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: 1,170 sq ft
    Lot size: 8,712 sqft
  2. 3 beds, 2 baths
    Home size: 1,849 sq ft
    Lot size: 14,199 sqft
  3. 3 beds, 3 baths
    Home size: 1,680 sq ft
    Lot size: 3,920 sqft
  4. 4 beds, 3 baths
    Home size: 2,000 sq ft
  5. 4 beds, 2 baths
    Home size: 1,570 sq ft
  6. 2 beds, 2 baths
    Home size: 1,148 sq ft
  7. 3 beds, 2 baths
    Home size: 1,687 sq ft
    Lot size: 7,405 sqft

See all City of San Diego Real Estate.
(all data current as of 6/26/2017)

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

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    Are Millennials driving today’s housing demand?

    All signs point to YES! With 42% of all homes sold by Millennials, I think it’s sdar-november-2016-mkt-overviewsafe to say they are a huge factor to this thriving housing market. Millennials are all grown up and ready to embark on their home-buying journey, which in turn is making their parents, a.k.a. “empty-nesters” realize, it might be the time to downsize. I believe both of these factors combined with low interest rates are causing this strong housing demand. Here are some numbers to back that up:

    Pending Sales increased 17.6% for Detached homes and 15.4% for Attached homes. Which in turn caused inventory for Detached homes to decrease 12.4%, and a staggering 28.7% for Attached homes. With this huge decrease in homes for sale you can guess what happens next.

    yes prices have gone up! The Median Sales Price is up 8.6% for Detached homes, and 10.3% for Attached properties year over year. Yes you heard me right, over 10% increase in values for most Attached Homes. The best part about it, there are no signs of this slowing down going into next year.

    BUYERS ADVICE

    If you’re wondering why there are very few houses on the market, know that it is only going to get worse going into the Holidays. We usually see a slight slow down through November however come December we will see even less homes come to market. However we also see a lot of buyers stop their search during the Holidays so that means potentially less competition for you! See if there are any homes available in the area you are looking for Click Here 

    SELLERS ADVICE

    We keep hearing from our clients that they have been told that the market is slow during this time of the year. All I have to say is look at the numbers, the numbers never lie! Pending Sales have went through the roof and inventory levels are down, those numbers tell us it’s a perfect time to sell. Want to know the value of your home? Find out for free here

     

    1. 3 beds, 2 baths
      Home size: 1,170 sq ft
      Lot size: 8,712 sqft
    2. 3 beds, 2 baths
      Home size: 1,849 sq ft
      Lot size: 14,199 sqft
    3. 3 beds, 3 baths
      Home size: 1,680 sq ft
      Lot size: 3,920 sqft
    4. 4 beds, 3 baths
      Home size: 2,000 sq ft
    5. 4 beds, 2 baths
      Home size: 1,570 sq ft
    6. 2 beds, 2 baths
      Home size: 1,148 sq ft
    7. 3 beds, 2 baths
      Home size: 1,687 sq ft
      Lot size: 7,405 sqft

    See all City of San Diego Real Estate.
    (all data current as of 6/26/2017)

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

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      October San Diego Real Estate Update 2016

      RENTERS SAYING BYE-BYE TO LANDLORDS, HELLO HOMEOWNERSHIP!sdar-october-2016-mkt-overview

      High Rent Prices and lack of inventory are pushing many into buying a home of their own. Given the competitive situation and ongoing high rental prices, we have seen an uptick in renters looking into becoming homeowners. The problem that we face here in San Diego is the lack of inventory for entry level priced homes. So, the numbers I am going to share with you are not going to make sense at first, but stay with me 😉  

      We have seen closed sales begin to cool down for much of the county and everything points to that continuing, however this is not due to the lack of buyers “we have plenty of buyers” we actually have an inventory shortage. Here is what I mean: We have a 1.2% decrease in units sold compared to this time last year, yet the Median Sales Price has increased 7.4%, while Inventory Decreased a shocking 15.9%.

      So what does this mean?

       

      BUYERS ADVICE

      Buyers must be aware of the competitive market, particularly those looking for move-in ready homes. One thing you will want to do is stay active throughout the holidays. We see a lot of buyers postpone their search until after the Holidays so this means less competition for you! For more info on how to prepare, check out our Buyer’s Guide 

       

      SELLERS ADVICE

      Homes are averaging 26 days on market. Feel confident to list your home just above what the comparables are showing you. If you don’t get the activity you were looking for during the first week on market, don’t be afraid to lower the price. Find out what your neighbors homes are selling for HERE

       

       

      1. 3 beds, 2 baths
        Home size: 1,170 sq ft
        Lot size: 8,712 sqft
      2. 3 beds, 2 baths
        Home size: 1,849 sq ft
        Lot size: 14,199 sqft
      3. 3 beds, 3 baths
        Home size: 1,680 sq ft
        Lot size: 3,920 sqft
      4. 4 beds, 3 baths
        Home size: 2,000 sq ft
      5. 4 beds, 2 baths
        Home size: 1,570 sq ft
      6. 2 beds, 2 baths
        Home size: 1,148 sq ft
      7. 3 beds, 2 baths
        Home size: 1,687 sq ft
        Lot size: 7,405 sqft

      See all City of San Diego Real Estate.
      (all data current as of 6/26/2017)

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

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        September San Diego Real Estate Update 2016

        Are rising prices making homes sell faster?

        The short answer seems to be YES! As crazy as it sounds, prices keep on rising in many communities throughout San Diego, which is creating an urgency in buyers to secure their dream home or risk paying more for that same house a few months down the road.sep 16 mkt snapshot
        To add to that, we have a good portion of sellers who are also buyers… sellers who want to upgrade or downsize. This adds another layer of buyers to the market and reduces the amount of inventory.

        Now this is all speculation and what we are seeing first hand, however here are some stats to back this up:
        We we have seen Closed Sales decease 15.8%, and the Average Sales Price for detached homes increase 2.4% to $687,775, yet our inventory level has still decreased 11.9 %. So what does that tell us…? Well not much until you see this stat, our average days on market decreased 11.2%.

        What does this mean for us… too many buyers, not enough homes!
        What does this mean for you? Please read more below.

        Buyers Advice:

        I must admit: we are seeing a lot of multiple offer situations in the average to entry level price range. So how do you get your offer to stand out? There are a few things we like to do, one being making the timeframes convenient to the seller. What I mean is ask the seller if they would like to rent back, stay in the home for a short period after close, or close fast.
        For more tips Click Here

        Sellers Advice:

        With low inventory our sellers are finding themselves in multiple offer scenarios, the market is theirs and they’re selling their homes for Top Dollar in less time! However price is not the only thing to look for in an offer, and it can be a mistake that leads to losing thousands.
        Here are a few tips for what to look out for when responding to multiple offers Click Here

         

        See the newest listing to hit the Real Estate Market in San Diego:

        1. 3 beds, 2 baths
          Home size: 1,170 sq ft
          Lot size: 8,712 sqft
        2. 3 beds, 2 baths
          Home size: 1,849 sq ft
          Lot size: 14,199 sqft
        3. 3 beds, 3 baths
          Home size: 1,680 sq ft
          Lot size: 3,920 sqft
        4. 4 beds, 3 baths
          Home size: 2,000 sq ft
        5. 4 beds, 2 baths
          Home size: 1,570 sq ft
        6. 2 beds, 2 baths
          Home size: 1,148 sq ft
        7. 3 beds, 2 baths
          Home size: 1,687 sq ft
          Lot size: 7,405 sqft

        See all City of San Diego Real Estate.
        (all data current as of 6/26/2017)

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

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          August San Diego Real Estate Update 2016

          What’s going on with the 2016 San Diego real estate market? Is it hot, is it not?

          Well, now that we have 7 months of statistics in the books for 2016 it seems like a great time to do a review and see what’s really going on. Here is how it breaks down:Aug Real Estate Update 2016

          The inventory level has matched the same statistics that we saw last year in 2015, however Closed Sales have decreased 3.9%. Yet even with the decrease in sales our Average Sales Price has increased 5.5%…. How is that possible? Well, statistics don’t show this but having been involved in the market every single day, I believe we have a logical answer for this. We are seeing an increase in demand for properly priced homes that show well. Meaning, we don’t have enough sellers selling properties that are in good / move-in condition. And the properties that are in good condition are selling for higher amounts and increasing our average sales prices.

          What does this mean for buyers and seller? (Answered below in our buyers and seller advice)

          Buyers Advice:

          Because of the lack of inventory of (Move-In-Ready) homes you may want to consider buying a fixer upper. However make sure to hire an agent with experience in the field so they can guide you through the process. Joseph has years of experience in the field.

          Need money to do a remodel? How about a renovation loan? Here is a link to one of the money renovation loan out there: Click Here

          Sellers Advice:

          Have you ever heard the quote “Success is where preparation and opportunity meet”? Well, the the market is strong and prices are up, so the opportunity has arrived, however, in order to reach success you need to prepare the right way. We offer free consultations where we create an exact plan on how to prepare a home for market. We will provide services to: declutter, stage, paint, landscaping, cleaning and anything else that we see fit to maximize our client’s dollar. For a free consultation reach out to us at 888-503-3117, or see our seller’s guide here: Click Here

           

          See the newest listing to hit the Real Estate Market in San Diego:

           

          1. 3 beds, 2 baths
            Home size: 1,170 sq ft
            Lot size: 8,712 sqft
          2. 3 beds, 2 baths
            Home size: 1,849 sq ft
            Lot size: 14,199 sqft
          3. 3 beds, 3 baths
            Home size: 1,680 sq ft
            Lot size: 3,920 sqft
          4. 4 beds, 3 baths
            Home size: 2,000 sq ft
          5. 4 beds, 2 baths
            Home size: 1,570 sq ft
          6. 2 beds, 2 baths
            Home size: 1,148 sq ft
          7. 3 beds, 2 baths
            Home size: 1,687 sq ft
            Lot size: 7,405 sqft

          See all City of San Diego Real Estate.
          (all data current as of 6/26/2017)

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

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            March 2016 San Diego Real Estate Update

            Some rising concerns across the board to sustain a balanced market!March 2016 Real Estate Stats

            Yes I said it… but I’m not talking about the market slowing down, I am actually talking about home prices continuing to increase! For the 12-month period spanning March 2015 through February 2016, Pending Sales in San Diego County were up 10.0% overall. The price range with the largest gain in sales was the $500,001 to $750,000 range, where they increased 23.1%.
            The overall Median Sales Price was up 5.6% to $469,000. The property type with
            the largest price gain was the Single-Family Homes segment, where prices increased
            6.2% to $530,000. Market-wide, inventory levels were down -18.8%.

            With this much demand and the fact that interest rates dropped to the lowest point they have been in over 1 year, I am expecting to see prices continue to climb until we see inventory levels increase.

            For help finding your next home, call us at 888-503-3117

            The Arendsen Group Real Estate

             

             

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              December 2015 Real Estate Update

              It has happened! The Federal Reserve raised the key interest rate on Wednesday from 0-0.25% to 0.25-0.5%.

              Don’t FED Rate Hikego running for the hills, this is a good thing for the economy as a whole. We have been expecting this rate to increase for quite some time, we have even talked about it through our blogs and even this monthly email, but it has finally came to fruition. They made this decision based on many different factors, however a large portion of that decision must have been because the residential real estate market is experiencing its best year since the crash. We have a healthy demand for houses and our unemployment rate has continued to stay at 5% and we have no signs to show us that this will change anytime soon. The FED has stated that they will have “gradual increases” in rates this year. What does this mean for the real estate market? In all honesty I see this putting a nice boost in our already strong real estate market in the immediate future, I say that because I believe buyers will rush to the market in order to lock in a low interest rate. However the long term effect is less predictable.

              Here is what we have seen up to this point. Pending home sales increased 11.7%, days on market decreased 13%, and the amount of homes for sale decreased a whole 21.2%. These are all strong indicators that the market is doing extremely well and a small increase in interest rates will not slow it down. Good things ahead for the San Diego Real Estate market!

              Buyers Advice- Time to get off the fence! Rates are still extremely low and will remain there for some time, however if the FED were to increase rates just one more quarter of a percent, you could be looking at hundreds of dollars more each month on a mortgage. Call me today to get started!

              Sellers Advice- First and foremost, if you do not plan on selling anytime soon and your interest rate is not below 4%, you need to consider refinancing before rates go up. If you are thinking about selling you may want to start preparing your home now, that way you can have your home on the market come Jan 1st. I say that because we always see a spike in inventory in February, so why not beat those sellers to the starting line and be ready for all those new year buyers! Call me today so we can come up with the best strategy.

               

              Ready to Start Your San Diego Home Search? Click Here

               

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                San Diego Real Estate Update for November 2015

                This time of the year is always slightly slower especially on a national level. Here in San Diego we do not have Nov_SDAR_Statsthe winter weather to worry about, however the Holidays do strike fear into some sellers which is why I think our inventory levels are so low. Inventory levels are down 23.3% from this time last year, however Pending sales are only up 12.2%. This shows us that we do in fact have more buyers entering the market than sellers… which is probably why we have seen prices increase 9.3% for Detached homes, and 1.6% for Attached homes. All in all these are good signs for the real estate market. The one factor that could affect this stable and strong market would be the Fed raising interest rates, they have decided not to raise rates the past two meetings but the final meeting in December will likely conclude with a minor rate increase. We will have to wait and see.

                Sellers Advice:

                Keep your friends close and competition closer 😉 Timing is everything in real estate, and if you are the only property on the market in your neighborhood this could results in a record breaking sale. If you are interested in keeping a close eye on your “competition”, please let me know and I will email you a weekly list of what has come on the market and what has sold in your area.

                Buyers Advice:

                With inventory so low and a high probability that you might see a multiple offer situation… you are going to want to have all your ducks in a row before seriously looking. Follow these steps to get prepared: Hire a Realtor, get pre-approved for a loan, have proof of funds for your down payment available, and start your search at least 4 months before you want to be into this new home.

                 

                Start your search today! Click here to start, or simply scroll down to see the newest properties to hit the market in San Diego:

                1. 3 beds, 2 baths
                  Home size: 1,170 sq ft
                  Lot size: 8,712 sqft
                2. 3 beds, 2 baths
                  Home size: 1,849 sq ft
                  Lot size: 14,199 sqft
                3. 3 beds, 3 baths
                  Home size: 1,680 sq ft
                  Lot size: 3,920 sqft
                4. 4 beds, 3 baths
                  Home size: 2,000 sq ft
                5. 4 beds, 2 baths
                  Home size: 1,570 sq ft
                6. 2 beds, 2 baths
                  Home size: 1,148 sq ft
                7. 3 beds, 2 baths
                  Home size: 1,687 sq ft
                  Lot size: 7,405 sqft
                8. 3 beds, 2 baths
                  Home size: 1,376 sq ft
                  Lot size: 39,204 sqft

                See all City of San Diego Real Estate.
                (all data current as of 6/26/2017)

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

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                  Sept San Diegon Real Estate Update

                  Not the best month on record this year but definitely nothing to worry abSept 2015 San Diego Real Estate Statsout, especially because the Federal Open Market Committee voted on Thursday to not raise the federal funds rate. Meaning interest rates will stay low and buyers will continue to enter this market.

                  This month we have seen Closed Sales increase 4.4%, and Pending Sales increase a whopping 15%. These are 2 great signs that the market will continue to climb going into next month. Something else we like to look at is the average “Days on Market”, and last month days on market decreased 23.3% for Detached homes, and 12.8% for Attached homes, which has caused us to hit one of the highest stats we have seen all year, that’s a 26.3% decrease in inventory for detached homes, and a 31.3% decrease in inventory for Attached homes compared to this time last year. I know I just hit you with a lot of numbers, but as you can see we have less inventory which should be a slight increase in values going into next month and hopefully beyond.

                  If you are in the market to buy or sell in San Diego County, please feel free to reach out to us for a free consultation. Contact us Click Here.

                  Ready to start the search for your new home? Click here to search for properties, or simply scroll down to see the newest homes to hit the market in San Diego:

                  Sorry, but we couldn't find any results in the MLS that match the specified search criteria.

                   

                   

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                    Aug 2015 San Diego Real Estate Update

                    The second half of the year is usually slightly slower than the first half, however here in San Diego… this thriving market hasn’t skipped a beat! We are up 12.9% in the number of homes sold compared to this time last year, and our Median sales price is up 7%, which means we are on track for an increase across San Diego County of over 10% this year! I was asked while on AM760 earlier this year if I believed in a comment made by a local economist that “we would see an increase of over 10% in home values” even though I am one of the most optimistic people out there, I disagreed but only because I thought it would be slightly lower and somewhere around 8-9%, so I am not that far off, but I have to admit, this market has surprised me.

                    Here are some real estate stats for San Diego to take note of:

                     

                    AUG_Blog_Pic

                    Pending Sales Increased 13.3% YTD.

                    Number of Homes Sold Increased 9.35 YTD

                    Median Sales Price Increased 7.1% YTD

                    Days on Market went Down 8.9%

                     

                    When we look at the market as a whole we see some strong signs of a stable market, and if we are seeing this then so is the Fed, so I am expecting mortgage rates to increase sooner rather than later. For now we will just have to wait and see.

                    Sellers Advice:

                    With prices up near the 2005 peak we are seeing a lot of people enter the market who have been waiting for 10 years to be able to sell, with that we have seen a lot of junk hit the market, or in better words properties that are in bad condition hit the market at a high price. If you are going to demand a high price for your home it needs to show well, we recommend putting money into 3 things: Paint, Kitchen and Bathrooms. Also seek out staging advice from a professional or a Realtor with some experience in this field. We offer free staging consultations so feel free to ask. 

                    If you are interested in finding the value of your home, click here: Find the value of your home

                    Buyers Advice:

                    Interest rates just took a nice little dip because of everything that’s going on in the stock market, and what most buyers don’t understand is that the one thing that is more important than the price you pay for a home, is the interest rate you get on that home. Timing is everything and if you can lock in a low rate you will be happy buyer!

                    To start your search click here: Start Home Search

                    Or view the most recent homes for sale below:

                    1. 3 beds, 2 baths
                      Home size: 1,170 sq ft
                      Lot size: 8,712 sqft
                    2. 3 beds, 2 baths
                      Home size: 1,849 sq ft
                      Lot size: 14,199 sqft
                    3. 3 beds, 3 baths
                      Home size: 1,680 sq ft
                      Lot size: 3,920 sqft
                    4. 4 beds, 2 baths
                      Home size: 1,570 sq ft
                    5. 3 beds, 2 baths
                      Home size: 1,687 sq ft
                      Lot size: 7,405 sqft
                    6. 2 beds, 1 bath
                      Home size: 855 sq ft
                    7. 3 beds, 1 bath
                      Home size: 1,096 sq ft
                      Lot size: 5,662 sqft
                    8. 3 beds, 4 baths
                      Home size: 2,733 sq ft
                      Lot size: 4,806 sqft
                    9. 4 beds, 2 baths
                      Home size: 1,342 sq ft
                      Lot size: 6,534 sqft
                    10. 3 beds, 2 baths
                      Home size: 1,193 sq ft
                      Lot size: 6,098 sqft

                    See all City of San Diego Real Estate.
                    (all data current as of 6/26/2017)

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

                     

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