San Diego Real Estate Update: September 2023

Welcome to the monthly San Diego Real Estate Market Update! 🏡📈

 

In this edition, we’ve got some crucial insights into the current state of the housing market that you won’t want to miss. So, let’s dive in!

First off, it’s worth noting that San Diego’s real estate prices have been on a rollercoaster ride, but it seems like they are finally starting to level off. Yes, you heard that right – the market appears to be plateauing, with only a few minor exceptions. But what does this mean for you, whether you’re a seller or a buyer?

For sellers, the big question is whether this plateau is the beginning of a downward trend or just a temporary pause. The decision you make now can significantly impact your future. Will you be the one celebrating a savvy move when prices drop further, or will you regret not locking in your gains if the market rebounds? Buyers, on the other hand, face a different challenge – inflation. It’s becoming increasingly difficult to save money for a down payment in this environment. But fear not, because lenders are stepping in to bridge the gap. There are now low down payment assistance programs that might even allow you to put down as little as zero money upfront. Yes, you heard that right – zero down payment, with no income cap on some of these programs.

 

Now, let’s talk about the big gamble – the future of the market. Are you betting against or for yourself? There are two possible scenarios to consider. The economy could take a hit, and you might find yourself as the buyer who held out for lower prices and got lucky when rates dipped. Or, things could remain stable for a while, only for rates and prices to surge again, leaving you wishing you’d locked in your price earlier. The truth is, it’s a gamble, and there’s no one-size-fits-all answer. We’ve crunched the numbers on declining prices with increasing rates and vice versa. What we’ve found is that locking in your price point allows you to move with the rates. So, if rates trend down, you can restructure and potentially secure a better deal. In the end, whether you’re a buyer or seller, you’ll need to make a choice in this uncertain market. Are you ready to take the plunge, or will you wait it out and see which way the wind blows? Stay tuned for more insights and updates as we navigate the ever-changing San Diego real estate landscape! 🏠📊