NORTH COUNTY — The local real estate market is changing as more homes are hitting the market, but sellers and buyers still face challenges.
Realtor AJ Maloney at Daniel Team Realty in Oceanside said over the past several weeks has seen the biggest shift in the market since 2020. She said the number of homes on the market and interest rates have thrown a curveball into the market, while J.R. Phillips, who owns Phillips + Co., said the industry is also moving toward a more neutral market as inventory has increased to a four-month supply.
Phillips said the shift has created a sort of standoff between buyers and sellers, and he and Maloney said sellers must be more creative with their pitch, incentives and concessions. One tool Maloney has deployed is a 2-for-1 interest rate buy, where the seller offers a 2% credit to the buyer and subsidizes the rate for two years.
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