A Market Shift Ahead
- Noel Wheeler
- Apr 8, 2021
- 3 min read
Sending you warm wishes for a glorious Spring! Read on for things to do this month and discover lifestyle tips curated just for you.
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San Diego Real Estate
The sharp rise in mortgage rates from 2.65% during the first week of January to 3.33% today is just the beginning of what is expected. As mortgage rates continue to rise, eventually the housing
market will evolve to a much more tolerable pace.
Experts are expecting a robust second half of 2021, just a few months away. Mortgage rates are projected now to increase to anywhere between 3.5% to 4%, depending on the size of the expected economic boom. That is precisely where they were bouncing around prior to the pandemic, a much more normal range. These higher, but still historically low, rates will be the catalyst to the market shift and market appreciation will slow slightly.
The active listing inventory in San Diego County continues to sit at ultra-low levels, with 40% less inventory than we typically have this time of year. Due to the lack of available replacement homes, many homeowners are uneasy about selling. They are fearful that there will be “nothing to buy,” limiting the number willing to participate in a market with such an anemic level of available homes to purchase. With projected rising rates to come, it would be wise for homeowners to take advantage of today’s hot market and cash in on current rates. There are great strategies for sellers to sell today and secure extra time to find a replacement property.
Please note: this expected market shift is NOT a shift from a hot seller's market to a buyer's market. Rather, it's a shift from homes appreciating at a rapid rate of 1% a month to a more normal hot seller's market of 4%-5% appreciation a year.
Source: Steven Thomas - Reports on Housing
Under Contract
Del Cerro
4 Bed | 2.5 Bath Representing Buyer
Core-Columbia
2 Bed | 2 Bath Representing Buyer
Recent Closings
Congratulations to our clients who bought and sold real estate last month. We appreciate the opportunity to be of service to help each of you reach your real estate goals!
Hillcrest
3 Bed | 3 Bath Represented Seller
Normal Heights
1 Bed | 1 Bath Represented Buyer
Boulevard CA
6 Bed | 5 Bath Represented Buyer
Spring Valley
3 Bed | 2.5 Bath Represented Buyer
687 Casita Ln
5 Bed | 3 Bath
Off Market Sale - Closed
Represented Seller
Local Events
San Diego Restaurant Week April 11 - 18th With over 180 local restaurants offering 3 course prix-fixe dinner menus and/or two-course prix-fixe lunch menus, this is an event you don't want to miss! Grab a few friends, make a reservation, and support your local restauranteurs here in America's finest city. Participants and reservation options can be found here.
Carlsbad Flower Fields
Every year, nearly fifty acres of Giant Tecolote Ranunculus flowers, that make up the Flower Fields at Carlsbad Ranch, are in bloom for approximately six to eight weeks. April is by far the best month to pack a lunch and head to the Fields for a day in the sun! Click here for information on tickets and season passes.
Lifestyle Tips & Tricks
24 Stunning Outdoor Kitchen Ideas
for Dining Alfresco All Summer Long
Maximizing our outdoor spaces has never felt so important, and Veranda's on the lookout for fresh ways to make our patios, backyards, terraces, and balconies as functional as possible. One of the best ways to make the most of your outdoor space is equipping it with a kitchen, whether that's just a grill and sink or a state-of-the-art culinary masterpiece. Courtesy of Veranda.
The Do's and Don'ts of
Family-Friendly Design
Are you looking for ways to design your home to make it friendlier and safer for kids? HGTV has some do's and don’ts for decorating a home with a family in mind.
12 Essential Spring Gardening Tips
Gardening should add joy-not stress-to your life, Martha Stewart has come up with some tasks to get you reacquainted with your outdoor space. Spring is a fabulous time to assess damage from winter, fix tools, fill in holes in the landscape, tend to your lawn, perform essential pruning, make new beds, and more. Courtesy of Martha Stewart.
Noel Wheeler
REALTOR
619-890-2877
DRE#01373389
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