The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently published its California housing market forecast for 2015. They are predicting something we are already seeing happen in San Diego County – moderate price increases and a return to a more traditional market.
November Events in San Diego County
Fallbrook Dia de los Muertos Celebration of Life Nov 1 – 2
Region: North County Inland
The Fallbrook Dia de los Muertos Celebration of Life will have Altar Exhibits by Families and a Cemetery tour featuring 5 historical personalities buried at the Masonic Cemetery.
Housing Statistics Reports for San Diego County and North San Diego County September 2014
Median prices of single family detached homes in San Diego County overall and in North County specifically showed an increase of slightly over five percent compared to the previous year. This puts appreciation very close to historical averages. Investors and foreclosures no longer have a strong influence in our market. It is being driven by more traditional factors such as wages and interest rates.
Inventory is still on the tight side with under four months’ supply, but higher than it was at this time last year as can be seen in the chart below.
To read the full housing statistics reports, click on the links below.
Common Real Estate Terms
Common real estate terms like CC&Rs, a cloud on title, or PITI are frequently used in the real estate industry but often unknown outside of it. The California Land Title Association has put together a list defining many of these terms.
If you’d like to know the meaning behind those strange terms and acronyms, read on.
Severe Drought
As the infographic below shows, we can lower our water use during this time of severe drought by installing low-flow toilets, shower heads and fixtures in our homes. This is something we will have to do by January 1, 2017 if our homes were built before 1994. These changes will help save water, but our landscaping accounts for over 50% of our homes’ total water usage.
For ways to cut back the water use in your home and landscape, take a look at the San Diego County Water Authority’s website. They have great tips, classes and even incentives to help lower your water usage. Here are some ideas for creating a beautiful yard and saving water with a little help from the San Diego County Water Authority.
Housing Statistics Reports for San Diego County and North San Diego County August 2014
A quick look at CoreLogic DataQuick’s statistics for August show the pace of the San Diego market increasing with the countywide median home price up 8.1 percent compared to August 2013 and slightly higher than it was in July 2014.
A closer look at those numbers gives a slightly different picture though. The HomeDex housing statistics reports indicate price increases are not across the board and appreciation is continuing to move toward a more sustainable rate. North County median prices have decreased slightly compared to July, and the year-over appreciation rate for North County detached homes is approximately three and one-half percent verses July’s year-over rate of almost seven percent. This slow down in the appreciation rate will hopefully allow wages to keep up with home prices.
Countywide the numbers are slightly higher with a year-over increase in the median price of single family detached homes at 5.15 percent. Inventory in both North County and in San Diego County as a whole remained unchanged in August.
To read the full housing statistics reports, click on the links below.
Home Maintenance
A common expectation of homeowners is that the components and systems in their homes work when they need them. Periodic home maintenance is just as important in making this happen as is having a trusted service provider to make repairs when those systems fail.
Victims of Murphy’s Law can attest that their air conditioner goes out on the hottest day of the year or the water heater fails when they have out of town visitors.
Reverse Mortgage
With all of the encouragement from celebrity spokespersons like Fred Thompson, Robert Wagner and Henry Winkler, there is a growing awareness of reverse mortgages. The fact is that our population is getting older and more than 25 million homeowners meet the age requirement.
A reverse mortgage will allow homeowners age 62 or older currently living in their home to tap into their equity. The amount available is determined by the borrower’s age, the home’s current value and current interest rates. The loan proceeds can be received in a single, lump-sum or periodic payments. The closing costs can be paid in cash or rolled into the loan amount.
Housing Statistics Reports for San Diego County and North San Diego County July 2014
The real estate market in San Diego County continues to move toward equilibrium. Appreciation is almost at a sustainable level with detached homes in North County showing a year-over appreciation of almost seven percent and those outside of North County almost eight percent. This isn’t the four to five percent appreciation that has historically been supported by income and inflation, but is getting close. It is certainly much more sustainable than the 22 percent price increase we experienced between July 2013 and July 2012.
July prices and sales in San Diego County were lower than they were in June, but our 3.5 month inventory is still tight and homes are selling quickly. Inventory is growing, but it hasn’t reached the five to six months worth of supply which usually indicates a balanced market.
To read the full housing statistics reports, click on the links below.
Remodeling Projects Are on the Rise
Remodeling projects are on the rise! Last year the home improvement market grew by over five percent and one in five new homeowners undertook a home improvement project. This year the Leading Indicator of Remodeling Activity (LIRA) expects home improvement spending to continue to increase by as much as 9.9 percent over last year. Metrostudy’s Residential Remodeling Index (RRI) also predicts growth in home improvement spending. This is good news for job seekers and the economy in general.