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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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    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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      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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          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!

              What’s in store for the 2017 Real Estate Market???

              First we need to look back at what happened in 2016. 2016’s story was a story of consistent growth. We saw month over month increase in prices for 11 out of 12 months, and nationwide we saw this trend for 10 out of 12 months. The year-over-year comparison shows that the number of homes for sale has been fewer in most communities throughout San Diego, and the average Days on Market has decreased over 18%.

              What does this tell us about the upcoming 2017 year?

              It tells us that we are going to see a strong, stable, and constantly growing market.

              We will continue to see a trend of low inventory which in turn will continue to drive prices up. We will continue to see buyers enter the market due to high rental prices and still historically low interest rates. Also, we will continue to see consumer confidence in our market here in San Diego due to population and job growth, simply because San Diego is awesome!

              To back all this up here are the stats: 
              In December Sales increased 19.1% YoY, Inventory decreased 14.3% YoY, and the Median Sales Price was up 5.6% to $561,250 for Detached homes and 8.8 percent to $370,000 for Attached homes. This all shows us that we are heading into 2017 with a strong market behind us!

              BUYERS ADVICE

              We have extremely low inventory right now, but this is largely due to the lack of sellers willing to list their homes during the Holidays. We tend to see inventory pick up come late January early February. I am advising all my clients to get their ducks in row now (Or 5 months before they plan to buy) that way when inventory picks up they will be ready.

              Start your search here

              SELLERS ADVICE

              As long as inventory stays low you will be in the driver’s seat. Think about it this way, if you need to rent the home back from the buyers, or make your sale contingent on you finding suitable housing, that is more likely to be acceptable now due to low inventory. That’s of course as long as your home is marketed properly, shows well, and is priced right!

              Want to know 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!

                MARKET BEHAVES AS PREDICTED AS WE ENTER THE FINAL MONTH OF 2016!!!

                As we head into the final month to wrap up 2016, not mOct snapshotuch has changed since the year began:

                Low interest rates and a small increase in prices month over month.

                 

                Market predictions have been spot on! The market has kept a comfortable growing pace thanks to continuing high job growth and low mortgage rates.

                The one big drag on the market has been low inventory levels, unfortunately there is little to indicate that the low inventory situation will resolve anytime soon; some might say this is a good thing because it will keep us in this same pattern, however,

                I think with more inventory, we could see prices flatten out and finally see a flat consistent market.

                Here are some stats for what we saw last month: Pending Sales increased 9.6% for Detached homes and 8.0% for Attached homes. Inventory decreased 12.7% for Detached homes and 29.7% for Attached homes. The Median Sales Price was up 11.5% to $580,000 for Detached homes and 8.7% to $380,500 for Attached homes. Days on Market decreased 14.6% for Detached homes and 13.9%for Attached homes.

                With all these positive stats, builder confidence is higher than it has been a long time, yet new development is low because of the cost to build in San Diego is so high. I believe in 2017 we will see a lot more new construction hit the market which will help us get to more sustainable inventory level. However we will have to wait and see what 2017 brings us! Stay tuned next month for our 2017 predictions.

                BUYERS ADVICE

                Continue to look through the Holidays! A lot of buyers step away from looking during this time of the year, however we some of our investor clients find the best deals right around now. Less people looking means less competition so stay active! Click Here

                SELLERS ADVICE

                We have stopped listing homes for the remainder of the year and will not list until Jan 10th, this is because we know how important the first 2 weeks on market are and we want to make sure we have the biggest audience possible. So, enjoy the Holidays and use the time off to take care of all those little repairs that need to be done, then come January you can have your property ready for market!

                Want to know 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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