2022 was a fever dream for so many people from a financial perspective. While the stock markets plunged, interest rates continued to climb due to federal hikes. Major banks failed in March has led to the 2023 real estate market landscape looking more buyer friendly. Interest rates are falling which can be a great sign for any homeowner looking to refinance. San Diego is in the top 1/5th of real estate markets in the US in terms of annual appreciation. Even with large hordes of people leaving California, the demand for homes and rental spaces is still healthy.
Commercial real estate took a hit during the pandemic with employers shifting to a remote work environment. The resurgence of bringing employees back into the office by some companies has softened this hit. Knowledgeable buyers and sellers can make the best decisions for their particular situation. Below will highlight what both parties need to be aware of in the San Diego residential real estate market.
Home Staging Can Lead To More Offers
Finding a home staging professional to help with your home can be so important. Investing in new furniture that will not fit a new home a homeowner is moving to provides little return. The realtor that you work closely with might have a staging professional they have used for years. The costs can be included in closing costs so no money upfront is required. The right realtor can make the home selling or buying process a pleasure even though it can be extremely stressful.
Home staging might not be as essential as doing something like refinishing the bathrooms. A quality refinishing company can help a bathroom look newly renovated at a fraction of the price. You do not want to opt for a new company or a company with negative reviews. A bathroom refinishing or bathtub revamp differs in quality in immense ways even with companies in the same price range.
Small Details Add Up When Selling
A home inspector might have a number of repairs that they see need to be done. Not all inspectors are as thorough as others for one reason or another. Hiring a handyman as a homeowner can allow this professional to remedy any issues with the home in their skillset.
Kitchen cabinets are scrutinized for their shape, color, and style on a daily basis when a home is being shown. You do not have to replace the cabinets but rather reface them in certain cases. Even a coat of paint can work wondering or refinishing the cabinets can be another option. Boyar’s Kitchen Cabinets that provides cabinet refacing San Diego notes, ”Refacing a cabinet or entire kitchen can provide a great affordable option for homeowners fixing their home before listing it.”
Interior painting is another area that can be touched up. Those proficient in painting understand that it takes patience with prep along with rolling on paint. Repainting a few rooms that might be a color that does not fit can be so important. Children might love a certain color, but it might not fit the aesthetic of the room so painting before the listing is imperative. For buyers, painting rooms can be quite affordable if you decide to take the time to do this with assistance from someone with experience.
Cash Buyers Can Come In The Form Of Corporations
The number of homes purchased by corporate entities have risen in states like Florida and Texas. Cash offers have led to so many areas being overrun by rental properties due to these venture capital firms artificially increasing prices in the area. Rental prices have been controlled in certain areas of the US due to the massive residential real estate investment by corporate entities. Inflation has hit buyers and sellers along with massive interest rate hikes by the Federal Reserve. Loans that have had set rates are higher with promises to go down as the world economy recovers as a whole. Buyers might want to purchase before home prices increase but are afraid of large interest rates. Refinancing is always a possibility, but it could be years until a recovery is made in the US economy.
The San Diego area offers a great lifestyle with the warm weather and beaches in the area. California also sports some of the best food and national parks in the world. The real estate market will continue to be healthy but staying informed is so important. You want to invest in real estate at the right time instead of when the market is declining.
