Is San Diego’s real estate market really cooling off? For the first time, I’m a bit unsure about what we’re seeing. From low consumer confidence to a surprising lack of new homes, what we are seeing right now is unique. I’ll dive into what’s happening with supply, demand, and those pesky rising costs. If you're thinking about moving to San Diego or curious about homes for sale, this video breaks it all down.

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Q&A about the current market

Q: What are the signs that the real estate market is cooling off in San Diego County?
A: Signs include a decrease in home sales, longer time on market for listings, increased buyer hesitancy due to affordability issues, and rising interest rates impacting mortgage payments.

Q: How does consumer confidence affect the real estate market?
A: Consumer confidence influences buying decisions; lower confidence can lead to reduced demand as buyers become more cautious about investing in property.

Q: What is the current supply and demand situation in San Diego County?
A: While demand remains relatively stable, supply has been constrained due to limited new home construction and existing homeowners hesitant to sell, maintaining upward pressure on prices. Over the last few months, we are starting to see supply increase, although it's not nearly to the 20152020 levels which were considered closer to a healthy market.

Q: How are rising interest rates affecting home buyers in San Diego County?
A: Rising interest rates increase monthly mortgage payments, making homes less affordable and causing some buyers to delay purchases or seek lowerpriced options.

Q: Are home prices expected to drop significantly in San Diego County?
A: Significant drops in home prices are unlikely due to low inventory and strong financial buyers, but there may be slight corrections or slower price growth.

Q: What factors are contributing to buyer hesitancy in the current market?
A: Factors include higher mortgage rates, increased property taxes, rising homeowner’s insurance costs, and general economic uncertainty.

Q: How does the current market compare to the 2008 housing crisis?
A: Unlike the 2008 crisis, today’s market is characterized by low inventory and strong financial buyers, rather than oversupply and widespread lending issues.

Q: What should potential home buyers consider in this cooling market?
A: Buyers should be patient, look for motivated sellers, negotiate better terms, and consider the longterm benefits of purchasing in a desirable area like San Diego County.

Q: Is it still a good time to buy a home in San Diego County?
A: It can still be a good time to buy, especially if you find a property that meets your needs and can negotiate favorable terms. Future interest rate reductions could also improve affordability.

Q: What are the prospects for future development and buildable land in San Diego County?
A: While buildable land is limited, ongoing and planned developments continue to offer opportunities for new homes, especially in less densely populated areas.