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San Diego Home Prices Reach New Record

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I spoke with The San Diego Union-Tribune recently about the new record high prices we have seen in San Diego. This year there are a lot less homes on the market, meaning a lot more competition for buyers and therefore higher home prices. Many sellers are receiving multiple offers, some even over asking price and selling in a few days.

The Union-Tribune reports “the county has seen prices rise more than 8 percent since the pandemic took effect in March” which is something we have seen across major cities in the country. Low interest rates have incentivized many to buy now, so more buyers have entered the market. I believe rates will stay like this for some time, so it’s a good time to buy for those who can.

For more information, read the full article here.

What Is Zillow Offers?

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Zillow Offers is a new program that has arrived in San Diego. This new program offers to help homeowners sell their home faster. While this may sound appealing to sellers, the downside is the price point. Zillow Offers may not pay what some sellers would like. Their offer comes in at market value and not typically higher. This may be good for sellers who are simply ready to move on from their current home for various reasons and are not too concerned with getting the highest offer. It’s also an opportunity for sellers who are not interested or cannot afford to make any renovations or changes to their home that would garner a higher offer. So while there are benefits to this program, it is not for everyone.

I spoke with some news outlets about this program. You can check out the articles here and here. Some San Diego realtors also offer their opinion on this program and it’s definitely worth the read.