JUNE 2024 SAN DIEGO REAL ESTATE MARKET

OPEN HOUSES ARE BACK! San Diego Real Estate Market, June 2024 The active listing inventory increased and now sits at 4,259, matching its largest rise of the year. It is the first time the inventory has surpassed 4,000 homes since November 2022.  Last year, the inventory was 2,457 homes, 42% lower, or 1,802 fewer. Demand has been muted due to the high cost of housing and rates that have remained stubbornly above the 7% threshold. Many sellers approach housing as if nothing has changed. They stretch the asking price and test the market. Unfortunately, OVERPRICED homes are much more common today. As market times grow longer, the number of price reductions will increase. The increasing number of OPEN HOUSE directional arrows illustrates the evolving market and necessitates a much different strategy to secure success. ATTENTION SELLERS: Carefully arriving at the Fair Market Value by scrutinizing the most recent comparable and pending sales is essential to be successful, meticulously considering the condition, location, upgrades, and amenities. Accurate pricing is absolutely crucial. Overzealous sellers who require future price reductions will procure fewer interested buyers, fewer offers to purchase, and, ultimately, will net less money.  ATTENTION BUYERS: While the market is slower than at the start of the year, it is NOT a Buyer’s Market where prices are crumbling lower. Upgraded, nicely appointed, in good condition, and appropriately priced homes will fly off the market with plenty of activity and multiple offers. The longer a home has been on the market, the more willing a seller is to negotiate. Contact me for more details! I'd love to be your Preferred Realtor. Iryna Iniguez Realtor, DRE 02067232 IrynaSDRealtor.com

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San Diego Housing Inventory & Interest rates April 2024

April San Diego Real Estate Market Update In March, 41% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 2,023 fewer. Last year, there were 2,101 homes on the market, 651 fewer homes, or 24% less. The 3-year average before COVID (2017 to 2019) was 5,846, or 112% extra, more than double. This year, mortgage rates have been bouncing between 6.6% and 7.1% with duration. Rate volatility has diminished dramatically since 2022. With less volatility, demand has risen despite today’s higher mortgage rate environment. Consequently, the difference between the active listing inventory and demand has narrowed.  2,752 active homes currently on the market 1,889 pending sales 863 homes is only the difference Check the quantity of SOLD homes and median prices by a city I always monitor the real estate market and am happy to share some insights and industry news with you. Please go to my website  IrynaSDrealtor.com  and download the full April 2024 Report on Housing provided by Steven Thomas, economist. Feel free to reach out to schedule a meeting or simply to chat about your real estate goals and I will outline a strategic plan to achieve them. Iryna Iniguez, Realtor ® DRE 02067232 IrynaSDrealtor.com irynainiguez@gmail.com Coldwell Banker West

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Who will pay Buyer's Commissions? $418 million NAR Settlement Agreement

On March 15, 2024, The National Association of REALTORS® (NAR) reached an agreement that would end litigation of claims brought of sellers related to broker commissions. Under the terms of the agreement, NAR would pay $418 million over approximately four years. Key Points of the Agreement: MLS will no longer show buyer-broker compensation. Compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals.  NAR will require buyer’s agents to enter written agreements with all clients, outlining their fees and services before moving forward with any work.  These changes will go into effect in mid-July 2024. What It Means for Buyers and Sellers Commissions remain negotiable, as they have been. Sellers can continue to offer compensation off MLS to help make professional representation more accessible, decrease costs for home buyers to secure these services, increase fair housing opportunities, and increase the potential buyer pool for sellers.  If compensation isn’t offered by a seller, buyer’s agent will have to contract and arrange compensation to be paid by the buyer. Buyer’s agent can refuse to show properties to the buyers if compensation isn’t offered by a seller and buyers are not willing to pay that compensation from their pocket. At this time buyers can’t finance the commissions to a buyer’s agent. It has to be paid in cash. This can affect FHA and VA buyers who have limited cash available. Please reach out if you'd like any clarifications or have any questions regarding new rules. I am here to make an overwhelming experience incredibly simple! Iryna Iniguez-Snehirova, Realtor DRE 02067232 p. 760.848.6244 email: irynainiguez@gmail.com  

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