Welcome to November! With the San Diego hot weather breaking in late October it feels like we transitioned from mid-summer right into winter and the Holidays.
We have seen another split year in 2015 for real estate sales for the micro markets that we focus on in San Diego County. Similar to last year, our market was on fire from January to end of May. Fueled by continued low interest rates, low inventory, an improving economy and lower gas prices. We headed into the summer selling season with a lot of strength. As in 2014 the market went on summer vacation. Low numbers of open house attendees, a rise in inventory in certain area and even a slight decline in values in some areas of our county is what we experienced. But, mirroring 2014, we saw activity kick back into gear in the middle of September. We are seeing the momentum carry us into the later months of the year. With a potential Fed interest rate hike that will be the start of a consistent rise in rates in the years to come we are seeing home buyers wanting to take advantage of rates where they are and their focus is to get into a home that will suit their needs for the next 5-10 years.
Our investor clientele is hot on the trail to locate great rental properties and lock in a low interest rate, equating to a lower payment. With many analysts predicting a significant rise in local rental rates it is a great time to diversify a stock and equities heavy portfolio with real estate or add to your real estate holdings. I am starting to hear open house guests and buyers in the market discuss affordability concerns more regularly. When these conversations have become more prevalent in the past I have noticed stress placed on the rental market and seen rental rates increase.
Keep an eye out for my December newsletter segment where I will provide insight as to what we expect in 2016.
We are doing some new and exciting things on our web site as well. Please follow the video page and our social media sites for the latest listing and educational videos along with my TV and Radio segments as well.