If you’re interested in buying or selling a home in San Diego, you know that there are many issues to consider before signing on the dotted line. One major factor that will influence your real estate transaction is the state of the San Diego housing market in 2023.
Why is knowing what type of conditions the San Diego housing market is experiencing important to you? The state of the housing market will affect every aspect of your sale or purchase. From the price you pay or receive to how quickly the transaction is concluded. Selling or buying in the wrong type of market can cost you thousands and waste valuable time and energy.
Here we explore the state of the San Diego housing market and show you what to expect in 2023.
What’s a Buyer’s Market Versus a Seller’s Market in the San Diego Housing Market?
We’ve already established why knowing the state of the market is crucial. Now let’s look at what each type of market means for you.
There are two main types of housing markets: a buyer’s market and a seller’s market.
A buyer’s market is when the conditions of the housing market favor the homebuyer. This means that there is an abundance of homes for sale that exceeds the demand. It gives the homebuyer ample choices of homes to select. Also, homes tend to sell slower in a buyer’s market so homebuyers can take their time to some extent exploring their options before putting in an offer. It’s also less likely that homebuyers will be caught up in an expensive and draining bidding war. Finally, a homebuyer has the upper hand in negotiating price and terms in a buyer’s market meaning that the sale price and conditions are often more favorable to the homebuyer.
A seller’s market, on the other hand, favors the home seller in several ways. This type of market means that the demand for homes for sale far exceeds the supply of options. Homes tend to sell much more quickly than in a buyer’s market and for a higher price. Home sellers have the power in negotiations so the final price and terms usually favor the home seller.
Is San Diego a Buyer’s Market or a Seller’s Market?
At the end of 2022, San Diego was a seller’s market. As we move into the beginning of 2023, the trend is for San Diego to stay firmly as a seller’s market,
So what does this mean for you if you are interested in buying or selling a home? Simply put, expect homes to sell faster and for higher prices than in a buyer’s market. Homebuyers will need to act quickly in order to get the best chance at having their offer accepted. The terms of the sale, such as who will be responsible for repairs, will oftentimes lean towards the home seller. They have the upper hand in negotiations.
Buying or Selling a House in San Diego
If you are a homebuyer who wants to have a winning real estate transaction in a seller’s market, the help of an expert realtor will guarantee you get the results you want. An experienced realtor can give you insider information on the hottest properties as they become available and negotiate for the best possible price and terms for you. This means that, regardless of the market, a realtor can even the playing field and use their years of negotiating experience for you to get the best deal.
If you are a home seller interested in selling your home during a seller’s market, our realtors can guarantee that you will get the price you want and close in your timeframe or we will pay you cash!
Get started buying or selling a home with us today. Just call(760) 463-0099 or complete the form below for more information. No matter whether you are a homebuyer or a home seller, we can help. The Pabst Group can save you time and money while taking the hassle out of buying or selling a home. Don’t wait – get started today!