August 2019 San Diego Real Estate Market Update with Kyle Whissel

August 2019 San Diego Real Estate Market Update with Kyle Whissel


What’s going on in the San
Diego real estate market here in August of 2019? (upbeat music) Hey guys, it’s Kyle with
Whissel Realty Group, and in today’s video I want
to give you the inside scoop on what’s happening in
the real estate market in San Diego county in August of 2019. As always, I don’t want to
give you the same stats that the typical media gives you, which are things like
how many homes have sold, what’s the average price, things along those lines because, those stats they’re giving
you are delayed stats. What closed in July went
into escrow probably in June, possibly even May. So the numbers that the
media is giving you today, is two, three, sometimes
four months delayed from what’s happening today. The reason you guys watch
these videos is to find out what’s happening today in the market, so that when you’re thinking about, should I buy, should I sell, you have the info where we’re heading. So, I like to look at
the leading indicators. These lead me to believe what’s
going to go on in the market as we head into the third
and fourth quarter here in San Diego. First and foremost, the number I like to look
at is the number of new listing that are coming
onto the market, the number of people that are
putting their homes up for sale. That’s down about eight percent from the same time a year ago. On the flip side of things, I like to look at how many
homes have gone into escrow, or off the market if you prefer. That number is up 15 percent,
so you have less homes coming on the market, more
homes going off the market. What is that doing? It’s naturally decreasing
the supply of homes for sale, that’s down about nine percent. So when you listen to what the
typical media is reporting, they’re going tell you
that home values are flat in San Diego. And if you look at what
happened a few months ago, it was, but if we look at
where we’re going to be headed, we’re headed in a very,
very positive direction for the market. A lot of that’s also being
driven by mortgage interest rates which are the lowest they’ve
been in two or three years, affordability is the highest
it’s been in a long time, we’re seeing rates right
now down in the mid-three, sometimes even the low-threes right now. So all of that, what it’s doing, is bringing a lot of buyers to the table, they’re buying up that inventory. As inventory goes down, that shoots prices up. So, while the media is
telling you it’s flat, I personally believe
you’re going to see a big uptick in the market. Right now, as we head
into the fourth quarter, I think you’re going
to see something in the neighborhood of one percent per month. We’re seeing multiple
offers on a lot of listing right now, so what does this mean to you? If you’re thinking about buying a home, it’s not too late. We are not topped out on price. There’s a lot of room to go, especially with the interest
rates as low as they are. People in the fourth quarter,
we’re seeing interest rates of five percent, you’re seeing rates in
the threes right now. So if you’re waiting
for rates to come down, now is the time, jump in there, buy that home, get that super low rate, lock it in and watch the
value of your home go up. And quit paying rent. And if you’re thinking about selling, the key opportunity right
now is to make a move up. So if you’ve got a smaller home and you’ve been waiting for the right
time to move up to that bigger home, that opportunity is now for you. And the reason for that is, the inventory is tight in general, but it’s especially tight the
lower the price point gets. So if you’re selling a home, let’s say a median price
home here in San Diego, five, six hundred thousand,
and you want to buy that million dollar home, there is very, very
little inventory in that five to six hundred
thousand dollar price range, but you get up to that
million dollar price range, and that inventory opens up a little bit, you have some more choices
and can get really get the perfect home. Again, the rates are in
the threes right now. Lock in that super low
rate, make it happen. If you guys are thinking
about making that move we’d love the opportunity
to connect with you. Give us a call, shoot us a text, 619-618-7997 or just
comment on this video and we’ll connect with you. Thanks so much for watching. Wait, wait! Before you leave, I want
to share more tips with you about selling your home in San Diego. And don’t forget to
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