You don’t have to be an Ocean Beach realtor to know that house prices have been skyrocketing. Across the nation, they’re up nearly 13% in the last year, but in San Diego, you’ll see an even sharper rise. Not only have home prices risen 16.1% from April 2020 to April 2021, but they are expected to have risen another 10.1% by the time we get to April 2022! If you want to have a better understanding of the current market and the future of prices, keep reading.
Precedent for Skyrocketing House Prices
House prices have definitely risen dramatically in the past. In the early 2000s, leading up to the 2007 market crash, prices were rising even more dramatically—25% in just a year! However, there was a big difference between that scenario and our current one.
At that time, inventory was fairly high. Now, house inventory is shockingly low. Total inventory of pending listings and unsold homes has declined by over 20% in the span of a year. This is one of many reasons you shouldn’t worry about another crash happening.
High Demand Keeps Prices High—For Now
Even though interest rates have been rising slightly since December 2020, transactions haven’t slowed. Buyers are still purchasing the limited inventory as fast as ever, probably because mortgage rates are still much lower than they have been in the past.
If interest rates continue to increase, some buyers may be deterred. With more houses being built, inventory will also increase. The combination of these two things could lead to a dip in house prices. Because of this, now is the time to get in touch with a real estate agent in Ocean Beach and sell your home!
Take Advantage of High House Prices with the Help of Real Estate Agents in Ocean Beach
While the market is already in your favor as a seller, you still need an Ocean Beach realtor if you want to make sure the selling process goes smoothly and you get top dollar for your property. There’s no better choice for a realtor than the Horton Realty Team. You can get started with a free home valuation to see how much you stand to make from the sale. We can’t wait to work with you!