September 1st, 2022

​​​​​​​We Hope You Have a Safe and Happy Labor Day Weekend! As the temperature in San Diego is heating up during the end of summer, the hot seller's market has started cooling. Industry experts say we are not in a housing recession and that rather the market is stabilizing. Although inventory of homes for sale has increased slightly, there is still a shortage of supply compared to the demand. Mortgage interest rates for a 30 year fixed conventional mortgage are currently averaging 6%. 30 year jumbo mortgage interest rates are averaging 5%. The rapid increase in mortgage interest rates has affected many buyer's purchasing power, putting downward pressure on home price appreciation.

However, there are still cash buyers and 1031 tax deferred exchange buyers who are unaffected by the increase in mortgage interest rates. Remodeled homes that are priced correctly are still receiving multiple offers. We have seen more price reductions with homes that need extensive remodeling. If you are considering selling, now more than ever is the best time to let us help prepare your home for sale using our Compass Concierge Program in order to maximize your profit. If you are considering buying a home, we have helped many buyers make their dreams a reality in this market and we can help you create a winning strategy too. Contact us to discuss your unique buying or selling situation.

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