When the world shakes, we need a steady hand. The past year has shaken us all. How we live and work has changed, and where we live and work continues to change. As a real estate team, we have pivoted how our business operates while remaining steadfast in the quality of service we have always provided. We will continue to serve you, meeting the challenges of this never-before-seen market.
Buyers: we know what you face. Your commute is now a telecommute. Your home may now be an office or a child’s classroom. There is no shortage of reasons to move, but there is a shortage of places to go. Inventory is low, prices are high, and the market is a bully. You face cash offers and bidding wars. You hear many anxious buyers surrendering contingencies that protect them. Pause; let us help.
We can navigate these challenges. Our network and experience are your assets.
Sellers: we know how you feel. Your home’s value keeps rising; low rates are beckoning. Should you sell? Where would you go? Will you compete as a buyer? What if you need more time? How do you attain the premium prices you are seeing? We have answers. We can help you make informed decisions and develop actionable plans.
Our beloved community and neighbors: We remain your trusted partner; Covid hasn’t changed this. Moving is unsettling in normal markets. In today’s market, it can be terrifying. Whether joining or leaving our community, reach out to us; let us be your steady hand. We promise to keep you afoot in a market — in a world — that has thrown us all off balance.
NINE THINGS TO KNOW ABOUT THE CURRENT MARKET
by Neda Nourani, Top Encinitas Real Estate Agent, Advisor, and Team Lead of Neda Nourani & Associates
1. We are in a seller’s market. We are still seeing record-low inventory, and record- low interest rates, which is driving buyer demand sky high.
2.Many sellers are able to negotiate a rent-back agreement until they find a suitable replacement property.
3.Now that companies are allowing remote work to become permanent, there is an inward migration of buyers from denser cities moving here for better weather.
4.Bidding wars are back, buyers are removing important contingencies to get their offers accepted, and cash offers still prevail.
5.Open Houses that were banned over the past year are finally making a comeback.
6.There is an outward migration of San Diegans selling and moving out of state for either better prices and lower taxes, or to be closer to family.
7. 2021 prices increased so rapidly that many homes were not appraising at the new purchase prices.
Now that a wave of homes have closed, we are seeing properties appraise more frequently, so the risk for buyers is decreasing.
8.Quarantine buyer needs have become the new standard criteria: large lots, pools, views, and bonus space for home offices are features in high demand.
9.The price of construction is higher than usual, so upgraded properties are causing the biggest frenzies and buyers will pay a shocking premium for move-in-ready homes.
The NEDA NOURANI Team serves San Diego's North County Coastal real estate markets, including Encinitas, Leucadia, Olivenhain, La Costa, Carlsbad, Solana Beach, Del Mar, La Jolla, and beyond!