What’s Going On In The Real Estate Market

What the heck is happening in San Diego real estate?! Are homes even selling? Can I even get a loan right now? These are some of the questions I get on a daily basis in the midst of our COVID19 shelter in place period.

I am here to tell you that indeed, homes are selling and people are getting loans. It’s still a bit early to see any price adjustment trends as we tend to measure that trend over a 3-6 month time frame and we just don’t have that hindsight as of yet. But I can tell you that I am STILL consistently seeing multiple offers on properties in San Diego, particularly in the $1.2million range and below with both my buyer and seller clients. Of course, this depends on the location and overall presentation, but with an already very limited set of housing inventory for buyers out there to choose from, it’s even tighter now. Those that can still qualify for a loan are able to take advantage of the still low rates and achieve their dream of homeownership, moving up, or downsizing.

Loans can be a little tricky these days for a primary residence and trickier still for an investment property. For a primary residence loan, with many (but not all) lenders, you should count on having at least 20% down if you are needing to borrow $701,501 or higher as this puts you in the “jumbo loan” category. Most lenders are still processing VA loans up to $1million $0 down (always an incredible opportunity and benefit thanks to their service!), and if you are borrowing $701,500 or less, which puts you in the conventional financing category, many lenders will still allow you to put as little as 5% down. All loans and all lenders are not created equal, nor are their financing programs. Contact me for a referral to a trustworthy lender that can provide you the information you need to get started in your research.

If you would like to explore buying and/or selling in this ever changing market, give me a call at 619-944-2798 or email me at Megan@MeganB.com. I’d be happy to discuss with you what sets my service apart from the rest!