AT ALL PRICE POINTS

from San Diego Resident – Mission Hills Feb 2023

you thought about selling your long-time home?

Happy New Year from Todd Armstrong & Associates!

We are beyond thrilled to deliver you our new monthly RESIDENT magazine! Besides providing relevant real estate news and recent local transactions, we’ll be making powerful introductions to our “go-to” companies, contractors and vendors in and around Mission Hills. Each business has agreed to provide you with an exclusive offer, gift and/or an incredible discount so that you too can understand why they made our list!

What’s in store for 2023? While none of us have a crystal ball, I predict the market will pick back up, but only after a couple key metrics are met.

Buyers are wondering why the prices have not fallen as much as they like but it’s just a simple “Supply vs Demand” issue. We still have a historic lack of inventory in San Diego. Lack of inventory is keeping prices elevated AND buyer’s are on the fence because of the higher mortgage rates.

The price reductions we do see happening right now are simply reductions from an already over inflated price. Many sellers think we re still in that hot 2021 market but, frankly, that ship sailed in the summer of last year.

We started seeing the slowdown early in June/

July of 2021 so we started advising our clients to adjust to this new market. It’s simply a more normalized market where things are staying on the market for a longer period of time, negotiations are back, seller concessions are back among other things.

My team has proved one important fact: if you price your home correctly the first time, we are still seeing multiple offers, lots of buyer activity and have already closed multiple luxury properties at the start of the new year.

What’s my prediction? If rates come down to the mid 5 range AND the inventory increases, we will see multiple buyers with multiple offer situations again which could drive prices back up. Spring is coming, so I’m hoping for more inventory. We also have my “Off Market” opportunities available to Compass clients only. If you are not working with the neighborhood expert, then email me if you want access to our “secret inventory of off market homes”. Cheers.