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Overall, San Diego's economy is quite strong. 30-year fixed-rate home loans rates are extremely low. In September 2020, the rate was 3. 56 percent, near an all-time low. Compare that to the very same time in 2019, which was 4. 6 percent. This is the lowest it's been because 2016. 15-year fixed-rate home mortgage rates reveal a similar story.

According to Trulia, long-term home mortgage rates are still on the decline. Despite the increasing real estate rates, the low home loan rates make this potentially a perfect time to buy. In comparison to the first half of 2018, 2019 had approximately 22% more listings. And the variety of listed houses is the highest since 2015.

Though it is the least expensive rate in the previous five years. The director of John Burns Real Estate Consulting, Dan Kuhn, has stated that this is from a growing divide in between buyers and sellers. He declares that sellers are much less going to budge on their cost because they connect a great deal of emotion into their single-family homes.

Real Estate News from the FSSIR New London Office by Four Seasons Sotheby's International Realty - issuu

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On the other hand, purchasers are confident that the market has reached a rate peak. This makes them less ready to desire to purchase your house at a greater cost. That variation is making houses remain on the marketplace longer and a less portion of homes being sold. Though houses are taking longer to offer in 2019 than in 2018, houses are still selling quite quick.

Los Angeles Real Estate News – The Real Deal

---- San Diego home sales have continued to stay sluggish. This Is Cool are down 8 percent from this time in 2015, and 70 percent of what they were in the peak year of 2003. Information shows that 18,979 homes were sold in the very first half of 2019 as compared to 20,540 houses sold in the very first half of 2018.

Yet this does mean that just 49 percent of homes are being sold in 2019 as compared to 65 percent in 2018. Unlike in 2018, purchasers are not as positive in the market in general, according to John Yen Wong. The rising costs, increased listing, and the variation in between what purchasers are ready to pay and sellers are eager to offer at are causing this relative dip in house sales.