing but simply a return to more normal home sale dynamics.
What could threaten San Diego housing prices?
If interest rates rise and inflation remains high, buyers will likely be more discouraged. This could very well be the last straw that causes a more significant dip for San Diego housing prices. While there is no immediate reason to believe interest rates will rise significantly, this does demonstrate the fragility of this ongoing sellers’ market.
Getting started – selling your house while the market is still high
Thinking about selling your house? Get a free Comparative Market Analysis (CMA) and a no-obligation home valuation. This is a great way to understand the market, build rapport with a seller, and understand your best sale options.
If you have owned your property for over 20 years, you can likely get a great return on your home by selling for cash. Sell fast with a cash investor while housing prices are still high. Partnering with a San Diego cash buyer can get you paid high market value FAST and save you THOUSANDS in fees and repairs.