Real Estate June 2020 Market Update with San Diego’s Favorite Son

Martin: Hey everybody -San Diego’s Favorite Son, Martin Correia, coming at ya! Practicing social distancing, of course. And I hope everybody is safe. I also want to just give a shout out, look at, we’ve got a lot of dynamics that are going on right now. My heart goes to everyone. Peaceful, peaceful protest is the way to go. And I’m so proud of those that are doing it. And most of us are, so good on ya.

I’m going to take us though to real estate. I want to chat about what’s going on because it’s super interesting. I talked about the activity last month and we wondered whether that activity was going to play out into transactions. Well, it has. And so we are seeing that activity results in some closings. Now, what we’re also seeing is more listings getting on the market – is it enough to satisfy the buyer pool? Not quite sure yet. But if the tempo that is coming, that we’re seeing as far as homes going on, the market continues, well that shift may be the beginning of that pattern, maybe the beginning of what a transition to maybe a buyer’s market, maybe even a normal market.

So let’s just watch out and let’s see what’s happening. Let’s go on to another comment. On the market, we’re not seeing relocations happening. We’re seeing a big drop for obvious reasons. You know, that’s a decent percentage of buyer pool that is not involved. Hopefully, that will change. And ultimately restrictions will allow them to start coming out to San Diego to make their acquisitions. All right, now we go into rentals. Rental market CoStar came out with an article, a report yesterday, and it was an article in the UnionTribune that talked about a 10% decrease in rents this year.

I’m not quite sure I’m committed to that. I know what I’m seeing and what I’m seeing is there are people that are in big demand for rentals. And there’s just not enough right now. So time will tell. Lastly, VRBO market – we don’t really play into that, but I am seeing that market. I am hearing from those that I truly respect. And they’re seeing that market’s starting to come back as the restrictions have been lightened as well.

I hope everyone’s doing well. We know that this market is very interesting and it’s ever-changing. You have any questions, you know who to come to San Diego’s Favorite Son, (619) 241-6909. Thanks so much for stopping by and make it a peaceful and great day.