2018 San Diego real estate market
2018 San Diego real estate market
San Diego real estate market observations 2018. I’ve been a residential real estate broker for well over 30 years and this is the first time that I’ve ever seen the real estate market continue to have such an imbalance as far as supply and demand goes.
2018 San Diego real estate market:
Yes, in my opinion this lack of inventory in the San Diego residential real estate market is the main driving factor for our increasing home prices. Now that 2018 is finally here and new tax laws have just been passed that limit real estate interest write-offs, I believe this could be a dampening factor in San Diego’s high-priced housing market. Now, because of our severe inventory housing shortage here San Diego California I really don’t think the tax law changes will have much of an effect on our real estate market. actually, the new tax law changes could be a dampening factor on our escalating home prices, especially in the higher end of the market. This could actually cause a slight improvement in the housing stock inventory and slow down our excessive home appreciation. Now with that said, don’t expect any dramatic changes or an immediate improvement in inventory levels. I believe that any changes we may see will be very slight and occur throughout the new year.
For San Diego homebuyers, this makes it very tough situation to try to secure your first home. Almost without exception, any home that is properly price at under $500,000 usually has multiple offers on it within the first week of its listing. So even if you are preapproved as a buyer, and come in at full price, this does not ensure your offer being accepted. Most sellers give BUYERS preference over a buyer who has to obtain a mortgage as a condition of their purchase. So it’s not unusual to have multiple counteroffers on properties today. What is somewhat unusual is the fact that these multiple counteroffers usually don’t indicate a specific sales price that the seller will accept, but, rather say that the buyer should come in at their best possible price if they want to have a chance. Now, even if you were going to bid over the full asking price, this does not ensure that your offer will be accepted. Sometimes, the sellers want to see that you’re putting down enough cash that should the appraisal coming low you would be able to still go forward with the transaction by putting down a larger deposit.