OH, THE EBBS AND FLOWS
Don Pelletier
With over 36 years as a professional Realtor, and the 2,200 San Diego home sellers and buyers Don has represented, he has a long-standing tradition an...
With over 36 years as a professional Realtor, and the 2,200 San Diego home sellers and buyers Don has represented, he has a long-standing tradition an...
We all know the real estate market can be finicky with seasonal fluctuations, what we like to call the ebbs and flows of the market.
These cycles are often influenced by various economic, demographic and market specific factors that typically follow a pattern of phases. Let’s take a look at these phases. Expansion Phase. This is the boom where the market experiences growth and rising property values. Peak Phase. This represents the top of the market where prices are at their highest point and demand begins to stabilize. Bust Phase. The market cools significantly, demand decreases and prices may start to decline. Trough Phase. This is the bottom of the market cycle where property values have declined and we see an oversupply of homes on the market, like we saw back in 2010 through 2012. And finally, the Recovery Phase. The market starts to stabilize again and improve. Demand begins to pick up usually with favorable economic conditions.
Understanding the ebbs and flows of the market is essential for both buyers and sellers. This is why it is so important to meet with your local area agent to guide through these phases. If you would like more information on current housing data or what is happening locally in your area, feel free to reach out to my team and I for the most up-to-date information.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!