What a Slowdown Means for the Housing Market | June 2022 San Clemente Housing Market Update
The San Clemente housing market is slowing down. After two years of unprecedented growth, things are changing and they are changing fast.
Here is what we are seeing:
- Interest rates are approaching 7%, which has dampened demand. Homes will take longer to sell and days on market will increase.
- Demand is down 34% since last year as buyers no longer qualify to purchase in today’s market.
- Inventory has tripled since the beginning of the year, however, we are operating at a third of the average pre-pandemic inventory. In the five-year period prior to COVID, we were accustomed to having about 300 homes on the market in June and July.
- Expected Market Time is 45 days, up from 20 days in March, which is still a hot seller’s market.
So, what are the takeaways?
Sellers, the frenzied housing market is gone, so it is critical that you price your home correctly. You can definitely overprice a home in today’s market, but you cannot underprice it. If you list at an attractive price, you will still get multiple offers.
If you’ve had any thoughts of selling your home this summer, click the link below to get a free valuation of your property.
Buyers, you finally have some inventory to choose from. However, if a home is priced well, it will sell very quickly, so be prepared and proactive in your housing search.
If you have any questions on what these changes mean for you and your goals for housing, please shoot me a text, (949) 212-1433, or schedule a call with me through this link, https://calendly.com/ryanschramm.