“2020 will be known for a lot of things, and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” prominent economist Daryl Fairweather said. And he’s right. Most of us would have expected the housing market to suffer from circumstances like a global pandemic and historic inventory shortages. Instead, we’re experiencing a strong seller’s market.
Continue reading A Strong Seller’s Market: The New Normal?
The North County and San Diego Real Estate Market Report for January 2019 shows stronger price growth in December, but continues with the same declining market trends that began last April. So even though the median sales price is still climbing, the number of sales continues to drop. We are also seeing longer market times and a growing inventory of homes for sale.
Experts predict more of the same in 2019 with the California Association of REALTORS® noting that while the median home price may rise slightly, home sales will continue to drop. If our slower market is keeping you on the fence as far as buying, you may want to reconsider. Interest rates have recently decreased in reaction to stock market volatility and trade tensions, but most experts expect them to climb, possibly as high as 5.5 percent, in 2019.
Continue reading January 2019 North County and San Diego Real Estate Market Report
As we begin another year, everyone wants to know: “Where is the housing market headed in 2019?”
It’s not only buyers, sellers, and homeowners who are impacted. The real estate market plays an integral role in the overall U.S. economy. Fortunately, key indicators point toward a stable housing market in 2019 with signs of modest growth in some parts of the country. But for California, that might not be the case. The California Association of REALTORS® (C.A.R.) is predicting a slight growth in home prices, but a slower weaker market overall. These shifting conditions could impact you if you plan to buy, sell, or refinance this year.
Continue reading What’s Ahead for the Housing Market in 2019?
The North County and San Diego Real Estate Market Report for December 2018 brings more evidence of a shift from a sellers’ to a buyers’ market. Although unemployment is the lowest it’s been in more than 40 years and wages have grown, they still have not kept up with home prices. This coupled with rising interest rates has made affordability very difficult, especially in more expensive markets like ours.
What should we expect in 2019? Most experts predict that interest rates will continue to increase in 2019. They expect minimal price increases and a slowdown in home sales. Although buyers are nervous about this market, it’s a good time to lock in interest rates and find better deals on homes.
Continue reading December 2018 North County and San Diego Real Estate Market Report
The September 2018 North County and San Diego Real Estate Market Report continues a pattern that started five months ago. Although we are still seeing strong price increases, the number of homes available for sale has been growing while the number of homes selling continues to drop. Along with these changes, homes are staying on the market longer, and sellers are not receiving as much of their asking price when their homes sell.
Continue reading September 2018 North County and San Diego Real Estate Market Report
The August 2018 North County and San Diego Real Estate Market Report indicates a continuation of a market shift that started four months ago. Inventory is growing. Sales are slowing down, and homes are starting to stay on the market longer. CNBC reports that San Diego saw the largest increase in inventory in the second quarter compared to other high priced communities.
This is great news if you have been thinking of buying. The market is still tight and homes are still selling quickly, but you will have more choices. It’s cautionary news if you are planning on selling. Even though inventory is growing, it is still well below norms. But now home sellers have more competition and should price their homes to be the best option in their marketplace.
Continue reading August 2018 North County and San Diego Real Estate Market Report
The July 2018 North County and San Diego Real Estate Market Report shows inventory increasing for a third month in a row while sales continue to drop. Even with this slight growth in inventory, the market is still very competitive for home buyers. Prices continue to rise, and market times are short. Experts predict that demand will continue to outpace supply, and this will hurt San Diego County’s economic growth.
Continue reading July 2018 North County and San Diego Real Estate Market Report
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 July 2017 San Diego County Real Estate Report shows that, unlike some parts of the country, the San Diego County real estate market has not slowed down. In fact, year-over median sales prices increased countywide by 11 percent in June. The number of closed sales has dropped, but this is due to a continued lack of inventory.
San Diego County’s housing market has recovered with the median sales price exceeding 2005’s high in May this year. If you’re a homeowner, that’s wonderful news. It you are looking to buy, it’s not as scary as it sounds because when you adjust for inflation, we are still well below pre-recession highs. Only about one-third of the country has seen this recovery.
Continue reading July 2017 San Diego County Real Estate Report and Interest Rates
Since the election, interest rates have started going up. This will have a direct effect on the cost of housing. A one-half percent change in interest rates can affect your monthly payment more than a five percent change in home prices.
When does one-half equal more than five? When interest rates increase! Here’s what a change in interest rates costs you compared to a rise in home prices.
I’ve used a $500,000 purchase price with a 20 percent down payment. Interest rates are broken down in 0.25 percent increments from 0 to 1 percent. Price increases are broken down in 2.5 percent increments from 0 to 10 percent.
Continue reading When Does One-Half Equal More Than Five?