Del Mar is a charming coastal city in San Diego County, California. Spanish for “by the sea”, Del Mar’s name perfectly captures its prized location along the shores of the Pacific Ocean. Breathtaking beaches, the wonderful Californian climate, and some incredible real estate are just some of the reasons why so many want to move here.
If you’re looking to sell a residential property in Del Mar, one of the first things you’ll want to do is contact a trusted real estate agent. They can make the process much more streamlined and increase the chances of you selling your home quicker and for the best possible price. However, you’ll also want to know as much as you can about the Del Mar, CA real estate market, and this guide will give the information you need to step into the market, informed, assured, and confident of success.
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Del Mar’s Recent Real Estate Prices
The real estate market of Del Mar, like many other areas, has had its ups and downs. However, if we look at the period between 2021 to mid-2024, a tumultuous time in the US real estate market, we can see that Del Mar is extremely resilient and stable.
During these years, much happened in the housing market nationwide. From 2021 to early 2022, the whole US housing market was seeing record levels of homes being bought and for record prices. Home appreciation was at its highest point than it had been in many years. This could be explained by relatively low interest rates and also the effects of the Pandemic which made many reconsider how they wanted to live their lives. For the first time in history, technology and circumstances came together to make working from home a reality for a much greater number of people. There was a surge of interest in smaller towns and cities from people living in highly urban metropolitan areas. They were looking for a less crowded environment, better homes, and an overall higher standard of living.
From October 2021 to March 2022 homes in Del Mar rose astronomically. In October 2021, the median price of a home sold was $3,250,000. In March 2022, that median price had risen to $3,695,000. In the space of 6 months, the median home price rose by almost 13%. Then the market corrected itself.
In early 2022, the US Federal Bank, afraid that the housing market was overheating, decided to raise lending interest rates. This was not the first time they would do this in 2022 and as expected, house prices across most of the country began to appreciate at slower rates and in some areas to roll back. Del Mar’s house began to reflect more sustainable housing price levels. However, the correction was not severe with the median for homes sold in the area from March 2022 to March 2023 at around $3,450,000.
This correction in price is only a 5.5% drop from historic highs and when all factors are taken into account, homebuyers in Del Mar have still made a considerable amount in terms of how much their homes have appreciated in the last few years.
A Buyers Market
Del Mar has generally been a balanced market over the last few years and there have been just about the right number of homes to meet demand. This is a reason why the market has remained so stable even when extraordinary external forces have so drastically affected the housing market across other parts of the country.
However, the market is tilting towards being a buyers market. There are now slightly more homes available than the current demand. What does this mean for looking to sell their homes in the Del Mar real estate market?
For a start, there are likely to be fewer bids than when the market was more balanced. This also means that multiple bids will be fewer and the chances of having a bidding war for your property are smaller. In short, for sellers, it will become a more competitive venture to sell your home. This does not mean that you should not sell your property now, especially if there is a particular need to do so, it does mean that you should get all the help you can get to get a competitive edge. If you do things right you can still sell your home for an amount you will be more than happy without having to wait for a special buyer.
Winning Strategies for a Successful Sale
- Work with an Experienced Agent
While this first piece of advice may seem self-serving, it is still true. A seasoned professional can help you sell your home more quickly as they have access to Multiple Listing Services (MLS), to which they belong. This gets your property in front of a much greater number of homebuyers. They also are likely to know a network of several different real estate agents, many of whom share information, bringing house hunters and sellers together. They know how to price properly, market your property, and negotiate for the best possible deal.
If you want to sell within a certain time frame and make sure you don’t lose out, work with a trusted real estate agent.
- Show Your Property at its Best
It almost goes without saying that the house should be clean before you hold an open house. However, preparing a home goes so much further. When you consider that you are in a buyers market, you need to take greater steps.
- Declutter – Apart from cleaning, declutter the property for viewings. This means removing any unnecessary items that make the home a little less spacious and a little more personalized. You want your property to look as spacious as possible, this is a prime requirement for almost every homebuyer. But you also want the prospective homebuyer to be able to imagine themselves living in your home. If there are too many personal items like pictures and souvenirs dotted around the property, it becomes harder for the buyer to actually visualize their own family living there.
- Improve the External – Improve your curbside appeal by giving your lawn some treatment and making sure your driveway is clear and clean. First impressions happen long before a homebuyer steps through your front door. You could also give your front door a new lick of paint as studies have shown that this can be one of the most cost-effective returns on investment a home seller can make.
- Hire Stagers – Staging involves arranging decor and furniture in a way that will emphasize your home’s best assets. Key areas to stage include the living room (usually the first room that a viewer sees), kitchen, bathroom, and the master bedroom.
A stager will have an eye for detail that elevates a property. In most cases, they can completely transform what an area looks and feels like. Consider hiring a professional, so you can tap into their expertise in interior design plus knowledge of styles that can impress potential buyers and help you sell your home faster. Depending on your budget, stagers can use your existing furniture or supply you with rented furniture and home decor.
- Get Professional Images – Staging goes hand in hand with taking professional photos and videos. Homebuyers will likely first see your home online in images and increasingly, on video. Aside from providing photos of each room, you may also want to consider taking drone shots. These can give possible buyers a glimpse of the surrounding area and a better view of the house’s location in the neighborhood.
You may even want to get virtual tours of your home up on websites. This has many advantages. Not only will there be a greater level of interest in looking through your home, but you’re also opening up your property to a growing market of people who may not necessarily want to visit the place in person. These include international buyers and investors who may not need to see what living in the home will be like, just that the home is beautiful and justifies the listing price.
- Set a Competitive Price
When it comes to setting a price for your property, getting it right at the beginning is more important than most sellers realize. Your agent can help you determine the proper price for your home. A capable real estate agent in Del Mar, CA will help you conduct a competitive market analysis, so you can confidently establish the value of the property.
If you set the price too low, then you will be losing out, and not maximizing your return on your investment. Set the price too high, and you can find yourself facing many complications and difficulties.
A home that is priced wildly above comparable homes in the market may attract interest from a few curious homebuyers wondering what makes the home so expensive but it will not attract bids. Bear in mind that homebuyers are working with local agents who are knowledgeable about the area, and these agents are not likely to advise for an overpriced home. This will mean that the home stays on the market for longer than other comparable homes in the area and the home may begin to suffer from reputational damage. It will be a natural question for a homebuyer to ask why the property has remained on the market for so long when similar homes have sold. You may then need to reduce the asking price to generate interest but by then, the damage to the home’s reputation has been done and it may be more difficult to sell a home that is now in line price-wise with other comparable homes but has been on the market for longer.
Lowering the price below market value then begs the question of why it is so lowly priced, and this can be a complicated question to answer. It is always best to get the pricing right from the start.
Something to note in the Del Mar real estate market is the trend that sellers often price their homes above what they eventually sell for. The sale-to-list price ratio hovers around the 98% mark. Buyers who are aware of this will make bids that may be considerably lower than market prices, and such bids should not be immediately dismissed unless they are ridiculously low. Again, your real estate agent can help you determine what would be an unreasonably low offer. If a bid is within range, then your real estate agent who should be skilled in negotiations will then seek a resolution that will please all parties.
- Comply with Legal Requirements
To ensure a smooth and safe transaction, make sure to supply all necessary information about the property’s history, condition, features, and potential issues in accordance with California’s disclosure laws. You may also be asked to submit certain reports, like natural hazard disclosures and termite inspections. Consult with your agent and they will happily walk you through this legal process.
- Understand your Homebuyer
Data collected from February to April 2024 indicates that 71% of prospective homebuyers are current Del Mar, California metropolitan area residents. This shows that many homebuyers are looking to stay within the area. On the national level, 3% of potential buyers looked to moving to Del Mar from outer metro areas. Predominantly, outside interest was seen from homebuyers in Las Vegas, Phoenix, and Nashville.
Where your potential home buyer is from can make all the difference to what they’ll want to know and how you can manage questions during an open house or viewing. Someone who is already a resident of California will be familiar with high property prices and high costs of living compared to most of the country. While they will be there primarily to view the property, they may interested in the neighborhood and local vicinity to see how it compares to where they are moving from.
Those who are moving from outside California may have a broader range of questions. They may want to know about how the higher cost of living affects day-to-day life as well as what it is generally like to live in Del Mar.
Sell Your Home with the Professionals
When you choose to work with us, you’ll benefit from the prominence of the Pacific Sotheby’s International Realty brand, an internationally recognized broker of real estate. You’ll be able to tap into the top-producing Del Mar realtor Sean Caddell’s nearly twenty-year expertise in equestrian and luxury coastal properties.
We’ll help you from start to finish — home prep, professional photography, a personalized marketing strategy for your home (print and digital), and hands-on transaction management. Call us at 858.472.1074 or send us a message here for top-tier specialized services when selling your home in Del Mar.