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Torrey Highlands Market Update

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The Torrey Highlands housing market has slowed a bit in the past month which is

normal for this time of year. In the last 30 days we’ve had 9 price reductions out of the 21

active single family homes & townhomes, which is a whopping 42%. As hot as this market has been it may seem a little odd to see price reductions and seeing “Motivated Seller” and “Bring all

offers” comments on listing pages. Does this mean we are seeing a turn in the market?

Not exactly, as I mentioned before this time of year can be a little bit on the slow side for

home buyers. I also think some sellers are shooting for the moon just to see if they can

reach it. But buyers know the market too and they aren’t willing to overpay as much as

they have in the past .With the Fed possibly raising interest rates in December we could actually see the once strong sellers market becoming much more balanced as affordability will surely

decrease with even .5% interest rate increase. Make sure you refinance now if you haven’t done so already in the past two years.

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