The bottom line: do not count on a wave of foreclosures or short sales due to the economic fallout of the COVID-19 recession. While there may be a bit more distressed in 2021, a slight rise, it will pale in comparison to the Great Recession. Nobody should expect any type of a deal anytime soon, especially with mortgage rates that dipped below 3%, reaching yet another record low.
The market is currently sizzling hot with an overall Expected Market Time (the time between the signed listing contract to opening escrow) of 38 days, the hottest market since 2013. Yet, many sellers are not finding success. Incredibly, 33% of all currently active listings have been exposed to the market for more than two months.
COVID-19 has lost its grip on buyer demand, but it is still preventing homeowners from listing their homes. Lack of Supply: From March through today, one-third fewer homes were placed on the market. Today’s San Diego County market is a Hot Seller’s Market with an Expected Market Time (the amount of time between hammering in the FOR-SALE sign to opening escrow) of only 42 days. It is the hottest June since 2013.