Why Now’s the Time to Upgrade to a New Home in San Diego
Why Now’s the Time to Upgrade to a New Home in San Diego
April 19th, 2019 by KarenIf you are debating upgrading your current home, now is the time!
Deals in the Upper End of the Market
In today’s real estate market there are deals to be had at the higher end! This is great news for homeowners who want to upgrade from their current house.
Much of the demand for housing over the past couple years has come from first-time buyers looking for their starter home. Many of the more expensive homes that have been listed for sale have not seen as much interest.
Shifting Demand
However, buyers in San Diego are catching on to this. We are starting to see a shift where more expensive homes are selling in a shorter amount of time compared to 2018.
Effect on Inventory
This trend is freeing up inventory in the middle market. This is great news! Many people couldn’t sell their home the past couple of years because they couldn’t find a replacement home. And if you own in the $500K and below range, inventory is low so it’s a great time to sell and move up, where you have more homes to choose from with less competition.
Mortgage Interest Rates
Now is also a good time to lock in the low interest rates! Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week!
Bottom line
If you are debating upgrading your current home, now is the time! If you are considering selling your house or would like to know your options, let’s get together today to help you understand the possibilities available to you!
*Data as of 4/5/2019
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