Buyers are competing for listings these days. Inventory in North San Diego County is at a low, with an average of 2 vs. 4 months for the same period last year.
Demand for homes amidst the Covid-19 pandemic have been driven by:
- New remote work policies set in place since March of this year. People are finding themselves stuck at home and often working from small spaces in expensive cities. With new work flexibility, people are moving to suburbs or cheaper cities all together.
- Mortgage rates today are very low by historical standards. They have been volatile, but in general hovering around 3 percent. The average for a 30-year, fixed loan was below 3% at the beginning of December 2020, and at the lowest point going back at least 30 years according to Freddie Mac data.
Could the market self-correct and prices fall anytime soon? Maybe. However, some argue that until more houses become available for sale, the dynamic of buyers bidding up prices is unlikely to change.
This is a great time for people with good credit and money saved for down payment to lock in a low interest rate on a loan.
Call me with any real estate questions at 858.345.0685. I am here to help you!
Shirin Rezania Ramos | 858-345-0685 | www.DelMarValley.com | Lic. 02033796 | Compass
