July 14, 2024

Southern California real estate market

San Diego 4Br. home for sale - Southern California real estate market

There is absolutely no doubt that here in Southern California the residential real estate market has become a unlikely beneficiary of the Cove in 19 virus. Yes, the urban downtown areas seem to be less appealing to real estate investors these days because of the lockdown orders and the social unrest that so far has seen to be confined to the inner cities. The big beneficiary here, has been suburban residential real estate.

Southern California real estate market

San Diego 4Br view home for sale   -   Southern California real estate market

When you combine the above factors with our already shortage of existing inventory of homes for sale, and are extraordinarily low single digit interest rates, the result, at least in the suburbs, has been multiple offers on a large number of new property listings resulting in many property selling for over their initial asking prices and accomplishments using this in just a matter of days!

So, as we enter the fourth quarter, the San Diego residential housing market is one of the most robust markets that I can recall in my 30 years of residential real estate sales.

My own home, which about two years ago was valued in the mid-$600,000 range, just entered into escrow at well over $800,000! Not only that, but I had for well-qualified offers just within the first weekend after adjusting the asking price. This situation necessitated the use of a multiple counteroffer that went out to all four potential buyers.

Three of the potential buyers accepted the multiple counteroffers, and actually increased their offering price and in one instance also enhance the terms. Yes, we are now in escrow and we also have a backup offer just in case we run into problems with the original offer.

The buyers we have are going to have this home as their primary residence and are planning on extensive remodeling. You might be wondering if I think I sold at the top of the market and I would have to say that no one can accurately predict the bottom or top in the residential real estate market. With that said, my personal thoughts, from closely monitoring the San Diego residential real estate activity, would seem to indicate, at least to me, that this market has much further upside potential. Also, keep in mind that were talking about my personal residence here, not a real estate investment property. I did not buy this property as an investment, and since we will be buying a replacement property, although substantially smaller, we intend to remain in the real estate market for the foreseeable future.


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Southern California real estate market