TAG | San Diego Real Estate

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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          •   COMING SOON!   •  

        9332 Babauta Rd, #85   San Diego, CA 92129

        Asking Price: (Call Listing Agent)

         

        2+ Bedrooms Monte Rio Community
        2 Bathrooms Two-Car Attached Garage
        2-Story End-Unit A+ Schools – Great Walkability!

        Coming Soon! You’ll find this charming 2-story Condo nestled safely in the heart of Rancho Penasquitos in the coveted Monte Rio community. This end unit offers the convenience of community condos with excellent amenities & beautiful landscaping, while living space offers privacy like a detached home! Enjoy convenience of attached 2-car garage with no neighbors above or below. 

         

        This unit offers two generous bedrooms and loft space (optional 3rd bedroom), 2 full bathrooms, 2balconies, cozy fireplace in living room & central air/heat system. Monte Rio community: Pet Friendly, Gated, Pool/Spa. 

        Great Location! Close to Hwys 15 & 56; Excellent schools within walking distance; Complex is next door to the coveted Los Penasquitos Canyon Preserve..and so much more! You don’t want to miss this one!

         

        For more info now, call listing agent ~  888.503.3117

        Subscribe Here for Listing Updates & More Condos like this!

         

         

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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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              Spring is Here! San Diego is Blooming… 

              And the Housing Market is BOOMING!!!

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

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

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

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

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

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

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

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

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

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

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                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

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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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                    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!
                     

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