Last year we couldn’t find toilet paper to buy. This year we can’t find homes. In December, the North County and San Diego real estate markets had the fewest homes for sale we’ve seen since December 2001. To make things worse, the situation didn’t improve in January or February. This incredibly tight inventory combined with historically low interest rates and a lot of pent-up demand has created a red-hot market.
Continue reading March 2021 North County and San Diego Real Estate Markets
We are continuing to see tight inventory and short market times in North County and San Diego real estate markets this July. Bidding wars are commonplace. But experts predict a slowing market in months to come. CoreLogic’s Home Price Insights report forecasts a year-over decline of 6.6 percent in home prices nationally. Though in San Diego, they estimate that drop to only be 1.3 percent.
Although prices are expected to soften slightly, it’s doubtful we will see many foreclosures due to COVID-19. This market is very different than it was during the Great Recession. Inventory is scarce. Homeowners have equity, and mortgage delinquency rates in San Diego County are very low compared to the rest of the country. The San Diego Union Tribune recently published a good explanation of why large numbers of foreclosures are probably not in our future.
Of all the markets within the county, North County is the only one that saw a year-over decrease in prices with the median sales price dropping 2.5 percent. Countywide, year-over prices were up 2.4 percent. Inventory dropped by almost 50 percent in both markets, and pending sales were up over 20 percent compared to the previous year.
See below for this month’s statistics and daily interest rate updates.
Continue reading July 2020 North County and San Diego Real Estate Markets
The March 2019 North County and San Diego Real Estate Market Report shows only modest appreciation compared to the previous year with properties taking longer to sell and fewer homes selling overall. This market adjustment will help bring the cost of purchasing a home more into alignment with buyers’ ability to pay.
The Fed is also helping with the cost of purchasing a home, and announced yesterday that they would hold interest rates steady for now and didn’t expect to increase them this year. This is good news for home buyers.
Continue reading March 2019 North County and San Diego Real Estate Market Report
The North County and San Diego Real Estate Market Report has been talking about market changes since spring. Now the numbers are finally coming in, and major sources are reporting a shift in the real estate market. This is what the California Association of Realtors® said, “Home sales in California have been lackluster in recent months and prices began to show signs of softening. We cannot deny that a market shift is underway anymore.”
Realtor.com® agrees and says the market is shifting from a seller’s to a buyer’s market with “California experiencing the nation’s biggest increase in the number of homes seeing list price reductions.”
Continue reading October 2018 North County and San Diego Real Estate Market Report
FHA allows you to purchase properties with up to four units with a minimum 3.5% down payment. But to do this, you must be an owner-occupant. This is a great opportunity to buy rental property without having to make a large cash investment. It might allow you to fast track rental property. You can use the rent you collect on three units to help make the payment, and your cost would be quite a bit less.
Continue reading Fast Track Rental Property
Don’t wait until you’re ready to move to start preparing financially to buy a home.
If you’re like the vast majority of home buyers, you will choose to finance your purchase with a mortgage loan. By preparing in advance, you can avoid the common delays and roadblocks many buyers face when applying for a mortgage.
The requirements to secure a mortgage may seem overwhelming, especially if you’re a first-time buyer. But I’ve outlined three simple steps for getting mortgage ready.
Even if you’re a current homeowner, it’s a good idea to prepare in advance so you don’t encounter any surprises along the way. Lending requirements have become more rigorous in recent years. Changes to your credit history, debt levels, job type and other factors could impact your chances of approval.
It’s never too early to start preparing to buy a home. Follow these three steps to begin laying the foundation for your future home purchase today!
Continue reading Three Simple Steps for Getting Mortgage Ready
As we head into a new year, the most common question I receive is, “What’s the outlook for real estate in 2018?”
It’s not just potential buyers and sellers who are curious; homeowners also want reassurance their home’s value is going up. The good news is that a strong U.S. economy, coupled with low unemployment rates, is expected to drive continued real estate growth in 2018. However, changes on the horizon could significantly impact you if you plan to buy, sell or refinance this year.
Continue reading What to Expect: Real Estate in 2018
The October 2017 San Diego Housing Market Report is showing strong year-over price increases, and a continued drop in the number of new listings and sales compared to 2016. Despite our lack of inventory, the San Diego County market moved up to number five on the hottest U.S. markets list from realtor.com® for September.
Continue reading October 2017 San Diego Housing Market Report
If you’re in the market for a new home or investment property, one of the first questions you’ll probably ask is, “What can we afford?” To answer this question, you must look at more than just the asking price of a home. You need to understand what your total buying power is, and the factors that will affect it.
Continue reading What’s Your Home Buying Power?
The San Diego and North County real estate markets remain strong with good appreciation and short market times. Inventory is still at its lowest point since 2004. Despite the lack for homes available to purchase, March saw an increase in the number of homes that went under contract in both markets.