I’m sharing your latest real estate market update for North San Diego County and a bit of insight into how the Covid-19 Pandemic is affecting home sales and values.
Enclosed is your real estate market update covering data through the end of April 2020. As mentioned in the video, the market remains pretty strong in spite of everything going on. The number of new listings and available inventory continues to remain low which means there are not enough homes to go around at most price points. The weak spot is going to be the upper price points, specifically if the buyer needs to borrow more than $701,000 to complete the purchase. Interest rates are excellent at all price points BUT financing has tightened up tremendously recently for loans over $701,000. There are fewer investors on the secondary market buying these loans which means lenders who offer them need to be super critical of who they loan money to. Credit scores need to be solid and in most cases the lender will want 20% or more down. The good news is in general, homes are still selling in less than 30 days and the average price point has remained very steady. If you have any questions about how this impacts your specific scenario please let me know, I am always happy to help. Take care, Casey