Spring Has Sprung

What a difference a few months make. As I look back on the 4th quarter of 2018 I would have never guessed we would be in the market we are in today. Home sales were slumping and taking much longer to sell in those final months of 2018 but housing sentiment has surged in March and carried well into April. Lower mortgage rates are likely behind the surge in housing sentiment and have helped rev up our spring selling season with more consumers thinking now is a good time to buy and sell a home which was not the attitude in 4th quarter 2018. Existing home sales in March 2019 were down 6.3% compared to March 2018. According to the California Association of Realtors, the lowest interest rates in more than a year boosted California's housing market and kept home sales level in March after an exceptionally strong performance the previous month. The good news for Buyers has been the addition of more inventory to the market. According to one survey, in San Diego 53 percent of buyers last quarter closed on the home they made their first offer on which was up from 38 percent a year earlier. Competition can still be fierce though for Buyers in the market depending on which sector of the housing market they are offering on as some Sellers are still receiving multiple offers and selling within days of listing. Call me to discuss your real estate questions and needs for 2019.