Discover why remodeled homes and proper pricing are hot in San Diego today.
The San Diego real estate market is constantly evolving, and it’s more important than ever to stay updated on the latest trends. Whether you’re buying, selling, or just curious about the market, here’s what’s hot and what’s not in San Diego real estate today:
Hot: remodeled homes. Buyers are gravitating toward remodeled homes that have been remodeled. With rising labor and material costs, people would rather overpay for a renovated house than buy one at a slight discount.
Hot: pricing trends. Homes priced under $2 million are in high demand, while those in the $2 to $4.5 million range are experiencing some cooling. Buyers at the higher end are becoming more selective, preferring homes that are pristine and move-in ready. Higher-priced homes should have no issues and are move-in ready in order to attract more buyers.
Not hot: homes needing repairs. Today’s buyers have little patience for homes requiring even small repairs. Simple fixes, like repainting a door or replacing a light fixture, can overwhelm potential buyers. Homes that need even simple repairs can overwhelm potential buyers, such as a door that needs repainting or a light fixture that needs replacing. Buyers value homes that are ready to move into without needing contractors.
Not hot: buyers falling out of escrow. One of the biggest challenges sellers face is buyers falling out of escrow, mainly due to inspections. While appraisals aren’t causing issues thanks to strong comparable sales, inspections are leading many buyers to back out. Homes that re-enter the market after falling out of escrow often struggle to regain momentum.
It’s tempting to relist your home at the previously agreed-upon price, but this could backfire. Instead, it’s better to relist at the original price. The initial price was designed to attract buyers and create demand. Relisting at a higher price only reflects the interest of one buyer and can lead to further price reductions down the line.
If you’re looking for more tips and tricks on getting the most amount of money for your San Diego home, feel free to reach out at +18584619665 or email me at sean@mysddreamhome.com. I look forward to hearing from you!
