2020 turned into quite the rollercoaster for markets, and that includes housing markets. As the pandemic took form in early 2020, real estate stalled, and then was transformed in massive ways.
Now, as 2020 closes out and the pandemic continues to shift, the housing market is transforming yet again. The already competitive housing market saw home prices rise more than 8% from last year.
So, where is the San Diego housing market going next? We wanted to ask a real estate professional with an insider knowledge of the San Diego market, Sawyer Winston. This successful entrepreneur has a unique insight when it comes to real estate and is weighing in the matter.
Sawyer, tell us about your background?
I have a bit of an unconventional story, you could say. I’m from San Diego, and from the time I was 17, I was working in some pretty big roles, and was flying around the state for my work.
By the time I was in college, I was taking on bigger and bigger tasks. I started building my own companies, my biggest growing to nearly 50 employees and spanning two different countries.
That sounds pretty exciting. What are some of your main takeaways from your work?
I definitely love the excitement and growth potential that comes with entrepreneurship, and I consider myself a problem-solver at heart. Especially with these bigger companies and projects, I really thrive on the energy of solving problems and putting together pieces of a puzzle.
I consider myself great at developing systems, and I’m always looking to expand and take on new, exciting projects.
How did coronavirus impact real estate in San Diego?
Well, the pandemic really put real estate on hold at first. People were not able to view homes in person, and many sellers pulled their homes from the market, because they were concerned about the viability of selling.
But because of this, there’s actually increased competition for homes in the already competitive market, and we’ve actually seen home prices rise more than 10% since the start of the pandemic, which is pretty wild. Now, the real estate market has normalized when it comes to activities, such as viewing homes, or it at least adapted with technological advancements, such as virtual touring.
What other real estate trends are we seeing right now in San Diego?
There is definitely a lot less inventory on the market in San Diego than in the past years, with one recent report showing that inventory is actually down 45% from previous years. But on the flip side, we’re also still experiencing record low mortgage rates.
That’s really encouraging for people looking to finance their purchases, and makes it very appealing to buy now, if you’re able to.
What’s up next for you?
I’m actually expanding my real estate work as we speak, although I’m currently working outside of San Diego. While I prefer to keep most of the details private, I have a project underway that I’m very excited about.
It’s designed to help rehab communities which are experiencing a stalled economy, and I’m starting in one community at the moment. After I complete the project in this first location, I plan on expanding to even more communities.
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