Living and working in San Diego we’ve experienced decreased inventory in the past, however, my focus is what is happening now and in this post the focus is San Diego County single family homes. California Association of Realtors report in San Diego County Active listings December 2019 were down 36.3% from same period the previous year and 28% of Active listings had price reductions.
Do you ever wonder why Sellers seem to over-price their homes, thus the need for price reductions? The answer could be three-fold:
1. Sellers have an inflated point of view regarding the actual value of their property.
2. Listing agents are over-stating the real value to the Sellers... for one reason or another.
3. A combination of the above.
Yes – inventory is tight. However, my experience tells me when there is limited inventory this is the time Sellers want to be the standout in the marketplace. Buyers are smarter, more particular than ever before and they are willing to wait.
There are opportunities to thrive in real estate no matter what the numbers say today or tomorrow.