If you’re thinking of selling your home and upsizing, the 2020 market is perfect for you.
How does our North San Diego market look as we transition from 2019 to 2020?
Last year was a strong market, but it started slowly. Inventory was up, but fewer homes were selling. The midyear point is when things really took off. Perhaps this was caused by interest rates dropping, but in any case, I had one of the best years I’ve had in a while, and the spring market looks to bring more good news.
Here are the key numbers from last December and how they compare to December 2018:
- The median sale price rose 4% from $709,000 to $728,000
- Supply dropped from 2,242 to 1,458 homes
- The average days on market dropped from 47 to 41 days
- Interest rates dropped from 4.5% to 3.72%
As you can see, inventory is down and homes are selling quicker, and a big reason why is the drop in interest rates. If you were to buy a home last year for the same price you could buy it now, you’d be paying $700 to $800 more per month for your mortgage.
These conditions are ideal if you’re thinking of selling and moving up. Demand is strongest for homes that are at or below the median price because there are a lot more buyers looking in that price range. You can sell your lower-priced home, take advantage of this demand, then buy in a higher price range where there is less demand and more inventory. As the adage goes, “Buy low, sell high,” and that’s basically what you’d be doing here.
My team and I negotiate these types of transactions all the time. We can help you conduct a contingent sale so you don’t have to move twice. There are all kinds of strategies we can use, but the first step is to give us a call so we can talk about what you’re hoping to accomplish and how we can accomplish it.
If you have any other real estate questions, feel free to reach out to me as well. I’d love to help you!