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HOW'S THE MARKET?
APRIL 2019 MONTHLY SNAPSHOT


   "Market Report"

For much of the country, the first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales. Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from record lows – not to mention several more days of wintry weather in April – slower sales persisted across most residential real estate markets. However, buyers are beginning to return in force this spring. For well-priced homes in desirable locations, competition is fierce.

Closed Sales decreased 2.1 percent for Detached homes and 12.1 percent for Attached homes. Pending Sales increased 10.7 percent for Detached homes and 5.2 percent for Attached homes. Inventory decreased 0.8 percent for Detached homes but increased 15.5 percent for Attached homes.

The Median Sales Price was up 2.3 percent to $655,000 for Detached homes but decreased 1.2 percent to $420,000 for Attached homes. Days on Market increased 23.1 percent for Detached homes and 26.1 percent for Attached homes. Supply increased 4.3 percent for Detached homes and 29.4 percent for Attached homes.

Although hiring and wage gains have been below expectations, the national unemployment rate held firm at 3.8 percent. A historically low unemployment rate can provide reassurance to wary consumers. But in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, and yet inventory is straining to keep pace in the most competitive price ranges.

Posted by Michael Barrow on May 20th, 2019 3:10 PM

If you want to lower your household expenses, take a look at your water bill. Does it seem high? Do you feel like you’re spending too much money on something so basic? Here are some of the best ways we’ve found to save money on your monthly water bill.

Install a low-flow showerhead

If you haven’t replaced your showerhead since 1992, you’re literally washing money down the drain. Since the federal Energy Policy Act of 1992, showerheads are required to have a flow rate of 2.5 gallons per minute or less. If your current model was made before that year, it’s using at least twice the amount. When you switch, you’ll save up to a hundred gallons of water or more per shower.

Use your dishwasher

It may seem counter-intuitive, but washing dishes by hand actually uses more water than the dishwasher – up to six times more. To save even more water, only run the dishwasher when it’s full. If you don’t have a dishwasher, plug the sink and fill it with water to wash your dishes instead of letting the water run.

Replace older appliances

If your washers are more than a few years old, they could be guzzling much more water than needed. Now is a great time to invest in more energy-efficient models. Look for appliances that carry the Energy Star or WaterSense seal. These often use up to 50 percent less water and energy per load. You might also consider buying a front-loading washing machine, which by design uses much less water than top-loaders.

Repair leaky faucets

Did you know you can waste up to 2000 gallons of water a year because of a leaky faucet? Not convinced? Check out this online drip calculator that will show you exactly how those individual drips add up. Leaky faucets are fairly easy to repair yourself. Head to the hardware store and pick up a repair kit that walks you through the process.

Water at the correct time

When you water your lawn, you can lose a significant amount to evaporation if you water in the middle of the day when it’s hottest. Instead, water first thing in the morning or at dusk to cut back on water wasted to evaporation.

Install rain barrels

In addition to watering at the correct time, install rain barrels to capture rainwater. These containers allow you to gather runoff from roofs and gutters and store it for later use. Most of these containers come with an attachment that allows you to hook up a hose, making watering a breeze.

Use a compost bin

Finally, have you ever considered how much water you are wasting by using your garbage disposal? They require a vast amount of water in order to properly function. Instead, start a compost pile. Those kitchen scraps you might normally send down the drain can be saved and composted. A few months later, you’ll have rich compost that can be used in your yard. Not only is this a way to save on your water bill, but it will also give a healthy boost to your garden.

Posted by Michael Barrow on December 21st, 2018 9:30 AM
HOW'S THE MARKET?
NOVEMBER MONTHLY SNAPSHOT

   "Market Report"

The booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability remains a concern. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common.

Closed Sales decreased 19.4 percent for Detached homes and 20.3 percent for Attached homes. Pending Sales decreased 6.5 percent for Detached homes and 24.3 percent for Attached homes. Inventory increased 32.0 percent for Detached homes and 48.0 percent for Attached homes.
The Median Sales Price was up 1.6 percent to $635,000 for Detached homes but decreased 2.0 percent to $397,000 for Attached homes. Days on Market increased 9.1 percent for Detached homes and 16.0 percent for Attached homes. Supply increased 47.4 percent for Detached homes and 64.3 percent for Attached homes.

The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single family home construction projects in the face of rising mortgage rates and fewer showings.

Posted by Michael Barrow on December 21st, 2018 9:18 AM
HOW'S THE MARKET?
OCTOBER MONTHLY SNAPSHOT

"Market Report"

If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices.

Closed Sales decreased 16.8 percent for Detached homes and 15.3 percent for Attached homes. Pending Sales decreased 4.7 percent for Detached homes and 6.5 percent for Attached homes. Inventory increased 28.8 percent for Detached homes and 38.0 percent for Attached homes.
The Median Sales Price was up 6.3 percent to $645,000 for Detached homes and 4.5 percent to $418,000 for Attached homes. Days on Market increased 9.4 percent for Detached homes and 11.5 percent for Attached homes. Supply increased 38.1 percent for Detached homes and 43.8 percent for Attached homes.

Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs. 
Posted by Michael Barrow on December 3rd, 2018 1:10 PM
HOW'S THE MARKET?
SEPTEMBER MONTHLY SNAPSHOT
Buyer / Seller Market:

"San Diego Home Sales Drop to Lowest Level in 11 Years"

San Diego County home sales dropped 17.5% to the lowest level in 11 years for a September in the first significant sign of a slowdown in the market, real estate tracker CoreLogic reported last week.

In this past September, 2,942 homes SOLD in the county, down from 3,568 sale a year ago. It was the lowest number of sales for a September since just before the Great Recession when 2,152 SOLD in September 2007.

Most experts attributed the slowdown to a rise in mortgage interest rates, and the sale price reduction to potential buyers balking at higher monthly payments. The mortgage rate for a 30-year, fixed-rate loan was 4.78 percent at the end of September, according to Mortgage News Daily, up from 3.99 percent at the same time last year. That would make the monthly cost of a San Diego County median priced home go up by $268 a month.

Rising home prices throughout the year have been largely attributed to a strong economy mixed with strong competition for a limited number of homes for sale. However, the home inventory in September was one of the highest in years according to data from the Greater San Diego Association of Realtors.

Sales were down year-over-year across Southern California. Orange County had the biggest reduction in sales with 23.6 percent drop from the last year. It was followed by Los Angeles County, down 19.3 percent; San Diego County, down 17.5 percent; Ventura County, down 17.2 percent; San Bernardino County, down 16.4 percent; and Riverside County, down by 10.1 percent.
Posted by Michael Barrow on November 2nd, 2018 3:55 PM




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Posted by Heather Tardanico on June 7th, 2018 10:18 AM
How's The Market?
San Diego Market Report - May 2018



Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong. Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly.

Closed Sales decreased 12.7 percent for Detached homes and 15.0 percent for Attached homes. Pending Sales decreased 0.2 percent for Detached homes but increased 2.1 percent for Attached homes. Inventory decreased 3.7 percent for Detached homes but increased 4.9 percent for Attached homes.

The Median Sales Price was up 6.4 percent to $650,000 for Detached homes and 7.3 percent to $421,000 for Attached homes. Days on Market decreased 7.1 percent for Detached homes but increased 10.5 percent for Attached homes. Supply remained flat for Detached homes but increased 6.7 percent for Attached homes.

Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest. As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals than were in place a decade ago.




Posted by Heather Tardanico on June 6th, 2018 1:00 PM
4352 Cartagena Drive
San Diego, CA 92115
3 BR | 1 BA | 1,201 SQ FT

$534,900

Welcome home to Rolando – one of San Diego’s best kept secrets! Feel right at home in this move in ready, 3 bedrooms, 1 bath home with original charm located on a quiet cul-de-sac street in the highly sought-after Rolando Village. This light-filled home features hardwood floors through-out with an open floor plan perfect for entertaining. Newly painted inside and out, while still maintaining the vintage décor that makes this home so unique. This one is a Must See!



 

Posted by Heather Tardanico on June 1st, 2018 11:01 AM
SOLD IN 5 DAYS!
$1,465,000


3581-3583 Ray Street
San Diego, CA 92104
2 BR | 1 BA - House 
2 BR | 1 BA - 3 Apartments

RARELY AVAILABLE! Amazing opportunity knocks with this four unit income property located in the heart of North Park! Charming 2br/1ba Spanish cottage in front with three 2br/1ba apartments in back complete with two garages and alley access.  All units have off-street parking and laundry on site.  This trophy location is just blocks from Balboa Park and walking distance to many of the fine restaurants, night life and shops North Park has to offer! 


Posted by Heather Tardanico on May 29th, 2018 4:51 PM


The number one question that we always get asked is, “How’s the market?” So, we thought we would give an “insider’s” perspective on what we have been seeing lately.

Being on the front lines of the local real estate market we tend to see and hear things several months before the news begins to report it. We always tell our clients that if you hear market updates in the news, it's already too late, whatever they are reporting happened months ago. With that in mind, we wanted to share a quick update from a mastermind meeting that we just had last week with some other top agents in our office and our operating partner, who is very well connected to the executives at Keller Williams International. The meeting was centered around what's happening right now in the market, the rumblings about a potential "shift” on the horizon, and what we need to do to educate and protect our clients.

A couple of the big factors around the country, and especially in San Diego, center around affordability and interest rates. The market has been on fire since 2012 with huge gains, that in most neighborhoods have surpassed the last peak in 2006/2007. In fact, San Diego County prices for condos hit an all-time high in February of this year, almost topping the $500,000 mark, with an average price of $499,388 which surpassed the previous high of $457,395 in March of 2006. Single family detached homes also hit a record high in March, topping the $800,000 mark at an average sales price of $829,940, surpassing the previous high of the last cycle of $792,402 set in June of 2007.

The second part of the equation is rising interest rates. Rates have been on the rise in the last year, moving from the low to mid-three percent into the mid to upper-four percent range. We are hearing a lot of economists predict that this trend will continue, and we could be seeing rates into the mid-five percent range later this year. With a continued rise in rates, we may start to see potential home buyers fall out of the market as they will no longer be able to afford the homes that they desire to purchase.

On top of the recent peak in prices and rising interest rates we have been hearing through the grapevine that many banks are staffing up their loss mitigation departments which handle their foreclosures and short sales, and several local builders have been pushing to speed up construction on their projects to get their inventory on the market this year.

Because of these factors we have been seeing many buyers and sellers who were previously on the fence and thinking of buying or selling in the next couple of years begin to jump into the market while they can. Buyers want to take advantage of the lower rates, and sellers want to take advantage of the prices and get the most out of their property before rising interest rates and buyer fatigue begin to take a toll and start to put pressure on prices.

If you or someone you know are considering buying or selling and would like to get more information on your options and a potential strategy, please give us a call. We always love to talk about the market and are happy to help in any way that we can! -Michael Barrow

Posted by Heather Tardanico on May 8th, 2018 12:05 PM

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