Summer Real Estate Trends
Do you feel like you’re always playing catch-up with the changing landscape of real estate?
Whether you’re a seasoned investor or a first-time homebuyer, you’re not alone in that feeling! The real estate market is both cyclical and seasonal and paying attention to the trends is important for success.
Read on to learn 6 trends happening this summer in the real estate market.
As the weather heats up, so does the speed of home sales.
The pace at which homes are selling in a given area is usually a good indicator of the health of the real estate market there.
While Zillow mentions that the average home stays on the market for 78 days, you’ll likely see that number decrease in the summer months.
As houses fly off the market at a fast pace, another summer real estate trend is created: competitive housing.
There is a severe lack of inventory across many markets in the United States. The demand for houses has come as a result of a stronger economy with more buyers wanting to jump into the housing market.
With no end in sight to the lack of inventory and increasing demand, buyers and investors should keep this in mind as they shop.
The low supply of homes and high demand has affected the pricing of homes on the market.
Instead of low prices, you’ll be more likely to see rising prices in the area. This will affect your acquisition strategy.
As a buyer, you should consider making a medium range offer on a property that you want to acquire, rather than low-balling first.
San Diego Market Heating Up
While many regions in the United States can be considered hot markets, California seems to be leading the charge in the top 20 markets in real estate this summer.
In particular, neighborhoods in San Diego are on a hot streak in the luxury real estate market. So much so, that the inventory hasn’t been able to keep up with buyer demand.
Rising Interest Rates
For those keeping up with general real estate trends, it’s no surprise that interest rates are on the rise.
What is surprising is that the rates are not increasing too rapidly. This is great news for buyers and investors who are keeping a watchful eye on their target market for desirable deals.
Real Estate Tech Evolution
Last but certainly not least, this summer you will see evolving technology continue to disrupt the real estate industry.
From agents and brokers using VR and drones to make the discovery process easier for buys to investors using big data and statistics for market analysis, this trend will only continue as technology grows!
Keeping a close eye on these 6 summer real estate trends and how they affect the market will put you ahead of the competition, whether you’re a buyer, seller, investor, or an agent!
Talk with your team about how to plan and adapt your real estate strategy with these trends in mind.
Thinking of buying or selling a home in the San Diego area? Contact us today to see how you can partner with our team to find the best deal!
For more on this subject read our recent blog, “4 Popular Home Decor Trends For This Summer.”
Thinking of buying or selling a home in the La Jolla area? As consistent top producers in real estate, Linda Daniels and The Daniels Group are your La Jolla housing specialists. Our team of local experts will ensure that you have a successful real estate transaction. Call us today at (858) 361-5561 or email us anytime by clicking here.