Right now, housing prices are high.
Fewer homes are on the market and the ones that are often sell in a little more than a week. Buyers are hoping that prices will fall once the pandemic ends, but some experts say that buyers shouldn't get their hopes up.
"It's slim pickings out there for people who wish to purchase a house," C2 Financial Corp loan officer Mark Goldman said. "There's a shortage of inventory. There's a lot of bidding wars going on. Interest rates are very, very low."
It's a seller's market because fewer people are selling their homes, Goldman said, and even when the pandemic ends and more homes are listed, he thinks prices will stay the same.
"I think the market is going to remain fairly stable and prices will stay fairly stable," Goldman said. "If inventory tripled we would be in a normal market."
Homes across the state are staying on the market for only an average of two weeks, while in San Diego, it's an average of eight days.
"I'm not saying things are going to explode," Goldman said. "I just don't see a downturn."
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Goldman also doesn't expect there to be a flood of foreclosures on the market.
"There's a lot more buyers than there are sellers," said Goldman. "If you're experiencing financial distress and you can't afford your payment anymore, there's a lot of people who can buy your house from you at a fair price."
Goldman said there are a few ways prospective homeowners can try to get ahead.
"Buyers need to be pre-approved for their financing," Goldman said. "They need to know a good one when they see it so they can be prepared to make an offer and get control of the property quickly."
Goldman also thinks the low financing rates will change before long.
"There's a risk that rates won't remain as low as long as anticipated," Goldman said. "But that means the economy is doing better."
