KGTV – San Diego home sellers are facing roadblocks when it comes to selling their homes. The average house sells in 99 days in San Diego, according to Heather Myers, a local real estate agent.
This means that homes in less desirable locations and with less internal updates and maintenance could need to lower the price of their home or wait longer for the right buyer.
“With interest rates the way that they are and home prices in San Diego County the way that they are, it’s just kind of a quiet market right now,” Myers said.
Meyers says more houses are on the market now than in the past few years, indicating more people are selling than are willing to buy. In other words, this is a buyer’s market, giving those who want to buy a home in San Diego more “wiggle room” when it comes to pricing.
On Friday, Jerome Powell, the Federal Reserve Chairman indicated that the Fed might cut interest rates. This could balance the market back in favor of home sellers, as more buyers could flood the market, reducing overall market stagnation.
“Come down a half a percent to a full percent could be a game changer in the industry,” Myers said. “The reason for that in San Diego County is that buyers have been waiting for interest rates to drop.”
She added that she had seen beautiful homes in the right location move quickly, and that there is a way to “win” in the market in the meantime: updating your home before selling and keeping up with maintenance means more eager buyers. If you’re unable to swing the cost however, she recommends being flexible with pricing your home to ensure it moves quickly.
