San Diego Realtor Kyle Whissel discuss why if you are looking to put your San Diego home on the market, it may take longer to sell then it would have a few months ago.

Why is it Taking so Long to Sell My Home?

If you're thinking about putting your San Diego home on the market today, it's going to take a little bit longer than expected, and I'm going to tell you why.

Hey, there, it's Kyle with the Whissel Realty Group, and in today's video, I want to share a little bit about why it's going to take a little longer to sell your home today than it might've taken a few months back. If you've never met me before, I love data. Everything I do; in business, in life, is all based on data. I don't go on gut feel, I don't go on the news, I go off of the data.

What is the Data Telling Us?

Well, here's what the data's telling us right now. Like we've seen for many, many months in a row, the number of homes coming onto the market for sale is down. Which, traditionally, if you're selling your home is a good thing, right? There's less competition out there. What we've been seeing for the last couple of years is the number of new homes is down, but the number of homes going pending or going off the market has been up.

We've seen less coming on the market, more going off the market, which is constricting the supply of homes for sale and it's what's driving prices up. Well, for the first time in a couple of years, the number of homes going pending or off the market actually decreased. This is the first time in as long as I can remember, it's got to be at least a year or two now, that we've actually saw a decrease in the number of homes going pending. A lot of that is due to people taking the post-COVID vacations, trying to squeeze a vacation in from the end of COVID in June 15th to school getting back in session in August, everybody's trying to cram that family vacation in, they're headed out of town, enjoying a little bit of freedom that they haven't had for the last year and a half.

They're out there, they're traveling. I think you're seeing a little bit of a slowdown in the number of buyers that are out there looking to buy homes for sale. Is it going to last? Time will tell, I don't know. I personally believe that it's mostly a post-COVID vacation with the pent-up vacation demand, but time will tell, it's one month. One month's not a trend, one month could just be a blip on the radar, but, something we're going to want to pay attention to. Make sure you stay tuned to the future videos we put out, so we can update you again next month, let you know if we're starting to see a trend 'cause if we see something one month, not a huge cause for concern.

We see it two months, okay, we better pay attention to this. Three months, now we got a trend. Make sure you guys are staying tuned to these videos, but this is okay. It's not a bad thing. We got to cool off a little bit at some point, okay? We've been going up 2% a month pretty consistently on home values. 2% a month is dangerous, right? If you take a balloon and you fill that balloon up really, really fast with air, it's going to pop really quickly. You fill it up nice and slow, it's actually going to stretch a little bit further. This is a good thing, right? If we could just go up 1% a month instead of 2% a month, that's okay. We can fill the balloon bigger, which means we can fill your pockets bigger. Just to understand, set a realistic expectation. If your friends sold their home in May or June in the peak of the craziness, they might've had 10 or 20 offers on their home.

Today, you might get two or three offers on your home and that's okay because those offers are going to be higher than what your friends got two or months ago. Just have a little patience. In a normal market, your home's sitting on them on the market for two to three months. If it sits for two to three weeks, that's still really, really fast, it doesn't need to sell in two or three days like it did a couple months ago.

Just come in, make sure you're working with an agent like us. Who's going to set a realistic expectation for you. Two to three weeks, normal. Totally okay. You're still going to get a great price for your home, much more than your friends got a couple months ago, even though they got a lot of offers. Just be patient. Everything is all good. If you're curious of what your home could sell for in today's market, give us a call at the phone number down below. Our team would love the opportunity to help you out. We will provide you a free valuation, let you know exactly what we could get it sold for today. Give us a call, shoot us a text. I'm Kyle Whissel of Whissel Realty Group, thanks for watching.