Why Buyers Are Tired of Waiting

Nationally, home sales just posted their strongest month of the year. According to the National Association of Realtors, existing home sales rose 3.2% in May, reaching the fastest pace since December. At the same time, the median home price hit a record high for the month of May at $429,300.

On the surface, that might seem surprising.

Why are sales increasing?

Because buyers are starting to realize that waiting has not necessarily made a difference.

For the past three years, many people have been sitting on the sidelines waiting for rates to fall dramatically or for home prices to decline. Neither has really happened. Instead, buyers are adjusting to the reality that today's market may simply be the new normal.

That shift is showing up in real behavior. More buyers are moving forward. More deals are getting done. And the people who waited are starting to ask whether waiting actually helped them.

What this means in San Diego

San Diego is not immune to these national trends, but our market has its own dynamics. Right now, buying conditions in San Diego have improved compared to the past couple of years. There is more inventory on the market. Competition is less intense. Sellers are more willing to negotiate credits, repairs, and rate buy-downs.

This is not a buyer's market in the traditional sense, but it is a more balanced market than we have seen in recent years. Buyers who know how to navigate it are finding real opportunities.

For Sellers

Demand has not disappeared. Serious buyers are still entering the market, and properties that are priced correctly and presented well are still moving. The key word is serious. The tire kickers have thinned out, which actually makes it easier to work with the buyers who do show up.

Ready to make a move? Give me a call today.