A lot of people are wondering what’s happening right now in our San Diego area market and how they can make the most of these current conditions, so today, we’ll get to the bottom of things with a quick update.
For one thing, inventory is climbing each month, as is the average number of days homes are spending on the market. For detached homes, the average days homes spend on the market has risen 17% year over year. The average number of days it takes condos to sell, meanwhile, has gone up 30% over that same period.
Part of the reason for this slowdown is that many of the new listings being put up for sale aren’t exactly up to par. There are a lot of less-than-desirable properties being listed these days, and buyers just aren’t interested in pursuing those kinds of homes.
Therefore, pre-listing preparations (like cleaning, decluttering, and staging) are imperative to sellers’ success.
Instead of investing in minor upgrades, like replacing carpet, too many sellers are opting to dramatically reduce their sales price if they do happen to find an interested buyer. If these sellers simply made the necessary upgrades before listing, they wouldn’t have to reduce their price at all. It’s important to focus on your bottom line above all else when it comes time to prepare your home for the market.
On that note, proper pricing is also key to succeeding in our current market. Homes priced at, or even slightly below, fair market value tend to attract the most buyers.
However, the absolute most important step you can take to secure your success as a seller is to hire an experienced agent. Even in today’s digital age, where seemingly endless information is at our fingertips, having a professional to guide you through the real estate process is still essential.
If you have any other questions, would like more information, or are curious how the Sean Zanganeh Real Estate Team can help you meet your goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.