When most homebuyers think about affordability, they focus almost entirely on one number: the monthly mortgage payment. It is the number lenders qualify them for, the figure discussed during showings, and the benchmark most buyers use to set their price range.
What that number does not capture is the full cost of owning a home once the keys are in hand.
Continue reading The True Cost of Homeownership: What You Pay Beyond the Mortgage
Home prices skyrocketed in San Diego and the rest of the country last year, and odds are that your home earned more than you did.
Continue reading Home Prices Soar: Did Your Home Outearn You Last Year?
Where is real estate headed in 2022? Last year was definitely one for the real estate history books. The pandemic helped usher in a buying frenzy that caused home prices to soar nationwide by a record 19.9% between August 2020 and August 2021.
Continue reading The State of Real Estate in 2022
“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 U.S. unemployment rate is at a 50-year low, and consumer confidence remains high. In fact, the University of Michigan’s latest Surveys of Consumers found that Americans have their most positive personal finance outlook since 2003.
However, if you follow national news, you’ve probably heard speculation that we could be headed toward a recession. Global trade tensions and a slowdown in the GDP growth rate have sparked volatility in the stock market, leading to economic uncertainty.
Given these differing signals, you may be wondering: How has the real estate market been impacted? Where is it headed? And more importantly, what does it mean for me?
Continue reading How’s the Real Estate Market?
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
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
The June 2018 North County and San Diego Real Estate Market Report continues to show a slight turnaround in the years-long trend of tightening inventory. As I noted last month, the number of homes for sale in San Diego and North County has been shrinking since 2015. Last month, year-over inventory in both markets finally increased. This month, we saw it continue to grow in North County and level-off countywide. This will be something to watch as the year progresses.
Statewide, we also saw a rise in inventory, but not across the nation as a whole. Experts are predicting home prices will continue to grow at double the pace of wages.
We have not seen enough of a shift to make any kind of major change in our market, but the lack of inventory is what has kept pressure on housing prices. If inventory continues to rise, this will bring more choices for home buyers and weaken home appreciation. Rising interest rates will also put pressure on home values.
Continue reading June 2018 North County and San Diego Real Estate Market Report