Per a report by Redfin, in December there were 47% more home sellers than buyers giving buyers an edge. This is a national number but looking at San Diego County, there were still 22% more sellers than buyers. Redfin calls any market that has at least 10% more sellers than buyers a buyer's market. Under their definition we are definitely in a buyer's market.
Traditionally in real estate the definition of a "buyer's market" has been when inventory is at or above six months of supply. Others, like Zillow, have their own formula. Whatever definition you chose this may be the time to consider buying. Mortgage rates are high 5% to mid 6% depending on your credit and how much you put down. These are historically average to good rates. (Yes, I know you are yearning for 3% again but that most likely won't happen.) With more inventory than buyers, sellers may be more apt to negotiate, particularly if the property is empty and costing them money each month. If you are considering a real estate purchase let's talk and see if buying might make sense for you right now while their are more sellers than buyers.
