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 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
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
This month’s North County and San Diego Real Estate Market Report shows a continued shift away from the strong sellers’ market we have been in for almost seven years. Sales have slowed down to their lowest point since 2007.
And although year-over prices are increasing, the much-watched CoreLogic Case-Shiller Indices show a decrease in prices of repeat sales. For a more detailed explanation and to learn more about what’s currently happening in our market, take a look at last week’s blog post, “How’s the Market?”
Continue reading November 2018 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
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