TAG | San Diego Real Estate Update

WHEN YOU PLAY THE GAME OF HOMES…

You Win or You Didn’t Close

As we turn the corner on Spring and head straight into the heat of the summer buying season, we’d like to welcome all buyers joining us from across the Seven S.D. Kingdoms to compete in this season of The Game of Homes!

BRACE YOURSELVES

Closings are Coming…

We all know what summer means for us in San Diego – schools’ out, beaches are packed & crowds of buyers are flocking back to the housing market and eager to make a deal. 

Despite affordability concerns rising, buyers are returning to the market in force & eager to close!  For well-priced homes in desirable locations, the competition is fierce! Those considering buying a home will need to know some things in order to navigate the waters of real estate purchasing… 

San Diego can be full of surprises since it is known as a technology center and with more people moving in to take jobs or start businesses. For years, tourism had been the city’s greatest relation for its economy, then shifted focus to more professional, biotech, IT, telecommunication Industries to grow its tax base. That means more people are coming in to San Diego County as ‘transplants’ rather than tourists, meanwhile wages are still catching up to the population, housing construction has kept the same near-death pace for 3 years.  That results in a competitive home market with higher demands.

While we are already seeing buyers returning to the market again in force, several factors indicate that our housing market in San Diego may get more unpredictable in late 2019 into 2020. Those considering selling when the market is ‘right’ should begin the process and consult with an expert for a detailed home valuation assessment.

What Happened this Month on San Diego’s Housing Market?

Across San Diego county, most markets report the number of days on market decreased between March and April. Overall, properties are selling more quickly than they did at the beginning of the year. Most homes are selling in fewer than 3 weeks. While this month’s total sales is again slightly below that which we saw last year (- 2.1% for detached homes, – 12.1% for attached), we can attribute these variations to the abnormal & unusually frequent weather disturbances seen since the beginning of 2019.

Buyers Advice: 

If you are wondering to yourself if now is the right time for you to buy – Please trust me when I say “YES!” Today is always better than tomorrow, and especially six months down the road whenever it comes to buying a home. While buying during the competitive summer months may seem intimidating to some, it’s nothing compared to what is on the horizon for our housing market here in just a few short months even.. 

The Millennial Generation will represent a huge chunk of home buyers. Experts predict millennials with new, higher-paid jobs will seize the opportunity at home purchases as prices flat line or even decrease in some housing markets come late 2019 and throughout 2020. This new population of home buyers will make for an even more competitive market, particularly with starter homes. 

Those looking to buy should start preparing themselves & their finances now in order to move quickly as soon as the home they want comes on the market. Those wanting more information or have questions should contact me today – I would be more than happy to help you, no matter what stage you may be in the process.

Click to Search Homes

Sellers Advice: 

Wondering when the ‘right’ time to sell might be? According to expert analysts, if you intend to sell your home, this year might be the best time to get top dollar for your home. Market indicators suggest the state economy will likely dip nationwide in 2020. This could affect San Diego home prices negatively, though no one believes values will drop like they did in 2008. Rather, they could just remain flat. 

Home prices are expected to rise in 2019 at just more than 4 percent and local real estate gurus suggest many will start looking to purchasing home late in the year. While summer months have always been promising times to sell your home quickly & for top dollar, for those still in the initial stages of preparing their home for market – now is the time to consult with an expert and start the process!

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    COMING SOON! • CORONADO RANCH • NEW FOR SALE!

    663 Hatfield Drive, San Marcos, CA 92078

    $449,000

    • Three Bedrooms • Tri- Story Townhome
    • Three Bathrooms • Two- Car Attached Garage
    • Spacious 1238 sq.ft. • Low HOA / No Mello-Roos!

    COMING SOON in Coronado Ranch, San Marcos! Spacious tri-level townhome offers well-maintained, comfortable living within the highly desirable community of Coronado Ranch – Enjoy top-notch amenities while conveniently located close to everything! Just quick walk to CSUSM, hiking trails & some of San Marcos’ best cafe & dining spots; central to 76 & 78 commuter routes.

    CALL TODAY! 888. 503. 3117 Ask for Your Private Tour!

    Main floor features beautiful updated kitchen with tile flooring, granite counters, SS appliances & ample cabinet storage. Lots of natural light throughout living space with sliding glass leading out to large private balcony. Spacious guest bedroom & full bath on main. Top floor features generous sized guest bedroom & master bedrooms, both featuring beautiful en-suite bathrooms & walk-in closets.

    Other features include: attached 2-car garage offers ample storage & W/D. Pet friendly community, and don’t forget about the Pool/spa and the really nice full gym just steps away from this lovely townhome!

    We’ll be going live with this one soon, but you don’t have to wait! Call Listing Agent today for your off-market tour … OR just Text TAG663 to 760. 209. 8333 (Instantly get more info, pics & listing updates sent to your phone!)

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      Calm Before the Storm ?

      November 2018 – San Diego Real Estate Update

      As we settle down into the final weeks of 2018, we can see a period of relative calm ahead for our local housing market. Long gone are the consumer cries for housing bubbles as we have turned the corner into a trend of market balance to wrap up this year.
       
      While prices are still rising in most areas, the number of homes for sale are still low however there is a general shrinking in the percentage gaps for year-over-year comparisons in sales, inventory and prices for San Diego county. This is exceptional news for not only our local real estate market, but our nation’s economy and a promising start to 2019.
       

      While our stock markets experienced an October setback, that does not necessarily translate to a decline in the real estate market. Actually, our national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for  real estate. Meanwhile, home-builder confidence remains positive, home-ownership rates have increased in the key under-35 buyer group and prices, though still rising, have tapered their incline to more healthy margins. All-in-all, a look at today’s housing market doesn’t forecast an imminent housing crash as many consumers fear, but instead shows a hopeful future.

      Here’s what we’re seeing this month:

      Buyers Advice: 
      Are you one of the many saying now is not a good time to buy? While it may feel safe to be a sheep, here’s why you’re wrong – currently the market has more sellers and not enough buyers.. this means you are in a PRIME buying position! Options and less competition. Just like our seasoned investors do every year, use this ‘slower’ season to your advantage and get out there… you could potentially land yourself a killer deal!
       
      Sellers Advice: ​​​​​​​
      Remember to keep things in perspective – yes, shifts are happening and there’s some more competition on market, but homes are STILL selling for record-high sales prices! If you are thinking of selling at some point, keep in mind timing is everything! Our housing market is headed for a stability shift, but right now prices are still increasing! If you have the right agent prepping and marketing your home to be that ‘next-to-sell’, you STILL have the opportunity to sell your housing investment for the highest possible return, ever! How much could you make??

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        September 2018: San Diego Real Estate Update

        Mind the Gap [in Affordability!]

        We’ve been watching all market factors very closely – with all factors in consideration, we determine there to be a plateau in our market today.  Watch quick video here:

        The main reason is e assess that is really the affordability aspect, in particular the national income level. Over the last year, household income only rose about 2.8% annually. Now we this we’ve had rising housing prices, interest rates up AND building costs increase.. these rising costs on a national level have far outpaced our income averages. What does this mean?

        Well this is what many refer to as the ‘gap’ in affordability. Now here we have hit that ceiling on national average levels of affordability. 

         

        Here’s the stats we are looking at:

        Buyer Advice:

        Finally, there are options!! Actually a great time to be a buyer.  Remember last year, there was so much competition you LITERALLY had no options.. look at the market today, you appreciate how much more opportunity awaits for buyers today!

        Start your search Today!

        Seller Advice:

        For sellers, what it comes down to is pricing to the current market, preparing the property and marketing properly in order to be that ‘next-to-sell’ home. There are still homes selling fast & for record breaking prices – does your home have what it takes?

        Ask for your FREE consultation today!

         

         

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          2018: Happy, Healthy… Homeowners!

           

          As we’re reaching those final dog days of summer here, while the weather reports heat waves and perfect beach days..our housing market has actually shifted into cooldown already. The rumors are true, folks – the shift has happened! Remember, this is a GOOD thing.  For all those crying, “housing bubble!” we see you.. That was soooo 2007, stop it. We have actually entered into a “healthy” market – economists agree, our market conditions have set the stage for stability moving forward.

          What we’re seeing in our market now is about a 2.2 month supply of homes, this is extremely low compared to the rest of the US; however, we expect for that number to increase to around 3 to 3.5 months here soon. This will allow buyers to take their time and not be forced into jumping into the first property that comes on the market… Finally, right?? If you’re interested in becoming a homeowner and making the American Dream your own, now might be your time to pull the trigger and find your dream home!

          Here’s what we’re seeing now:

          Closed Sales decreased 9.5%. Pending Sales decreased 1.9%. Inventory increased 9.4%. The Median Price was up 6.8% to $657,000 for Detached properties and 6.7% to $432,000 for Attached properties. Days on Market increased 8%.

           

          All-in-all, we are looking at a promising future on the horizon for our local housing market. Consumer spending on home goods and renovations are up, and more people are entering the workforce. Employed people spending money is good for the housing market. Meanwhile, GDP growth was 4.1% in the second quarter, the strongest showing since 2014. Housing starts are down, but that is more reflective of low supply than anything else. With a growing economy, solid lending practices and the potential for improved inventory from new listing and building activity, market balance is more likely than a bubble.

           

          Buyers Advice: 

          Buyers, you are now able to be a little more picky than buyers last year.. so you can be more patient, take your time for the right home to come along and really find that “dream home” you’ve been waiting for. Now, we’re not talking major price cuts here… as we said, it’s a healthy market not a housing crash – San Diego Is one of the most desirable places to live in America, so keep your expectations reasonable. Now’s the time to figure out what you really want and hire that Realtor who will work with you, pound the pavement and find that dream home! 

          Sellers Advice: ​​​​​​​

          The best advice I can you right now is this: make sure you will be, what I call the ‘Next-to-Sell-Home”. What I mean by that is that you have to win on all fronts when compared to your competition. Your home either has to be in the same or better condition than the rest, at either the same or better price. Certain factors help set up sellers for success, we’d be happy to walk you through the process.

          Find out about our Hands Free Selling System

           

           

           

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            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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                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!
                 
                 

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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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