TAG | Market update 2017

It’s a New Year, New You!

… & a New Housing Market, too??

 
For the entirety of 2017, we were starting to feel like a broken record here…”Housing supply low.. Home values rising..” month after month.
 
It’s no news to our readers here that the supply numbers across San Diego have been consistently low compared to years past, but FINALLY we experts agree that there could be a new story change coming soon to this tired market report. With housing prices consistently up across all markets, we should see more confident sellers bring up the listing activity in 2018. Also with this new tax reform, home purchasers will only be allowed to write off the interest paid o a loan up to $750,000 compared to the previous $1M. This could bring a slight decline in buyer activity this year for the higher end homes or investment buyers.

 
Here are those nitty gritty numbers to back that up:
 

Bottom line, all signs point to a brighter, more stable market coming soon to San Diego. Onwards ‘n’ upwards, folks! 

 
Buyers Advice: 
The holidays can often bring on a ‘market slow-down’ – this supply dip can discourage buyers when there are fewer new listings to be seen hitting the market. But remember, it’s only temporary! After all gets back in full swing, we tend to see inventory levels pick up again.. and now in week 3 of January 2018, sure enough it has! Local inventory has already gone up, and we will continue to see more homes and buying opportunities hit the market here soon.
 
If you have been actively on the search for that perfect new place to buy… Don’t give up!! Keep at it – inventory numbers will rise and would be advantageous for you to get locked into a lower mortgage rate now rather than missing your chance! 
 

**Pro Tip: For your best home buying results, contact an experienced agent and employ for your most knowledgable search resource and real estate advocate. 

 

 

Sellers Advice: 
It’s a new year! What does 2018 have in store for you? Be it a year destined for you to fill with adventure, self-improvement or success…you should consider selling your home!
 
If you’re rolling your eyes, just hear me out! Yes, I am a realtor so this may seem biased – but my team are an advisory-based practice for local real estate. That means we are honest advisors to advocate and explore our clients’ best interest. For that reason I find it my job to make all my local homeowners aware of this potential *gold strike* opportunity they could have in this present market..
 
If you want to make this 2018 your best year yet, then I strongly urge you to pick up the phone. This sellers’ mark
et has become like a perfect storm for optimal home-sale results here in San Diego – selling your home now could very well be your *golden ticket* to make 2018 a year for fulfilling your dreams! 
 
Start today – Make this your best year yet!  – Call 888.503.3117

  1. 3 beds, 3 baths
    Home size: 1,917 sq ft
    Lot size: 26,571 sqft
  2. 4 beds, 3 baths
    Home size: 2,053 sq ft
  3. 4 beds, 3 baths
    Home size: 2,302 sq ft
    Lot size: 10,454 sqft
  4. 4 beds, 3 baths
    Home size: 1,964 sq ft
    Lot size: 8,276 sqft
  5. 4 beds, 3 baths
    Home size: 1,384 sq ft
  6. 4 beds, 4 baths
    Home size: 2,023 sq ft
    Lot size: 1,306 sqft
  7. 4 beds, 4 baths
    Home size: 2,034 sq ft

See all Real estate matching your search.
(all data current as of 5/24/2018)

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

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    New Year, New Tax Reforms!

     
     
    As we near the end of this year and look on to 2018, we consider what the new year has in store for San Diego real estate… with a close ear to all that stirs up on Capitol Hill.
     
    This past year experienced one of the more consistent and predictable markets of this last decade, however as we watch this new tax bill come closer to being passed, we could see a significant impact shift our local housing market. Although the particulars to this bill are still being finalized, what we see as of now concerns the Capital Gains allowance. The new tax reform is looking to adjust the homeowner requirements from 2 out of 5 years to living in their home the full 5 out of 5 years in order to be eligible – which I can predict to have affective impacts on homeowners choosing to stay where they are vs. moving, thus increasing an already extreme shortage to our housing supply. If we see our housing inventory get even tighter in this year to come, we could see another 10-15% increase in local housing prices in 2018.
     
    But enough about predictions, here’s the facts from this last month…
    All-in-all, this has been one of the toughest 4th quarters for buyers, and one of the best quarters for sellers that we have seen in a long time.
     
     
    Buyers Advice: 
     
    If you are on the fence about buying a home, you may want to consider hopping off sooner rather than later! Considering this new tax reform and its predictable effect on our local housing market – you would be wise to buy now! Start your housing search here today!
     
     
    Sellers Advice: 
     
    We are seeing inventory levels at an all-time-low across San Diego county. This has caused home values to continue to climb! Your home may be worth significantly more than you think! To see how much your home could sell for in today’s market, find out here!
     
     

    1. 3 beds, 3 baths
      Home size: 1,917 sq ft
      Lot size: 26,571 sqft
    2. 4 beds, 3 baths
      Home size: 2,053 sq ft
    3. 4 beds, 3 baths
      Home size: 2,302 sq ft
      Lot size: 10,454 sqft
    4. 4 beds, 3 baths
      Home size: 1,964 sq ft
      Lot size: 8,276 sqft
    5. 4 beds, 3 baths
      Home size: 1,384 sq ft
    6. 4 beds, 4 baths
      Home size: 2,023 sq ft
      Lot size: 1,306 sqft
    7. 4 beds, 4 baths
      Home size: 2,034 sq ft

    See all Real estate matching your search.
    (all data current as of 5/24/2018)

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

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      Who Said the Housing Market is Slow During the Holidays???

      With the holidays around the corner, I think​​​​​​​ most homeowners and realtors alike are assuming the housing market will slow down here soon.. However, alongside having a white Christmas in San Diego – a slowdown in this housing market would also prove to be a Christmas miracle.
       
      Now the housing supply will dip due to homeowners not willing to move or show their homes during the holidays – however buyers are continuing to pursue what homes are on the market. This means numbers may be down, but competition to buy will only increase! I predict that prices will continue to climb through the holidays and into the new year. I do believe we will see more inventory hit the market in January – this is based on the intentions stated by the numerous potential sellers I speak with on a weekly basis.  Will it be enough supply to balance out the extreme demand of our current market? …only time will tell.
       
      Here are the numbers we are seeing now:
      Closed sales fell 7.7%, Pending Sales increased 4.2% and the Median Sales Price increased a whole 6.3% from this time last year. What is a true shock to the market is the inventory levels for Detached Homes plummeting to 26.9%.. this tells me that the market is in high demand for detached homes right now, however with supply levels still so low, we should expect to see prices for detached homes to climb quite a bit during this Holiday season.
       
      Buyers Advice: 
      Stay active throughout the holidays!! I can’t stress this enough. Yes, there will be less inventory..Yes, you will be busy during the holidays.. BUT there will be opportunities out there still, and now LESS competition going after the good deals! To make it easier on you, set up a search on our website and be emailed only the listings that match your search as soon as they come to the market!
       
      Sellers Advice: 
       
      I am going to suggest the opposite of what I tell buyers during this time… Consider NOT listing your home during the holidays. We will naturally see less buyers active in the market at this time, therefore you might get less for your home than you would in the heat of peak season. I would say the say the only people listing during the Holidays are those who really need to sell, or those selling detached homes (not condos)… San Diego’s detached homes inventory has dropped 26.9% compared to this time last year, therefore the demand remains high enough to likely help you get more for your detached home throughout this holiday season.
       
      Of course, the best approach to help optimize your home sales return is to simply have the right agent in your corner. Be sure to find an agent that is dedicated to you & deliver your best results!
       

      1. 4 beds, 3 baths
        Home size: 1,384 sq ft
      2. 4 beds, 4 baths
        Home size: 2,034 sq ft
      3. 3 beds, 2 baths
        Home size: 1,248 sq ft
      4. 3 beds, 2 baths
        Home size: 1,029 sq ft
        Lot size: 5,800 sqft
      5. 2 beds, 3 baths
        Home size: 1,208 sq ft
      6. 4 beds, 2 baths
        Home size: 1,530 sq ft
        Lot size: 1,742 sqft
      7. 3 beds, 2 baths
        Home size: 1,035 sq ft

      See all City of San Diego Real Estate.
      (all data current as of 5/24/2018)

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

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        That’s it… I Need to Set the Record Straight…

        We are NOT Facing Another Housing Bubble!!

         

        Last week, our team and myself attended the annual National Real Estate Conference downtown where we were fortunate enough to be audience to a multitude of panels comprised of the best-of-the-best in all areas of real estate – many market issues were discussed but the topic brought up by all panelists from builder reps, to city councilmen, to economics professors surrounded this mounting nationwide concern of a potential market bubble.
         
        Let’s set the record straight here… experts agree – the issue is not when the bubble will happen, but rather when will this inventory crisis end ?!
         
        Let’s compare this year’s numbers to when we did experience the market crash in 2007 –  the calculated scales are currently tilted slightly in favor of buying vs. renting, versus the extreme opposite where 2007 pointed severely in favor of renting as the more affordable option (when considering renting costs vs. the current conventional loan offerings). Also in 2007, we were building in excess with 225,000 homes per year (in California), however despite today’s population having grown by 4 million, we are building under 80,000 homes per year. What shocks me here is how we are growing by nearly 400,000 people each year, yet only building 80,000 new homes..?! Something doesn’t add up here! 
         

        Here’s what I’m talking about:

        Buyers Advice: 
         
        Don’t believe the hype around buying a fixer! Due to San Diego’s high demand for homes, our fixer-upper properties are not selling for that much less than the move-in ready homes. Most of the time, it is actually more affordable to buy a home already remodeled, rather than putting up the capital yourself after purchase. Also, it’s going to be easier for most San Diegans to increase your loan by $50K to buy that move-in ready home, versus a fixer and $70K+ paid out of pocket in order to do a similar remodel.
        However, if you are still interested in a fixer, here’s a good place to start:
         
        Sellers Advice: 
         
        Hire a designer, not a stager! While staging usually does pay for itself and typically helps homes sell much faster, the typical seller in today’s market is still living in the home they wish to sell and it’s a designer they need, not a stager. We like to hire our interior designer to go through the home and create a list of things that should to be changed, all while using the clients furniture already in home to ‘stage’. This saves our clients money while still getting top dollar for their homes!
        See what else we offer our sellers: Click Here 
         

        1. 3 beds, 2 baths
          Home size: 1,029 sq ft
          Lot size: 5,800 sqft
        2. 3 beds, 2 baths
          Home size: 1,035 sq ft
        3. 4 beds, 2 baths
          Home size: 1,400 sq ft
          Lot size: 4,791 sqft
        4. 3 beds, 2 baths
          Home size: 1,994 sq ft
          Lot size: 20,908 sqft
        5. 2 beds, 2 baths
          Home size: 1,127 sq ft
          Lot size: 4,356 sqft
        6. 4 beds, 3 baths
          Home size: 1,958 sq ft
        7. 3 beds, 3 baths
          Home size: 1,894 sq ft
          Lot size: 8,276 sqft

        See all City of San Diego Real Estate.
        (all data current as of 5/24/2018)

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

         
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          San Diego Real Estate Update, September 2017

          Fall is Here! 

          Weather is Finally Cooling Down…

          But When Will this HOT Market Do the Same ??

          This time of year marks the bittersweet transition out of summer & into fall. Life seems to slow down as the weather starts to cool & the kids are back in school. Similarly, the housing market has historically seen a slight cool down in buyer activity around this time.
           
          However, market savvy buyers and sellers know that deals can still be made well into the school months – and with inventory levels still very low, we can expect competition to remain fierce to buy available listings. We are seeing very low days-on-market with multiple offer situations becoming less and less unusual for sellers on today’s market.

          All-in-all, as San Diego may now be finally cooling down outside, it’s safe to say that the heat in this housing market is here to stay!   Here are some stats to back that up…

          • Closed Sales decreased 6.4 percent for Detached homes and 11.0 percent for Attached homes.

          • Inventory decreased 27.9 percent for Detached homes and 22.1 percent for Attached homes. 

          • Days on Market decreased 9.4 percent for Detached homes and 15.4 percent for Attached homes. Supply decreased 31.0 percent for Detached homes and 21.1 percent for Attached homes. The prevailing trends lasted through summer.

          Buyers Advice: 
           
          We are so often asked the same question, “when is a good time to buy?”. Without a crystal ball, it’s hard to give a definitive answer for that question, but what we like to say is that the best time to buy is simply when you are able to buy. With home values still on the rise, there is a lot of talk that there will be an increase in mortgage rates within the year – so if you were thinking of buying in the next year or so, you should try to do so sooner than later to avoid facing higher monthly payments!
           
          * Pro Tip: Speak with a lender to help determine what monthly payments you are comfortable making.. Don’t have a Lender? We have some great recommendations! 
           
           
          Sellers Advice: 
           
          Sellers are seeing their homes sell with multiple offers in a very short amount of time, and for Top Dollar! We are in a HOT Sellers’ Market – Sellers carry most of the control here. With more pressure on buyers to make a purchase, buyers might be willing to make more concessions to help you accept their offer and seal the deal. You may be able to ask to rent-back the home for a short period to give you more time for moving and/or make your home sale contingent upon you first finding a new place to live.
           
          Of course, the best approach to help optimize your home sales return is to simply have the right agent in your corner. Be sure to find an agent that is dedicated to you & deliver your best results!
           

          1. 4 beds, 3 baths
            Home size: 2,317 sq ft
          2. 4 beds, 4 baths
            Home size: 2,034 sq ft
          3. 3 beds, 2 baths
            Home size: 1,248 sq ft
          4. 3 beds, 2 baths
            Home size: 1,029 sq ft
            Lot size: 5,800 sqft
          5. 2 beds, 3 baths
            Home size: 1,208 sq ft
          6. 4 beds, 2 baths
            Home size: 1,530 sq ft
            Lot size: 1,742 sqft
          7. 3 beds, 3 baths
            Home size: 2,075 sq ft
            Lot size: 5,227 sqft

          See all City of San Diego Real Estate.
          (all data current as of 5/24/2018)

          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. 4 beds, 3 baths
              Home size: 2,317 sq ft
            2. 4 beds, 4 baths
              Home size: 3,486 sq ft
              Lot size: 6,534 sqft
            3. 5 beds, 5 baths
              Home size: 3,795 sq ft
            4. 4 beds, 3 baths
              Home size: 1,384 sq ft
            5. 4 beds, 4 baths
              Home size: 2,034 sq ft
            6. 3 beds, 2 baths
              Home size: 1,248 sq ft
            7. 3 beds, 2 baths
              Home size: 1,029 sq ft
              Lot size: 5,800 sqft

            See all City of San Diego Real Estate.
            (all data current as of 5/24/2018)

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

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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. 4 beds, 3 baths
                Home size: 1,384 sq ft
              2. 4 beds, 4 baths
                Home size: 2,034 sq ft
              3. 3 beds, 2 baths
                Home size: 1,248 sq ft
              4. 3 beds, 2 baths
                Home size: 1,029 sq ft
                Lot size: 5,800 sqft
              5. 2 beds, 3 baths
                Home size: 1,208 sq ft
              6. 4 beds, 2 baths
                Home size: 1,530 sq ft
                Lot size: 1,742 sqft
              7. 3 beds, 3 baths
                Home size: 2,075 sq ft
                Lot size: 5,227 sqft

              See all City of San Diego Real Estate.
              (all data current as of 5/24/2018)

              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. 4 beds, 3 baths
                  Home size: 2,317 sq ft
                2. 3 beds, 2 baths
                  Home size: 1,248 sq ft
                3. 3 beds, 2 baths
                  Home size: 1,029 sq ft
                  Lot size: 5,800 sqft
                4. 3 beds, 3 baths
                  Home size: 2,075 sq ft
                  Lot size: 5,227 sqft
                5. 3 beds, 2 baths
                  Home size: 1,035 sq ft
                6. 4 beds, 2 baths
                  Home size: 1,400 sq ft
                  Lot size: 4,791 sqft
                7. 3 beds, 2 baths
                  Home size: 1,994 sq ft
                  Lot size: 20,908 sqft

                See all City of San Diego Real Estate.
                (all data current as of 5/24/2018)

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

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