As a 20-year veteran in real estate sales here in San Diego, I am proud to affiliate myself with COMPASS, the #1 brokerage by sales volume in the United States and a Fortune 500 Company. 10 years ago, CEO Robert Reffkin opened the first doors to what was previously called “Urban Compass”, and later evolved to what you see today as the tech-focused, high touch real estate company, home to over 500 offices nationwide of supremely skilled and experienced agents. Below are Mr. Reffkin’s reflections and comments about the observed trends that have emerged in the last few weeks…
- There was a 25% increase in weekly mortgage applications early January 2023, and an additional 7% increase leading in to mid January 2023
- Mortgage rates continue to move down to 4-month lows.
- There’s an increase in buyer interest, open house traffic, and offers.
- In the last quarter of 2022, 42% of sellers were giving concessions to buyers at the closing table, a 10-year high.
- Home builder sentiment improved for the first time in 1 year.
- Pending closings were down 30+% at points in the fall, but over the last few weeks we have seen pending listings in most of our markets nearly flat year over year.
“For the first time in 10 months, all of the statistics I look at are trending positively.” – COMPASS CEO, Robert Reffkin, CNBC
The above statements are a reflection of national trends, but can also be said of our local market. Since the beginning of 2023, I have seen multiple offers on properties in a vast array of price ranges. The low inventory, coupled with the interest rates that have adjusted a wee bit down have continued to fuel our buyer activity. The difference is that we are not necessarily seeing the prices bid up to the extremes we were seeing in the Spring of 2022, resulting in opportunities for a “win” for buyers and sellers currently.
If you are interested in an accurate, personalized real estate experience that goes beyond the transaction, give me a call 619.944.2798! I’d be happy to evaluate your needs with you and put a plan in place to get you the best results in the most efficient time period.