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6 August

The Real Estate Environment in San Diego

Given that it has the reputation of being one of the most beautiful cities in all of California, San Diego and its real estate climate is a bit tricky and known to lean more towards the expensive side. As realtors and customers, what can we individually do about it? This is an update on the current San Diego housing climate and how real estate agents and potential house buyers both should go about the current scenario.

HIGHER AND HIGHER

As of May 2018, the median for housing prices in San Diego continues to break records. Around $570,000 for the average house, an increase by 7.6% in the average price* along with a drop in both resale price and number of homes sold spell further trouble for prospective home buyers and sellers. Competition continued to remain fierce, with most homes lasting no longer than an average of 28 days on the market. By comparison, however, housing prices in San Diego continue to be cheaper than those in the rest of Southern California, which have since respectively climbed towards $600,000+.

Rental housing prices have steadily increased as well. From 2017 to 2018, the general price of rent has increased by 20% (most notably in downtown SD), due to a lack of rent control.

A clear cycle seems to be shown; high demand coupled with a greater and greater inability to purchase has lead to greater desperation for cheaper property, causing the overall market to gradually raise prices.

FROM TROUBLING TIMES

So the pricing of housing continues to remain on an unfortunate steady climb. This naturally leads to more dissent and general unhappiness from house buyers who are hoping to grab the house of their dreams without breaking their wallet. As a realtor, what some ways in which you could guarantee them satisfaction, given the current housing climate? We have a few suggestions to keep in mind:

1. Establish a bond of trust at the start

Many realtors think that their primary goal is to get the house sold with the least amount of red tape possible. While this is certainly a great line of thought towards success, it may not be as beneficial in the long run. Establishing a healthy rapport between realtor and buyer is the most sound way to get things started; it reassures them of your experience and work ethic and quickly helps them trust you as a mentor, rather than a business worker. This is the best way to help the customer get the most out of their experience and leave glowing reviews.

2. Paint for the best option

Remember to keep in mind the importance of appearance to customers. To up the ante, include more properties in your handy featured section (which comes with every Web4Realtors package!), use the best pictures and videos possible, shot in the best possible light and provide housing summaries so you can touch on each properties’ benefits. A house that’s portrayed as great being sold by a trusted guide as a realtor is guaranteed to land you more sales and more satisfaction.

We understand the struggles of rising house costs and the discontinuous price market. Let us help you out. Reach out to us for a consultation at any time!

 

 

*Housing prices and information sourced from The San Diego Union-Tribune.

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