Wednesday, June 15, 2022
San Diego County Housing Report Summer Slowdown
The shift in housing due to higher rates has already made a significant impact on the housing market, and it will slow further over the summer.
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Housing Will Continue to Cool - Since demand’s early peak at the end of March, the Expected Market Time has jumped from 19 to 42 days, growing by more than 3 weeks.
Road trip!! Living in California, it is of no surprise that so many families climb into their SUVs, packed to the gills with luggage, and explore the Golden State. After traveling 70-plus miles per hour for hours without a break, there comes a point where it is time to get off at the next exit, fuel up, and stretch the legs. Upon exiting the freeway and driving to the gas station at a much-reduced speed, it seems as if the car is barely moving. Of course, it is still progressing down the road, but everyone has become accustomed to the much faster speed.
That is precisely how it has felt to participate in the housing market in 2022. The market had been zooming along for the past couple of years at an insanely, swift, unprecedented pace. It was as if the gas pedal was permanently fastened to the floorboard. There were very few homes available to purchase, demand was through the roof compliments of historically low mortgage rates, homes would last only days on the market, swarms of buyers toured every home, each offer to purchase competed against a slew of additional offers, sales prices soared above their asking prices, and home values rocketed higher. But, with higher mortgage rates, the market has slowed considerably, and this summer it will feel as if housing is barely moving. Yet, it will still be a Seller’s Market, just not what everyone has become accustomed to.
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