This is the question I am most frequently asked as we begin to transition both through the summer months and through perhaps another phase of the ever changing market.It is true that we are seeing more homes sit on the market for a longer period of time more frequently now than in the recent past. This is rather typical of July and August as many home shoppers tend to put their activity on hold while they go on vacations. Its hard to open escrow and be gone for 2 weeks of that time!
Another possible factor is that it is possible that we have reached a momentary apex in our pricing and values as we start to adjust to our changing interest rates. In the recent past, many home sellers would price slightly higher than the last market sale and still get multiple offers. There is only so high one can go until that pricing strategy comes to an end. That said, Talmadge and Kensington are still incredibly good values compared to many other metropolitan San Diego neighborhoods, and that tends to keep the buyer interest level and activity up…even if its not as fast-paced as it has been.
With rates starting to rise, even minutely, buyers tend to show pause before purchasing and really taking a minute to analyze the value they are getting, rather than pulling out all stops and doing whatever it takes to “just get the house”. It is important to keep in mind that although rates are starting to increase, they are still incredibly low and provide an opportunity to lock in a fixed rate for years to come. I always say, “your rate, and not the purchase price, ultimately determine how much you pay for your home.”
In closing, don’t let the market time deter you..whether a buyer or seller. Determine what the value is and put together a strategic plan to achieve your goal. Selling and buying a home is always an exercise in compromise between parties, looking for the win for each sides.
I would be happy to discuss buying and selling strategies with you if you should find the need. Give me a call any time at 619-944-2798, or email me at [email protected]