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Will the new president, whomever it is, negatively impact our local market?

No, and here's why: The height of our market was April 4, 2022, when there was over 40,000 real estate sales in San Diego County in the previous 12 months. Today that number is just over 22,000 - that's a 45% reduction!

We're seeing that people aren't buying and selling because they want to, but because they need to. We're helping a lot of first time buyers who need a home. And we're also helping a lot of people dealing with loss or divorce, therefore need to sell. These situations aren't going to change based on the elections. We believe our market can only go up and that we've already hit the bottom.

So when people, and headlines, shout concerns for a dramatic shift in the market due to the elections we hope you rest assured that the real estate market will not feel a thing! We're curious what you think will make the market go up? Let us know what you think. Most think it's interest rates, but that's not all.

Email us! We'd love to hear from you.

Did you see it?

Or maybe the better question is, did you miss it? Last month the Federal Reserve lowered their rate by 0.5%, but you'll be surprised that the mortgage rate didn't go down afterwards. In fact, it went up! So what's going on? Most people think that the Federal Reserve controls the mortgage rates, but that's incorrect. The mortgage rate is a market-based rate, just like stock prices are based on the market. The Federal Reserve has a bigger influence of interest rates based on what they say they're going to do, even more so than what they actually do.

For example, a few weeks ago the Federal Reserve said they were going to lower rates, so the market responded to this "talk" by lowering interest rates. When the Feds actually lowered rates like they said they would, the market has already seen the lowered rates. However, what they said about the economy actually concerned the mortgage market. As a result, rates went up a little right after they met. So, the question remains, what will make mortgage rates go down? It's going to take confidence in the economy along with Federal Reserve rate reductions. You should also know it's going to take a while, we're guessing 4-6 months, before we see the economy find a solid footing. When it does, we should see rates respond favorably. That's just our prediction, though.

Market Update

Median Sales Price: $890,000

New Listings: 2,676

Active Listings: 4,964

Pending Sales: 1,835

Closed Sales: 1,727

Average Days on Market: 28

Median Percent of Asking Price Received: 99% 

Punny, I'm Home!!

What's the best time to book a dental appointment?

At tooth-hurty.