According to a recent survey, these are the features buyers most want in a new home.
Category Archives: Housing Market
Housing Statistics Report for San Diego County and North San Diego County November 2013
As often happens at this time of year, we’re seeing a tightening of inventory but also a slowing down in appreciation. If you are looking to buy a home right now, you won’t have as many choices, but there isn’t quite as much pressure on home prices. In spite of this, we are still seeing year-over median price increases for single family detached homes at 19 percent in San Diego County. Click on the links below the snapshot to read the full housing statistics reports.
Housing Statistics Report for San Diego County and North San Diego County October 2013
While the market is not as frenzied as it was earlier this year, the housing statistics report is still showing significant year-over price increases in both San Diego County as a whole and North County communities. Prices of single-family detached homes increased 18.75 percent in North County and 21 percent in the county as a whole from September 2012 to September 2013. In the same period, single-family attached home prices increased 30 percent in North County and 29 percent in all of San Diego County. Click on the links below the snapshot to read the full reports.
• The median price for all North County home sales – attached and detached – increased to $499,950 in September 2013 compared to $495,000 in August 2013.
• Detached homes in North County declined 0.87 percent in September 2013 to $570,000 compared to $575,000 in August 2013.
• Year-over median SFD price in North San Diego County jumped 18.75 percent, compared to $480,000 in September 2012 – making 14 months of year-over median price increases.
• The countywide median SFD price increased 3.32 percent in September 2013 to $449,450 compared to $435,000 reported in August 2013.
• Year-over non-North County median price jumped 23.14 percent compared to $365,000 in September 2012, the 18th straight month of year-over median price increases.
• The number of North San Diego SFD listings (active and contingent) increased just 0.18 percent in September 2013 compared to August 2013.
• The number of sold North San Diego County SFD units fell 21.25 percent in September 2013 compared to August 2013. Year-over sold SFD units decreased 5.9 percent compared to September 2012.
• Median days-on-market for single-family detached homes sold in North County increased to 25 days in September 2013 compared to 21 days in August 2013.
• The HomeDex affordability percentage for all homes in North San Diego County was 30 percent in September 2013.
SEPTEMBER 2013 FULL COUNTY HomeDex Report
SEPTEMBER 2013 NORTH COUNTY HomeDex Report
Information taken from HomeDex™ Copyright © 2012 by the North San Diego County Association of Realtors (NSDCAR). Used by permission.
What Features Do Buyers Value in a Home?
Get Regular Check-Ups
Following his heart surgery in August, after an issue was discovered during his annual physical, President George W. Bush encouraged everyone to get regular check-ups.
Another important checkup that should be done on a regular basis and can be just as beneficial for your finances is an annual homeowner advisory. Why would you treat your investment in your home with less care than you treat your car or even your HVAC system?
Consider investigating the following:
- Know the value of your home by obtaining a list of comparable sales in your immediate area as well as what is currently on the market for sale.
- Have you compared your assessed value for tax purposes to the fair market value in order to possibly reduce your property taxes?
- Even if you’ve refinanced in the last two years, can you save money and recapture the cost of refinancing in the time you plan to remain in your home?
- Have you considered reducing your mortgage debt with low-earning cash reserves that will not be needed in the near future?
- Have you considered investing in rental homes in good neighborhoods to increase your yields and avoid the volatility of the stock market?
- Do you need recommendations of repairmen and other service providers from a trusted source who deals with them more frequently than you do?
My goal is to create a lifelong relationship to help you be better homeowners. I want to be your “go to” person whenever you have a real estate question. I want to help you not only when you buy and sell but all of the years in between.
I want to provide good, consumer-based information about homeownership on a regular basis. If it benefits you by helping you be a better homeowner, hopefully, you’ll consider me your real estate professional for life.
Anytime you or your friends need help, please call. Knowing where to get the answer is just as important as knowing the answer. If you’d like information on any of the items I suggested, please let me know.
Housing Statistics Report for San Diego County and North San Diego County September 2013
Here is a snapshot of the August housing statistics with links to both the full report for San Diego County and North San Diego County. In North San Diego County, the price of a single-family detached (SFD) home continues to increase, but we are seeing slightly more inventory and longer market times than in July. In San Diego County as a whole, the median-price of an SFD home has been constant during the past three months, but increased 24 .36 percent compared to August 2012.
• The median price for all North County home sales – attached and detached – increased to $495,000 in August 2013 compared to $494,000 in July 2013.
• Detached homes in North County increased 1.95 percent in August 2013 to $575,000 compared to $564,000 in July 2013.
• Year-over median SFD price in North San Diego County jumped 26.10 percent, compared to $456,000 in August 2012 – making 13 months of year-over median price increases (the last six months exceeding 20 percent). August 2013 reported the highest median SFD price since late 2007.
• The countywide median SFD price remained at $435,000 in August 2013 compared to July 2013.
• Year-over non-North County median price jumped 21.17 percent compared to $359,000 in August 2012, the 17th straight month of year-over median price increases.
• The number of North San Diego SFD listings (active and contingent) rose 11.49 percent in August 2013 compared to July 2013.
• The number of sold North San Diego County SFD units decreased 6.94 percent in August 2013 compared to July 2013. Year-over sold SFD units fell 7.71 percent compared to August 2012.
• Median days-on-market for single-family detached homes sold in North County increased to 21 days in August 2013 compared to 17 days in July 2013.
• The HomeDex affordability percentage for all homes in North San Diego County was 33 percent in August 2013.
AUGUST 2013 FULL COUNTY HomeDex Report
AUGUST 2013 NORTH COUNTY HomeDex Report
Information taken from HomeDex™ Copyright © 2012 by the North San Diego County Association of Realtors (NSDCAR). Used by permission.
It Can’t Hurt to Wait, Can It?
It’s been said that more money has been lost due to indecision than was ever lost because of a bad decision. Regardless of whether you agree with the statement, delaying the decision to buy in today’s market is going to cost the buyer more.
Home prices have gone up considerably in almost every market in the country in the past year and while inventories are beginning to grow, prices are expected to continue to rise. Mortgage rates jumped 1% from the beginning of May to now. They could easily reach 5% by the end of the year and continue to rise in 2014.
Many of the financial experts in the country believe that the economy will not be strong until rates are in the 7% area.
The two components that move the cost of housing are price and mortgage rates. Escalation of either one will have an affect but when both are going up simultaneously, it is dramatic. It can literally eliminate buyers who could have purchased earlier.
The following example shows what would happen to the payments on a $200,000 home if the price were to go up 3% at the same time that the mortgage rates went up 1%. Not only would the payments go up by $150.81 per month, the price of the home would be $6,000 more. Even though the down payment may not change much, the new owner would have to borrow more money. By not acting, it is costing them more in price and payment. The loss of the appreciation would have been equity had they purchased prior to the rise in price. With the median price of a detached home in San Diego County coming in at $429,750 as of last month, a 3% price increase would cost the buyer even more.
Check out the Cost of Waiting to Buy to see what the effect will be using your own projections.
Housing Statistics Report for San Diego County and North San Diego County July 2013
Prices continue to increase, and inventory is still tight in North County and San Diego County as a whole. Here is a snapshot of the June housing reports with links to both the full statistics for San Diego County and North San Diego County.
- The median price for all North County home sales – attached and detached – increased to $495,000 in June 2013 compared to $485,000 in May 2013.
- Detached homes in North County rose 1.71 percent in June 2013 to $565,000 compared to $555,500 in May 2013. June 2013 was the highest reported SFD median prices in North County since January 2008.
- Year-over median SFD price in North San Diego County jumped 20.21 percent, compared to $470,000 reported in June 2012.
- The countywide median SFD price increased 2.32 percent to $429,750 in June 2013 compared to $420,000 in May 2013.
- Year-over non-North County median price jumped 23.49 percent compared to $348,000 in June 2012, a 15-month trend of year-over median price increases.
- The number of North San Diego SFD listings (active and contingent) rose 5.97 percent in June 2013 compared to May 2013.
- The number of sold North San Diego County SFD units decreased 5.76 percent in June 2013 compared to May 2013. Year-over sold SFD units decreased 0.88 percent compared to June 2012.
- Median days-on-market for single-family detached homes sold in North County increased to 19 days in June 2013 compared to 18 days in May 2013.
- The HomeDex affordability percentage for all homes in North San Diego County remained at 34 percent in June 2013.
JULY 2013 FULL County HomeDex Report
JULY 2013 NORTH COUNTY HomeDex Report
Information taken from HomeDex™ Copyright © 2012 by the North San Diego County Association of Realtors (NSDCAR). Used by permission.
When Rates Go Up
Rising interest rates are great if you are renewing a certificate of deposit but not so much when you’re borrowing money. With interest rates on the rise as well as home prices, housing affordability is a concern for would-be homeowners.
A rough rule of thumb is that a person’s or family’s housing should not exceed 28% of their monthly gross income. While rental rates and home prices have been consistently increasing, mortgage rates have been soaring in the past month. In one week, according to the Freddie Mac Primary Mortgage Market Survey, they jumped by .5%.
This means that people have to pay a larger percentage of their income for housing unless their incomes have been increasing at an equal pace. A $200,000 mortgage would be over $100 more per month if closed in July compared to closing at the interest rates available in January of 2013.
If rates increase by .5% by the time you close on the same size mortgage, payments would increase by almost $60 per month. In order to keep the payments the same, a borrower would have to put an additional $11,000 down to lower the mortgage amount.
Check out how your payment would be affected if interest rates continue to rise.
Although The National Association of REALTORS® suggests that housing is more affordable now than one year ago, according to the California Association of Realtors® that is not the case in California. Their May 2013 statistics show the largest year-over-year price gain in at least the last 33 years. Also, with all of the variables in play including inflation that were not addressed in this piece, it is unclear how long conditions will remain “affordable.”
Housing Statistics Report for San Diego County and North San Diego County June 2013
Prices are moving up, and inventory is still tight in North County and San Diego County as a whole. Here is the North County snapshot of the May housing report with a link to both the full statistics for San Diego County and North County.
• The median price for all North County home sales – attached and detached – increased to $485,000 in May 2013 compared to $470,000 in April 2013.
• Detached homes in North County rose 3.83 percent in May 2013 to $555,500 compared to $535,000 in April 2013.
• Year-over median SFD (single family detached) price in North San Diego County jumped 23.72 percent, compared to $449,000 reported in May 2012.
• Spring 2013 has reported the highest median prices in North County since mid-2008.
• The countywide median SFD price increased five percent to $420,000 in May 2013 compared to $400,000 in April 2013.
• Year-over non-North County median price jumped 21.74 percent compared to $345,000 in May 2012, a 14-month trend of year-over median price increases.
• The number of North San Diego SFD listings (active and contingent) rose 5.35 percent in May 2013 compared to April 2013.
• The number of sold North San Diego County SFD units increased 11.49 percent in May 2013 compared to April 2013. Year-over sold SFD units increased 12.54 percent compared to May 2012.
• Median days-on-market for single-family detached homes sold in North County decreased to 18 days in May 2013 compared to 19 days in April 2013.
• The HomeDex affordability percentage for all homes in North San Diego County decreased to 34 percent in May 2013, compared to 36 percent in April 2013.
JUNE 2013 FULL County HomeDex Report
JUNE 2013 NORTH COUNTY HomeDex Report
Information taken from HomeDex™ Copyright © 2012 by the North San Diego County Association of Realtors (NSDCAR). Used by permission.