TAG | North County

The Secret’s in the Sale

We certainly have some interesting times seen in our local markets here in San Diego County. What we’re seeing is an odd disconnect between what’s recorded in our monthly housing stat report and what we real estate professionals are seeing on the ground, working day-to-day in our local market. We dove deep into this month’s market report to find the secret to this mystery – here’s what we found…

First statistic I’d like to bring attention to is our closed sales this month is DOWN 15% compared to last year .. that’s a significant drop! Now, sales are down.. and the number of homes for sale is actually UP! So we have less homes closed, but more inventory. Now usually this results in prices going down.. however, instead we actually have a 6.3% increase in value (home prices) in closed sales from this month.

Scratching your head over that one? Yup, we did too.. but we dove deep and here’s what we found:

We see that yes, we have more inventory, however we’re seeing more homes coming on market that aren’t showing well and are overpriced .. So what we have are these homeowners who see the housing market doing great, so they say, “hey, market’s great – let’s go ahead and list our property.. let’s sell our home”.. But they’re not taking the proper steps to sell their homes for the best results – their homes aren’t being prepped for market properly. These listings aren’t showing well. Some homes aren’t priced at fair market value either – they’re overpriced, they’re not showing well… so naturally, we’re seeing this population of listings sit longer on market.

Then in contrast, we’re seeing the sellers ( “smart sellers” ) who are taking into account the condition of their property, making it look good …they’re hiring professional realtors to help prep their homes properly for market, having them come in and help prep, PRICE and market their home properly. Sure enough, these sellers are having more success with their homes on market than these other poorly prepped, overpriced homes – more closings & quicker sales with these “smart seller” listings. So despite more inventory, not all listings are equal.. however those “smartly” listed are selling with more success & faster, resulting in our increase in home prices seen still in San Diego county.

Here’s the stats from this month:

Buyers Advice: 

So on the BUY side, BE CAREFUL. Make sure you do your proper research!
Even if there’s no comps in the neighborhood, make sure you have your realtor to run comps for those homes you’re interested in. You want to make sure these homes are actually priced at fair market value, and seeing as several homes on market today are overpriced, make sure your realtor helps determine if in fact you are getting a fair price when you buy your new home.

Contact us today!

Sellers Advice: ​​​​​​​

On the SELL side, take the time to meet with your realtor – make sure your listing agent really works to sell your home properly. Have them really guide you through this process – have them tell you what you need to do for staging, painting, PRICE..and then the proper marketing plan for your home sale. Note: we ARE still seeing a high demand for these types homes on market – sellers: if you prepare your home for market, you WILL be able to sell with great success! Maybe sell for more than your neighbor did, or get a great listing agent and you could even max out what your neighborhood can sell for.. the secret’s in the sale!

[ Find out about our Hands Free Selling System… ]

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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)
     
     

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      9516 Welk View Court, Escondido, CA 92026

       

      New Listing in Rimrock Estates    •    COMING SOON!   •   Panoramic Westerly Views!

      Asking: $1,999,900

      4 Bedrooms Stunning 1-Story Hilltop Home
      3 Bathrooms Prestigious Rimrock Estates
      3000 sq.ft. Panoramic Views w/Infinity Pool

       

      Schedule your private showing, before it even lists!   Call Joseph,  888.503.3117

      Coming Soon! Magnificent 4 bed, 3 bath, single-story hilltop residence nestled high within the prestigious Rimrock Estates with breath-taking westerly views stretching 50+ miles across lush rolling hills out to the ocean & the Catalina islands. This spectacular home is stunning inside & out – quality construction masterfully emphasizes these beautiful views in almost every room across the expansive 3000 sq.ft. open-concept  living space. Features include vaulted ceilings, gourmet chef’s kitchen, separate wing with master suite + stunning master bath + HUGE walk-in closet with his & her custom built-ins!

      Majestic courtyard entry leads through custom iron gate down stone tiled path under vaulted breezeway lined w lush greenery & built-in fire pit. Enjoy unbelievable westerly views from your beautifully landscaped backyard oasis, complete with saltwater infinity pool & spa, outdoor kitchen / bbq / pegola patio. Wrap-around stone walkway continues along the west-facing bluff under an open-beamed pegola complete with a canopy of lush greenery, mature gardens and soothing water fountains throughout.

      This meticulous home demonstrates true pride of ownership – truly something special. Must see to fully appreciate! This hilltop gem is definitely one you do not want to miss! 

      Call today! 888.503.3117 

       

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        JUST LISTED! • Pristine Cul-de-sac Home  • SAN ELIJO HILLS!

        941 Avalon Way, San Marcos, CA 92078

        $724,900

        3 Bedrooms  Great Schools, Community, Walkability!
        2.5 Bathrooms  San Elijo Hills
        1992 sq.ft.  Cul-de-sac with Private Backyard!

         

        This home is your chance to get in to one of the most highly sought-after neighborhoods in San Diego county! San Elijo Hills in San Marcos offers an elite family-friendly community. Featuring excellent schools, community parks & dog parks, and great walkability to shops & restaurants… don’t miss your chance!

        Well-maintained 3 bedroom, 2.5 bathroom home offers gorgeous wood tiles, new carpet, new paint, updated bathrooms, walk-in closets, jetted tub in master bath and wonderful large open loft space upstairs (optional 4th bedroom)! This home is located on a private cul-de-sac with large backyard… and is move-in ready!

        Contact joseph@arendsengroup.com or Call today for your private tour!  888.503.3117

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          • COMING SOON!  •  GREAT BUYER OPPORTUNITY! •

           

          5700 Baltimore Drive, #28, La Mesa, CA 91942

          $335,000

          2 Bedrooms Private Patio/Balcony
          1.5 Bathrooms Built 1976; Fully Updated
          1068 sq.ft. Great Community/Amenities

          This is a beautiful fully updated condo in an amazing community with so much to offer! This home has tile floors throughout downstairs, nice wood floors throughout upstairs, granite countertops, stainless steel appliances, top of the line energy efficient windows, crown molding, recessed lighting and much more! The unit comes with 1 parking spot (Additional space $50/mo) and a private balcony. The community offers 5 pools, 2 fitness rooms, 2 tennis courts, a basketball court, and access to Lake Murray. This unit won’t last!

          This one will Sell Fast~ Don’t miss out!

          Call us today!   888.503.3117

          Condo Features:

          • Private Patio/Balcony
          • Spacious Floor Plan
          • Central AC/Heater
          • Granite Countertops
          • Stainless-Steel Appliances (Fridge, Range/Oven, Built-in Microwave, Dishwasher)
          • Top-of-the-Line, Energy-Efficient Simonton Windows
          • Tile and Laminate Floors
          • Recessed Lighting
          • Crown Molding
          • Walk-in Closets in Bedrooms
          • Linen Closet
          • Ceiling Fans
          • Vertical Blinds
          • Cable-Ready
          Community Features:

          • Park-like Setting
          • Ponds with Fountains
          • Clubhouse
          • 5 Pools, 4 spas  
          • 2 Tennis Courts
          • 1/2 Basketball Court
          • Saunas
          • Workout Rooms
          • Car Wash
          • Controlled Access
          • 24-hour Courtesy Patrol
          • Assigned Parking
          • Guest Parking
          • Well-Maintained Grounds
          • Laundry on Site
          • Steps Away from Lake Murray

           

          Contact us for more information, or schedule your private tour!

          This one will Sell Fast~ Don’t miss out!

          Call us today!   888.503.3117

           

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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 
             

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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.

               

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