We all know the market has shifted significantly around the country in the last 6 months, with many communities in the North San Diego County area becoming markets that favor sellers with LOW INVENTORY and HIGH BUYER DEMAND.
Of course that does not mean that EVERY home has appreciated to the same extent, and we are seeing some price drops in the high end market. But, in general, sales are up, and average sales prices are up.
PLUS with interest rates projected to reach 4% by the end of the year, it will cost MORE for the same mortgage – SEE REPORT ON RISING INTEREST RATES.
It has become more difficult for buyers to compete because of cash buyers, multiple offers and homes selling for well more than asking in some cases.
The following chart depicts the shifts we have seen from the 1st quarter of 2012 to the 1st quarter of 2013. As you can see most communities are in a sellers’ market, but the data clearly show how real estate IS local, since the trends vary from community to community.
If you would like more information to better understand what all this means, please don’t hesitate to let me know.