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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
How's The Market?
San Diego Market Report - April 2018



Many sellers and builders are in a good position for financial gains, as the economy continues to favor putting existing homes on the market and building new homes for sale. We are finally beginning to see some upward movement in new listings after at least two years of a positive outlook. There may not be massive increases in inventory from week to week, but a longerterm trend toward more new listings would be a good sign. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months.

Closed Sales decreased 7.8 percent for Detached homes and 7.1 percent for Attached homes. Pending Sales increased 1.6 percent for Detached homes but decreased 3.0 percent for Attached homes. Inventory decreased 5.4 percent for Detached homes but increased 8.0 percent for Attached homes.

The Median Sales Price was up 8.3 percent to $640,000 for Detached homes and 10.4 percent to $425,000 for Attached homes. Days on Market decreased 10.3 percent for Detached homes and 4.3 percent for Attached homes. Supply remained flat for Detached homes but increased 14.3 percent for Attached homes.

This winter and spring exhibited unseasonal weather patterns in much of the country. As the seasons change to something more palatable, wages and consumer spending are both up, on average, which should translate positively for the housing market. Being quick with an offer is still the rule of the day as the number of days a home stays on the market drops lower. If that wasn't enough for buyers to mull over with each potential offer, being aware of pending mortgage rate increases is once again in fashion.




Posted by Heather Tardanico on May 7th, 2018 1:28 PM
3581-3583 Ray Street
San Diego, CA 92104
2 BR | 1 BA - House 
2 BR | 1 BA - 3 Apartments
$1,499,999

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 4th, 2018 1:00 PM


The Barrow Gutierrez Realty Group along with our Keller Williams San Diego Metro Family chose to help fight Parkinson’s disease by joining team "I Walk With Bryan" for the annual 5k walk in support of the Parkinson’s Association of San Diego!

The support and funds raised by participating in Step by Step enables PASD to offer critical resources to an estimated 60,000 individuals who are affected by Parkinson’s disease right here in San Diego County. This help is critical to sustain outreach and the ability to serve the community.

All contributions remain in the County and also help local caregivers and families of those in need. 

 

Posted by Heather Tardanico on April 9th, 2018 9:55 AM
How's The Market?
San Diego Market Report - March 2018



New residential real estate activity has been relatively slow in the first quarter of 2018, yet housing is proving its resiliency in a consistently improving economy. Some markets have had increases in signed contracts, but the vast majority of the nation continues to experience fewer closed sales and lower inventory compared to last year at this time. Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue for the foreseeable future.

Closed Sales decreased 17.7 percent for Detached homes and 14.5 percent for Attached homes. Pending Sales decreased 2.9 percent for Detached homes and 3.4 percent for Attached homes. Inventory decreased 10.4 percent for Detached homes and 5.2 percent for Attached homes.

The Median Sales Price was up 10.4 percent to $635,000 for Detached homes and 5.7 percent to $412,250 for Attached homes. Days on Market decreased 15.2 percent for Detached homes and 8.0 percent for Attached homes. Supply decreased 5.0 percent for Detached homes but remained flat for Attached homes.

The Federal Reserve raised its key short-term interest rate by .25 percent in March, citing concerns about inflation. It is the sixth rate increase by the Fed since December 2015, and at least two more rate increases are expected this year. Borrowing money will be more expensive, particularly for home equity loans, credit cards and adjustable rate mortgages, but rising wages and a low national unemployment rate that has been at 4.1 percent for five months in a row would seem to indicate that we are prepared for this. And although mortgage rates have risen to their highest point in four years, they have been quite low for several years.




Posted by Heather Tardanico on April 5th, 2018 2:46 PM


Come one and come all to MARYAH's Casino Night in honor of Co-Founder David Yoder. All proceeds from this event will directly support the Center’s Youth Housing Project in Downtown San Diego to provide safe, supportive housing and access to needed services for homeless youth, including LBGT and HIV-positive youth.

http://events.thecentersd.org

Posted by Heather Tardanico on April 3rd, 2018 10:16 AM

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