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We are feeling the pain… the inventory shortage pain!

 

We have seen a slowdown in sales in most parts of San Diego… but we continue to see prices increase! This is because we still have a lot of buyers entering the market, presumably due to our thriving local economy, our unemployment rate being well below the national average, and we have also seen wages increase.  So what can we expect moving forward? We will continue to see the crunch on inventory which, in turn, will cause bidding wars and price increases. For homeowners who are thinking about selling? This is great news! For buyers? Not so much… However, we are expecting to see a spike in new development with lots of new construction hitting the market in the next 4-12 months, so stay tuned!

 

Here are some stats to back that up:

Closed sales decreased 8.7% compared to this time last year, the more shocking number is that Inventory has decreased 26.4%! Yes that is a big difference and something that needs to increase if we wish to see a more stable controlled market. This has caused our Median Sales Price to increase 10.1% across the county.

 

July 2017 Real Estate update

Buyers Advice: 
 
Buyers really need to be patient, yet aggressive. Be patient by resisting the urge to jump into a deal just because the market is so competitive – wait until you find the right deal, and then be aggressive and go after it! Remember, having the right agent at the ready is a great way to ensure you will have a strong offense to close the deal.
For helpful tips, watch my video for 3 Buying Hacks!  
 
 
Sellers Advice: 
 
This market is hot and when you are selling anything, timing is everything. So if you are thinking of selling this year, now is the time to do it. Make sure to hire a great agent who will be looking out for your best interest. There is a common scam we are seeing happen right now – don’t let this be you! Watch this video to learn more.
 

  1. 3 beds, 2 baths
    Home size: 1,113 sq ft
  2. 2 beds, 2 baths
    Home size: 1,081 sq ft
    Lot size: 1,306 sqft
  3. 3 beds, 2 baths
    Home size: 1,749 sq ft
    Lot size: 6,420 sqft
  4. 2 beds, 2 baths
    Home size: 1,008 sq ft
  5. 3 beds, 2 baths
    Home size: 1,309 sq ft
  6. 4 beds, 3 baths
    Home size: 1,934 sq ft
    Lot size: 4,497 sqft
  7. 3 beds, 2 baths
    Home size: 1,440 sq ft

See all City of San Diego Real Estate.
(all data current as of 7/21/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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    1429 Henshaw Rd

    Oceanside, CA 92056

     

    $450,000 – $475,000

    3 bedrooms 2 bathrooms 1187 sqft.
    2-car garage sunroom corner lot

    Charming 3 bedroom, 2 bath home on private corner lot, located in desirable family-friendly neighborhood. 

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      The Battle Continues… the Inventory Battle that is!

      Throughout most of the County, we continue to battle an inventory shortage issue which is causing home values to significantly increase. This condition has lead many people to believe that we must be in some type of market bubble; however, the problem with this logic is that there are no valid indications of the market slowing down. Quite the opposite. We live in a market now without subprime mortgages, $0 down loans, or no stated income loans – lenders have MUCH stricter qualifications that serve as a market safeguard during a rising sales spike. Now, if we apply the law of averages, we can predict that things will eventually slow down, but so long as inventory stays this low, all signs confirm that this competitive sales market is here to stay.

      Here are the numbers I am referring to…

      June 2017 San Diego Real Estate Market updates

      Closed sales have decreased -4.3% from this time last year, even worse is the current amount of inventory is down to -25.2% !!! With such minimal levels of inventory, of course the Median sales price has increased to 8% compared to this time last year, and caused the average days on market to decrease 31.2%.

       

      Buyers Advice: 

      This market is hot, so don’t get burned and rush to buy something out of fear. Get prepared and take your time… wait for the right opportunity to arise. For helpful tips, watch my video for 3 Buying Hacks!

      Click Here to Watch Video

       

      Sellers Advice: 

      If you have been on the fence about selling, it’s time to get off! You’ve probably seen a few signs go up in your neighbors’ yards, then in no time there’s moving vans bringing in your new neighbors. It’s clear that now is a great time to sell; however, we continue to get the same questions and concerns… what to do if you need to buy a home after selling ? Well… we have a guide for that!

      1. 3 beds, 2 baths
        Home size: 1,749 sq ft
        Lot size: 6,420 sqft
      2. 2 beds, 2 baths
        Home size: 1,008 sq ft
      3. 3 beds, 2 baths
        Home size: 1,309 sq ft
      4. 4 beds, 3 baths
        Home size: 1,934 sq ft
        Lot size: 4,497 sqft
      5. 3 beds, 3 baths
        Home size: 1,856 sq ft
        Lot size: 3,495 sqft
      6. 3 beds, 2 baths
        Home size: 1,094 sq ft
        Lot size: 5,999 sqft
      7. 3 beds, 2 baths
        Home size: 1,190 sq ft

      See all City of San Diego Real Estate.
      (all data current as of 7/21/2017)

      Listing information deemed reliable but not guaranteed. Read full disclaimer.

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                  Sales are ⬇️, Inventory is ⬇️, but Prices are

        at an All Time High ! 

        Ok, so prices aren’t at an all time high.. some areas are still well below the high seen in 2006; however, when compared to the last 8 years, we are seeing prices soar to new heights! We have experienced this large price increase in 2017 due to the high demand and lack of inventory. We have plenty of buyers attempting to move to San Diego, however we just don’t have enough homes for them all. This market condition sparks bidding wars; which in turn has caused our housing prices to climb.

         
        Here are some numbers to back that up…
         
        Image
        Inventory down
        29.5% 
        Image
        Median Sales Price up
        24.3%
        Image
        Interest rates down
        4.15% 

         

        Buyers Advice: 

        With the inventory levels being so low, the competition is high and it can be difficult for buyers in our current market. You want your offer to stand out. How you can do this is to understand the sellers…  Find out what they might want and/or need, then format your offer to appeal to their needs. For example, they might need to temporarily rent the home after the close of escrow, or they might need to close quickly… whatever their terms may be, your job is to find out and then tailor your offer to accommodate the sellers’ needs.

        See why so many buyers hire us: Click Here. 

        Sellers Advice: 

        When it comes to selling your home, timing is everything! The best time to sell is when the market demand is high and the competition is scarce. Keep an eye on your neighborhood and see how fast homes are selling near you. If properties are selling fast, it’s probably the right time to sell. Hire a realtor to help you survey the market and the current competition; when the time is right, they will help place your home up for sale.

        ​​​​​​​

        See what has sold in your area: Click Here.

        Stay Active & Setup Automated Home Search Updates Here!

        1. 4 beds, 3 baths
          Home size: 2,300 sq ft
          Lot size: 11,110 sqft
        2. 4 beds, 3 baths
          Home size: 2,101 sq ft
          Lot size: 5,807 sqft
        3. 3 beds, 2 baths
          Home size: 1,749 sq ft
          Lot size: 6,420 sqft
        4. 3 beds, 3 baths
          Home size: 1,620 sq ft
          Lot size: 3.60 ac
        5. 4 beds, 3 baths
          Home size: 2,612 sq ft
        6. 3 beds, 3 baths
          Home size: 2,632 sq ft
          Lot size: 42,688 sqft
        7. 3 beds, 3 baths
          Home size: 1,970 sq ft

        See all Real estate matching your search.
        (all data current as of 7/21/2017)

        Listing information deemed reliable but not guaranteed. Read full disclaimer.

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          1536 Sapphire Lane, Vista, CA 92081

          $675,000

          Beautifully remodeled home in the highly desirable community of Shadowridge, Vista! This home features everything you could want, including: amazing corner lot location, vaulted ceiling entryway, beautiful large windows, perfect floorplan, and a tranquil backyard setting. This home also offers amazing finishes such as hardwood floors, granite counter-tops, custom built cabinetry, gorgeous lighting, and amazing landscaping. Don’t forget about the 3 car garage, outdoor kitchen,and no HOA Fee! This one won’t last!

          4 Beds  Shadowridge Community
          2.5 Baths  HOA Fees: $0
          2,701 sq.ft.  Lot Size: 5,186 sq.ft.
          3-car, Attached Garage  Year Built: 1991
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            First Quarter is in the books & We’re in a H🔥t Market

            The first quarter of 2017 is in the books, so what happened? Well… the market has outdone everyone’s predictions.

            We are seeing month over month price increases, we are seeing buyer activity at an all time high, and we aren’t seeing any signs of this slowing down. Why? Because we don’t have enough inventory. I think this is due to the common concern I keep hearing from potential sellers… they are concerned if they sell, they won’t be able to find their next home. (If this is you, read our sellers advice)
            With all that being said, here are the stats to back this up:

            Closed Sales decreased 0.8% for Detached homes & 14.1% for Attached homes, however inventory decreased 29.9% for Detached homes and 34.7% for Attached homes which caused the  Median Sales Price to increase 7.9% to $565,000! DOM (Days on Market) decreased 13.6% for Detached homes & 17.1% for Attached. All this is telling us we are in a HOT market!

            SELLERS ADVICE

            One common concern we’re hearing from contingent home sellers is the fear of not finding their next home once they sell (a feeling that quickly disappears once they receive multiple high offers on their house), so we’ve put in place some security blankets for our home-sellers:


            # 1 – Make the Sale of their home contingent on them finding their next home.

            # 2 – Do a “Rent-Back” which will allow them to stay in their home for 30-90 days.

            # 3 – Have a plan to move into an AirBnB while putting their belongings into storage… This works great!


            Find out How much you could sell your home for!?

            What to do when you get multiple offers? Read Here

             

            BUYERS ADVICE

            The competitive market is making it particularly difficult for first-time & contingent buyers…So, How do you make yourself stand out from the crowd?# 1 – Ask your mortgage lender to get you FULLY APPROVED (not pre-approved -Fully Approved).

            # 2 – Stay ACTIVE, be AGGRESSIVE on Price & Terms.

            # 3 – HIRE a REALTOR, a True Agent with proven experience and positive reviews.


            Stay Active & Setup Automated Home Search Updates Here!

            1. 3 beds, 2 baths
              Home size: 1,113 sq ft
            2. 2 beds, 2 baths
              Home size: 1,081 sq ft
              Lot size: 1,306 sqft
            3. 3 beds, 2 baths
              Home size: 1,749 sq ft
              Lot size: 6,420 sqft
            4. 2 beds, 2 baths
              Home size: 1,008 sq ft
            5. 3 beds, 2 baths
              Home size: 1,309 sq ft
            6. 4 beds, 3 baths
              Home size: 1,934 sq ft
              Lot size: 4,497 sqft
            7. 3 beds, 2 baths
              Home size: 1,440 sq ft

            See all City of San Diego Real Estate.
            (all data current as of 7/21/2017)

            Listing information deemed reliable but not guaranteed. Read full disclaimer.

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              1209 Sand Dollar Way, San Marcos CA 92078

              $799,000 – $825,000

               

              4 Beds – 3 Baths – 2,680 sq. ft  3 Car Garage – Built in 2001 – 0.44 Acre Lot

              This is a beautiful home in the highly desirable community of Rancho Dorado. This home features everything you could want, including: the master bedroom on the first floor, large private 0.44 acre lot, 3 car garage, cul-de-sac location and no neighbors behind you. With new paint, beautiful large tile floors, fully remodeled master bath, and an amazing floorplan, this home is not going to last!

               

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                500 W Harbor Dr #1507, San Diego, CA 92101

                $599,900 – $625,000

                Beautifully remodeled residence in CityFront Terrace within the Marina District’s most prestigious building. This unique unit is located in the historic Soap Factory wing of the building which offers amazing brick walls and wood beams. Features a fully remodeled kitchen with a custom movable island, wood barn closet doors, large rustic windows, and beautiful crown molding. This unit is a designers dream! Plenty of storage in this unit due to its custom closets and built-ins. This is a must see & don’t forget to view this amazing communities amenities.

                1 Bed1 Bath

                943 sq. ft

                1 Car – Undergroung Valet

                City Front Terrace @ Marina DistrictResort Style Living

                2 Pools – Gym – Spa

                BBQ area + Entertainment Center

                 

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                  FED Raises Rates to Slow Down the Market

                  Things are a little confusing right now… the FED has raised interest rates with an intent to slow down the market, however all that this has done is push more people into hurrying up and buying (which is a smart move) which in turn has caused for our inventory levels to stay low. As you all know because I say it almost every week… Low Inventory + High Demand = Increase in Prices. This factor combined with tax returns and the spring selling season ahead of us, is a recipe for a strong growing market.

                  Here are some numbers to back that up:
                  Closed Sales decreased 0.7% for Detached homes however Pending Sales increased 14.2% and the Inventory level decreased 24.3%. The Median Sales Price was up 5.6% to $559,500 for Detached homes and 7.8% to $378,750 for Attached homes. Days on Market decreased 2.3% for Detached homes and 22.0% for Attached homes. All these stats are pointing to a market not ready to slow down.

                   

                  BUYERS ADVICE

                  With low inventory you are likely to see multiple offer situations once you find the home you want.

                  Do these 4 things now to avoid missing out on your dream home:

                  1) Get Pre-Approved for a loan.

                  2) Find out how much you will need for downpayments and closing costs, and have those funds set aside.

                  3) Find an agent who will be patient with you, who won’t try and rush you, and hire that agent.

                  4) Setup automated search updates on a website you like, then you’ll be updated on all the homes in the area you want to buy in. Use other sources besides Zillow.

                  Setup Automated Search Updates Here… ​​​​​​​​

                   

                  SELLERS ADVICE

                  For you folks who are looking to sell then turn around and buy your next home, here is what to do:

                  1) Get a ballpark valuation on your current home and figure out how much you will be making on the sale.

                  2) Get pre-approved for a loan and figure how much you can afford.

                  3) Do a search online and see if there are multiple homes out there that you could see yourself in.

                  4) Hire your Real Estate Agent.
                  Find out how much your home is worth: Click Here

                   

                  1. 3 beds, 2 baths
                    Home size: 1,113 sq ft
                  2. 2 beds, 2 baths
                    Home size: 1,081 sq ft
                    Lot size: 1,306 sqft
                  3. 3 beds, 2 baths
                    Home size: 1,749 sq ft
                    Lot size: 6,420 sqft
                  4. 2 beds, 2 baths
                    Home size: 1,008 sq ft
                  5. 3 beds, 2 baths
                    Home size: 1,309 sq ft
                  6. 4 beds, 3 baths
                    Home size: 1,934 sq ft
                    Lot size: 4,497 sqft
                  7. 3 beds, 2 baths
                    Home size: 1,440 sq ft

                  See all City of San Diego Real Estate.
                  (all data current as of 7/21/2017)

                  Listing information deemed reliable but not guaranteed. Read full disclaimer.

                  Be Sociable, Share!

                     

                    Real estate professionals across the nation are as busy as ever!

                    Everybody in the Real Estate industry is saying the same thing, “the market is hot!” This is what we are hearing around town and it’s also what we are hearing nationwide.

                    We have very low inventory levels in San Diego County right now, when you combine that with a lot of buyers entering the market we are going to have a supply and demand issue and most likely see prices continue to climb. One other factor that could be driving buyers into the market is the fact that the Fed has released statements promising to raise interest rates. This is alarming for buyers because if interest rates jump another 0.5% this could push them into a payment they don’t feel comfortable with. However even if rates jump to 5% nobody expects this to affect our market in a negative way. This simply shows that we are in a strong economy and there is confidence in the real estate market.

                     

                    Now it’s time to look at the numbers.

                    Closed Sales were down 15.8% compared to this time last year, however Pending Sales were UP 12.3% . We believe this is from the lack of inventory and buyer activity we had last year in December. THe good news for sellers is that days on Market was down 6.5%, and the Median Sales Price was up 7.6% to $572,190 for Detached homes and 4.3% for Attached homes. Overall outlook looks promising for the real estate market. Onward and upward!

                     

                    BUYERS ADVICE

                    With the limited amount of inventory on the market buyers must be aggressive and active when searching for a home. Remember to hire a Realtor, get all your ducks in a row (Pre-approved), and actively look daily. Keep up the good work, the right opportunity will come! Find Your Home Today.. ​​​​​​​​

                     

                    SELLERS ADVICE

                    The ball remains in your court. Continued low inventory keeps bringing multiple offer situations. Now is the best time to set a new record sales price for your neighborhood!

                    Find out how much your home is worth! Click Here

                     

                    1. 3 beds, 2 baths
                      Home size: 1,113 sq ft
                    2. 2 beds, 2 baths
                      Home size: 1,081 sq ft
                      Lot size: 1,306 sqft
                    3. 3 beds, 2 baths
                      Home size: 1,749 sq ft
                      Lot size: 6,420 sqft
                    4. 2 beds, 2 baths
                      Home size: 1,008 sq ft
                    5. 3 beds, 2 baths
                      Home size: 1,309 sq ft
                    6. 4 beds, 3 baths
                      Home size: 1,934 sq ft
                      Lot size: 4,497 sqft
                    7. 3 beds, 2 baths
                      Home size: 1,440 sq ft

                    See all City of San Diego Real Estate.
                    (all data current as of 7/21/2017)

                    Listing information deemed reliable but not guaranteed. Read full disclaimer.

                    Be Sociable, Share!
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