The Chula Vista Housing Market Is Creating The Perfect Scenario To Land Your Dream Home
The Chula Vista housing market is currently on fire! The historically low interest rates have created a surge on the amount of people looking to buy a home this year. Pair that up with the lack of homes for sale and incentives that are currently being offered by new construction homes in the neighborhoods of Escaya and Motecito and you have the perfect storm for current homeowners. If you’ve been thinking about making a move, to either buy a bigger, better home in a better neighborhood or scale down to a smaller home and cash out on your equity, NOW is the best time to make that move.
Chula Vista Home Prices have Drastically Increased in The Last 5 Years
The average sales price for a home in Chula Vista has gone from $407,859 in January 2015 to $519,138 in January 2020. That is an increase of $108,146! If you have owned your home for 3 years or more, you may be sitting on a good amount of equity which can be used to either buy up to your dream home, or downsize and use the excess money to invest and continue to grow wealth. Either way, the money sitting in your home can be put to much better use elsewhere.
Buyer Demand is Extremely Strong
ShowingTime, a firm that tracks data from property showing requests across the country, has shown a consistent growth in people booking home tours over the last 5 months in Chula Vista. The trend we are seeing is homes on the market for just a couple days and already showing multiple offers. The surge on the amount of people looking to buy is in part due to the low mortgage rates we are seeing right now. Rates on a 30-year-fixed-rate loan are expected to continue to remain low for 2020 hovering around 3.5%. Therefore, if you can capitalize on the equity you currently have sitting in your home to buy a new home. These rates can help you save thousands of dollars in interest and keep your monthly payments reasonable low.
Housing Supply is at a historically Low Level
According to the Existing Home Sales Report from The National Association of Realtors (Nar), sales are up 10.8% from the same time last year. That increase is taking homes off the market faster than inventory can keep up with, therefore creating a drastic supply and demand issue. A Zillow press release states “the number of for-sale homes in the U.S. is at its lowest point in at least 7 years…” In Chula Vista the story is no different. In the month of January, inventory was so low that if no more homes came on the market we would run out of homes for sale in all of Chula Vista in one month! Not that I foresee that happening but the point is that there’s not enough homes out there to keep up with buyer demand. Right now, is the perfect time to sell because you’ll be facing less competition.