Every economic downturn in history has slowed down the demand of buyers in the U.S. to move, but this downturn has been different -- it has driven new buyer demand. Across the country, and for many different reasons, people are moving. Why?
Just look at the trends across the market:
Mortgage rates reached an all-time low in July: 2.98%.
Mortgage applications are up significantly: +33% in the first week of July vs. a year ago.
National home sale activity rebounded: Existing-home sales in June rebounded 20.7% month over month, highest monthly increase ever recorded.
New single-family home sales soared to highest rate in 13 years: rose 13.8% year over year.
Home prices are at all-time highs: Median existing-home prices grew 2.8% to hit an all-time high.
Homebuilder sentiment is at 72: The last time we had a yearly average as high as 72 was in 1999.
And of course, after many months of social distancing, people have never been so intimately aware of the inadequacies of their home, leading more people to want to move.
In every market in San Diego, demand is outpacing supply..to the tune of multiple offers on just about every well priced listing hitting the market. And with our COVID-19 protocols, you can buy and sell homes safely in San Diego. If you’re waiting to sell, you’re missing a real opportunity! Call me to talk about ways we can maximize opportunity for you!