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[May 2018] San Diego Real Estate Update

 

WATCH OUT! Mortgage Rates on the Rise Again!


They said this day would come.. Well folks, I’m here today to report that sure enough the F.E.D. has just delivered another promised increase to our mortgage rates. Be aware that rates are scheduled to increase several increases are set to occur several more times over the year… 

As we turn the page and head into the more palatable days of summer, we can expect our local housing market to pick up speed and all signs suggest our housing prices will continue this steady climb into the foreseeable future. With mortgage rates on the rise – buyers will soon realize the real threat time now plays against housing affordability. 

As for the recent rise in mortgage rates – buyers will realize these climbing rates are not just distant  threats on the horizon, but rather a costly condition of today’s housing market. Especially for first-time buyers and those looking in the lower-tier homes, these steady rising rates should be cause to push buyers out there and purchase their home during these next few summer months before its too late.

Many sellers and builders are in a good position for financial gains, as the economy continues to favor sales of existing homes and constructing new homes for sale. As we predicted just last month, the market has officially shifted on a national level – after more than two years of waiting, we are finally seeing some upward movement in new listings hitting the market here. Remember, we’re talking slight shifts here – we still maintain a sellers’ market with inventory levels still well below the line of demand, so buyer competition and price increases are still active conditions in our present housing market and likely will continue for the next several months.

Here’s the numbers to back that up…

Buyers Advice:

Ok, now we don’t want to scare you – but as our mission is to serve your best interests first as your real estate advisors. In that effort, we speak candidly here and want to alert our local home buyers to these condition changes within our San Diego housing market. 
 
So that being said, here’s our message to all buyers out there: GET OFF THE FENCE!!! Rising mortgage rates are like logs on the fire. Alongside all other factors now in play – trust me, time is the enemy here. Home prices are going to continue to climb, now steadily alongside mortgage rates as well for the foreseeable future – that means as time goes on, buyers will edge closer and closer to their affordability line. Remember, buying versus renting in San Diego is still the better move for most, but NOW IS THE TIME TO BUY!!!! Want to discuss what next move is best for you?
 
[ Ask about our Premiere Buyer Services.. ]

Sellers Advice:

The competition has arrived… inventory numbers are gradually edging back up and those white hot days of selling your home for $10K+ over asking in just 1 day on market are officially over. However, you should rest assured that our housing market can absorb the impact of these rising mortgage rates for some time here – meaning that your home price will not be negatively impacted by this buying factor at this time. Now that’s not going to be the case indefinitely… time is a factor working against sellers here as well. Eventually home prices will start to feel the market affects of these climbing mortgage rates, especially for lower-tier homes. That being said, your best results will be achieved selling your home sooner rather than later here… right now you can still expect your home will sell fast and for top dollar, so long as you plan properly. Your home can be your best financial asset – don’t leave money on the table.. Take the proper steps to get top dollar for your home today!

[ Ask us about our Hands Free Selling System… ]

 

  1. 2 beds, 3 baths
    Home size: 1,116 sq ft
    Lot size: 2.00 ac
    Year built: 1995
    Days on market: 0
  2. 4 beds, 2 baths
    Home size: 1,870 sq ft
    Year built: 1969
    Days on market: 1
  3. 4 beds, 2 baths
    Home size: 1,418 sq ft
    Lot size: 5,700 sqft
    Year built: 1957
    Days on market: 1
  4. 4 beds, 3 baths
    Home size: 2,464 sq ft
    Lot size: 35,719 sqft
    Year built: 1975
    Days on market: 1
  5. 3 beds, 3 baths
    Home size: 1,762 sq ft
    Lot size: 5,662 sqft
    Year built: 2001
    Days on market: 1
  6. 3 beds, 3 baths
    Home size: 1,898 sq ft
    Year built: 2007
    Days on market: 1
  7. 4 beds, 2 baths
    Home size: 1,757 sq ft
    Lot size: 16,988 sqft
    Year built: 1954
    Days on market: 1

See all Real estate matching your search.
(all data current as of 5/26/2018)

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

 

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    April 2018  –  San Diego Real Estate Update 

    Can it be true?? Ladies and Gentlemen, no fools’ jokes went into the making of this statement… let it be known: there is finally a significant shift in our San Diego Housing Market! We are just seeing significant evidence of a lasting change to our local market. Basically, what had been several long discouraging months with severe inventory droughts in a scalding HOT sellers’ market has simmered down to what I would say to be a more stable market.  So small shift statistically, but what a significant impact on the market!  

    Now, this news may be a shocking surprise to you – but don’t be jumping to any sky-is-falling conclusions about this now.. we are seeing only slight shifts here, nothing to indicate we are at any risk of a market collapse, I assure you! What we are seeing is a slight, and long overdue increase in our market inventory finally, though oddly enough also saw slight dip in buyer demand over last few weeks. This may seem odd, but considering all the many other factors in play here like tax season/reforms, stock market, school season, newly increased interest rates, economic stability concerns, or just some awful cocktail of them all gives just cause for buyer numbers to take slight dip momentarily here, as shown below.

    However we can expect buyer demand recover soon as this recent market shift becomes more evident  – this surge of new inventory brings long-overdue relief onto our buyer market.  More inventory means buyers will finally have more options when out looking for their new dream home (and slight decline in present buyer activity is GREAT news for active buyers now! – More options, less competition, better deals!) For sellers, this shift will mean the end of price gauging and return to more strategic home sale practices.

    Now you might be asking yourself, “Why is this not a sign of a correction, or market crash???” Well, when the market crashed in 2007 people were stuck with these adjustable rate mortgages which when adjusted, sent their payment through the roof, we don’t have that anymore. Rental rates were extremely low in 2007 so it was cheaper to go rent than to own, we don’t have that anymore. Our population has grown yet we have only managed to build around 22% of the housing that is needed to support those new members of our community. Therefore these signs all point to high demand for housing here.

    All in all, the market is going to remain very strong for the foreseeable future, however expect to see more inventory and more options for home buyers.

    Here are some stats to back that up:  

     

    Closed Sales are down 15.9%,. Pending Sales are down 3.1%. The Median Sales Price was up 10.4% to $635k for Detached homes and 5.7% to $412k for Attached homes.
     
    Buyers Advice: 
     
    Alright, it’s time to get off that fence and buy now before interest rates go up even more – the Fed has come out and said they plan to do 2 more increases to interest rates within this year. You will definitely want to get into your new home before that happens! Also, we are finally seeing more homes hit the market, this means you can give yourself more time to be picky and make sure the home has everything you’re looking for! 
    See all the new inventory for yourself (Click Here)
     
     
    Sellers Advice: ​​​​​​​
     
    With competition to sale higher than we have seen in last few years, you will really want to make sure your home stands out from all the rest! To do this best, you will need to make sure the home is suitably decluttered and arranged so it can be shown well, make sure the property photos are amazing & flawless, always review all marketing to make sure it is advertised correctly, and of course, make sure it’s priced right! If this sounds like a lot to do, you’re not alone & that’s why our  team created this specialty selling system that provides sellers with full service, start to finish so we when you list with us, we’ll do the rest, cut out the stress & always deliver the best! 
    Ask us about our  (Hands Free Selling System)
     
     

    1. 2 beds, 3 baths
      Home size: 1,116 sq ft
      Lot size: 2.00 ac
    2. 4 beds, 2 baths
      Home size: 1,683 sq ft
      Lot size: 8,399 sqft
    3. 4 beds, 2 baths
      Home size: 1,870 sq ft
    4. 4 beds, 2 baths
      Home size: 1,418 sq ft
      Lot size: 5,700 sqft
    5. 4 beds, 3 baths
      Home size: 2,464 sq ft
      Lot size: 35,719 sqft
    6. 3 beds, 3 baths
      Home size: 1,762 sq ft
      Lot size: 5,662 sqft
    7. 3 beds, 3 baths
      Home size: 1,898 sq ft

    See all Real estate matching your search.
    (all data current as of 5/26/2018)

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

     

     

     

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      Spring is Here! San Diego is Blooming… 

      And the Housing Market is BOOMING!!!

      It’s finally Spring in San Diego! I don’t know about you, but this change has me saying “Hallelujah!” …With our days already longer, beach weather just around the corner & seeing all these beautiful flower fields here coming into full bloom… what’s not to love??

      Unfortunately that question isn’t a rhetorical one to local real estate professionals here…

      While living in San Diego has its many obvious perks, our housing market is still a bit of a problem patch… and concerns are mounting as we see this problem starting to grow like a weed…

      The general consensus is set to the same broken record you’ve been hearing here month after month… low inventory, fewer home sales and home prices still in a steady climb… Nothing new there. Now as we turn the corner on winter and spring into warmer months here in San Diego, it’s easy to see why everyone wants to live here… unfortunately the housing demand for our area is higher than the national average, so you can follow the dominoes to see how the growing gap between buyers and homes available brings us into more competitive buying conditions with more aggressive bidding, and thus higher sales being recorded in recent closed sales. We are still seeing this correlated market change continue across all of San Diego county.

      It’s no secret that in any sellers’ market, home buyers get the short end of the stick.. and with mortgage rates now starting to rise as well, now more than ever this ‘hot’ sellers market seems to be really stoking the fire under buyers to hurry and buy now.. before it’s too late!

      According to the Mortgage Bankers Association, the average rate for a 30-year fixed with 20% down payment is up to 4.5-4.6% (highest since 2014). While this isn’t any cause for worry to all those experienced and savvy in real estate, this rise brings quite a significant hurdle in terms of affordability for many potential first-time home buyers. With both factors now in play as we round the corner into spring and our “home buying season”, we believe we will soon see a more stable market here soon.

      Basically, this ‘hot’ sellers’ market that has been stoking the fire under home buyers will likely cool to a simmer here soon. 

      Here’s the stats we are seeing from last month:
      Buyers Advice: 
       
      While the stats may sound a bit discouraging for buyers, especially first-time buyers looking now… Remember: “We Got This”! It’s a competitive market for buyers now, yes..but it’s just like anything else. If you learn the game, practice and play to win, then when game day rolls around, you’re sure to bring your A-game! (..and if you also have an All-Star team ready to bat for you, who wouldn’t bet on you to win??
       
      But in all seriousness, we are about to roll into spring “home-buying” market here and already starting to see an uptick in homes for sale (meaning more opportunities & more options for you to buy)! So whether you’re just out of practice or a first-timer new to the game, it’s pre-season and you need to get ready! Get back in the game now – find yourself a Realtor who will work for your best interests – start there now. Let them be your coach and help you get in the game now… with many more options coming to market here soon, be ready to bring your A-game!  Contact the All-Star team here
       

      SOLD!! $18K OVER Appraised Value! / SOLD “As Is” / Highest Sale in Neighborhood…all in just 3 DAYS! Another *Hands-Free* Selling Success Story!!! our proven selling system delivers your best results, faster than all the other guys.. and we do it all, you don’t have to lift a finger!  Learn about our superior selling services here!

      Sellers Advice: 
       
      Yes, a lot of homes are selling fast, however we are still seeing poorly prepped homes sit on the market with horrible marketing efforts usually causing them to sell for much less than they should have. We see so many sellers drawn to these discount brokers or flat-fee services [*cough* Redfin *cough*]… unfortunately with discount fees comes cut-corners, confusing unpersonalized service and all the hassles of sitting on the market for much longer periods of time.. that means constantly maintaining a ‘show ready’ home, having to leave at a moments notice for constant showings… and if the home finally does sell, you have rookie agents you’ve never met doing the negotiating on your behalf…in a nutshell, homes are selling for much less than should with discount selling services.
       
      Our team instead believes in going the extra mile for our clients – with our Hands-Free Selling system, we hire our interior designer to create a game plan to maximize the selling potential by staging what you are currently working with. We also offer a decluttering/packing service, staging, cleaning & more.. coupled with our advanced marketing strategies and expertise selling local real estate in your area.. we offer a proven system to deliver our clients more money in a shorter amount of time. We will even compete with other agency rates! For your best possible results in your home sale, Contact Us Today!
       
       
       

      1. 2 beds, 3 baths
        Home size: 1,116 sq ft
        Lot size: 2.00 ac
      2. 3 beds, 3 baths
        Home size: 1,898 sq ft
      3. 4 beds, 2 baths
        Home size: 1,757 sq ft
        Lot size: 16,988 sqft
      4. 2 beds, 2 baths
        Home size: 1,138 sq ft
      5. 3 beds, 2 baths
        Home size: 1,140 sq ft
        Lot size: 14.27 ac
      6. 2 beds, 2 baths
        Home size: 1,134 sq ft
        Lot size: 2.80 ac
      7. 2 beds, 3 baths
        Home size: 1,246 sq ft
        Lot size: 18,730 sqft

      See all Real estate matching your search.
      (all data current as of 5/26/2018)

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

       

       

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        Is this Price Climb Over Yet??

        For the last two years, we have watched the steady climb of home prices happen across the nation. For us here in San Diego, we have actually been experiencing this rise for almost 7 years now… and shows no sign of slowing down! 

        Just this summer, prices have already made a 6% average increase across the county…that happened in just 2 months?? So after 7 years, you can imagine how significant an impact this has been on some homes!

        The climb is a direct result of the current market’s lack of inventory. We currently hold 26.7% less inventory today than we did a year ago. That means that active home sales today become hosts to lots of multiple offer situations, lots of appraisal issues and LOTS of happy sellers! 

        But we have to wonder, when is this going to slow down??

        My short answer is yes, maybe and no. Summer is coming to an end, and we can expect to see a slight decline in buyer activity during this time..however with this consistent inventory shortage plaguing our current housing market, we can’t be certain whether or not this brief lull in activity will have a leveling impact on the market.  What we need to have happen is for our inventory to increase up to a 3-month supply. This would allow for the market to finally regain balance and prices to level out to a more stable 3% rise per year. While the solution really is that simple in theory, the real world here continues to show no indication of this happening any time soon, therefore our prices will continue to climb with no signs of slowing down.

        Here are some stats to back that up…

        The Median Sales Price is up to 10.7% to $620,000 for Detached homes, and 6.7% to $405,000 for Attached homes. Closed Sales decreased to 8.6%, Pending Sales increased 5.55%, however the largest and most jarring market change is the decrease in inventory down 26.7% from last year – this caused the Days on Market time to decrease down to 12.6%.

        All in all, these indicators point to a strong, healthy market that is not showing signs of slowing down any time soon.

         

        1. 2 beds, 3 baths
          Home size: 1,116 sq ft
          Lot size: 2.00 ac
        2. 4 beds, 2 baths
          Home size: 1,683 sq ft
          Lot size: 8,399 sqft
        3. 4 beds, 2 baths
          Home size: 1,418 sq ft
          Lot size: 5,700 sqft
        4. 3 beds, 3 baths
          Home size: 2,022 sq ft
        5. 3 beds, 2 baths
          Home size: 1,077 sq ft
          Lot size: 9,583 sqft
        6. 4 beds, 3 baths
          Home size: 2,294 sq ft
          Lot size: 16,552 sqft
        7. 2 beds, 2 baths
          Home size: 1,138 sq ft

        See all City of San Diego Real Estate.
        (all data current as of 5/26/2018)

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

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