The incredibly low interest rates that existed in the first half of 2013 created an unprecedented frenzy in our San Diego Market. The low rates combined with the low supply in most price ranges created what we called the “track meet” market where it was a race for buyers to get to the best properties. Multiple offers and bidding wars were common. Sellers benefited from these dynamics and also experienced unprecedented complexity and challenges in making it to a successful closing.
The “Track Meet” Market
