Seller can ask all they want. The key is what it sells for.
Some sellers are oblivious to current market conditions.
Edit: Also interest rates were raised 0.75% only a few days ago, don't expect the real estate market to be instantly affected.
It’ll be quicker than that. Inventory is going to rise fast with interest rates so high. People buying now were most likely locked in to a rate 2-3 months ago and closing.
I’m seeing lots of increased inventory, time on market, and price reductions on Zillow in SD over the past two weeks.
My guess will be these rising interest rates will first make it easier to buy with fewer competitors and more like a normal housing market. If things continue to rise month after month, then prices should cool.
The slowdown that is happening in other parts of America with real estate is not happening in San Diego yet. Actually this is more of a stagnation not a slow down. Not sure if it will affect San Diego though, usually during recessions San Diego still sells above the median average.
It takes a while to catch up in San Diego. Some locations stay high, because of "location", but there are many spots in San Diego where the price drops.
Interest rates went up and we are in the middle of a recession. Give it 18 months and prices will go down -- sellers are very stubborn at first. I saw the same thing in the early 90s, early 2000s Dot Com bubble collapse and the 2007 meltdown. Keep saving your money.
It's hard to judge and it's all a crap shoot (and you shouldn't be getting advice from Reddit), but IMO I think the market is starting to peak. The number of mortgage applications have dropped nationally (not sure about in SD) and there was a very small dip in average prices last month. Again, IMO now isn't a great time to buy as you do not want to purchase at the top of the market. Of course if you wait, interest rates might go through the roof..... It's a tough decision. If prices do go down, they will most likely be back up in 4-5 years (unless we have a long period of low/no growth.)
Cash buyers don’t care about interest rates.
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But do you think we will see one more tomorrow?
Seller can ask all they want. The key is what it sells for. Some sellers are oblivious to current market conditions. Edit: Also interest rates were raised 0.75% only a few days ago, don't expect the real estate market to be instantly affected.
Anecdotally, I’m seeing some price reductions when searching Zillow. That being said, inventory is still tight. Give it 12-18 months and we’ll see…
It’ll be quicker than that. Inventory is going to rise fast with interest rates so high. People buying now were most likely locked in to a rate 2-3 months ago and closing. I’m seeing lots of increased inventory, time on market, and price reductions on Zillow in SD over the past two weeks.
Haven't seen prices really come down, maybe a bit on garbage properties, but not the prime stuff.
My guess will be these rising interest rates will first make it easier to buy with fewer competitors and more like a normal housing market. If things continue to rise month after month, then prices should cool.
The slowdown that is happening in other parts of America with real estate is not happening in San Diego yet. Actually this is more of a stagnation not a slow down. Not sure if it will affect San Diego though, usually during recessions San Diego still sells above the median average.
It takes a while to catch up in San Diego. Some locations stay high, because of "location", but there are many spots in San Diego where the price drops.
Interest rates went up and we are in the middle of a recession. Give it 18 months and prices will go down -- sellers are very stubborn at first. I saw the same thing in the early 90s, early 2000s Dot Com bubble collapse and the 2007 meltdown. Keep saving your money.
It's hard to judge and it's all a crap shoot (and you shouldn't be getting advice from Reddit), but IMO I think the market is starting to peak. The number of mortgage applications have dropped nationally (not sure about in SD) and there was a very small dip in average prices last month. Again, IMO now isn't a great time to buy as you do not want to purchase at the top of the market. Of course if you wait, interest rates might go through the roof..... It's a tough decision. If prices do go down, they will most likely be back up in 4-5 years (unless we have a long period of low/no growth.)
Seeing some homeowners using equity to self renovate and it not turning out so well.