The market is flat right now and every agent I talk to feels the same way. I’m not saying that prices are crashing, or that there was a bubble and it popped. I am saying that people are having a hard time selling anything right now. Market times are longer, price reductions are common and fewer homes are being sold.
We’re just starting to see this lull and it’s not drastic, but this is when deals are made – before the rest of the buyers realize this and before sellers start taking their homes off the market. Right now, you want to target the sellers who have 90-120 day market times and have had one or two price reductions. You need to buy now and not miss this opportunity.
My guess is that we’ll see a a number of homes sell for “less than market value” over the next few months and then prices will rise early next year (back to where they were). The last time the market was this quiet was the end of 2012 and then prices jumped 20% in the first half of 2013. I strongly believe that downtown is a very healthy market and is just beginning to grow. Take a walk around and look at all the new restaurants, bars, apartments and office space that’s being filled up. In five years, downtown San Diego will be a completely different city – in 10 years, it will be unrecognizable.
If you have any questions, or would like to receive a list of properties with long market times and/or multiple price reductions, please contact Denny Oh at 858-243-2092 or [email protected]. And just FYI, I’m trying to buy a place right now as well…just so you know I’m not all talk!