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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
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
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
5895 Friars Road #5206
2 Beds | 2 Baths | 1,112 Sq. Ft.


Stunningly appointed 2BR/2BA property in the desirable resort-style "The Courtyards," centrally located in West Fashion Valley. Features include granite counters, stainless steel appliances, plantation shutters, built-in speakers throughout, custom stone-work in both bathrooms w/pillow-top sinks, nine foot ceilings, private laundry and cozy fireplace in living room. Complex offers twenty-four hour security, pools, spa, saunas, racquetball, tennis, gym and more. Patio overlooks heated pool with Western exposure, sunset views and ocean breezes.


Posted by Heather Tardanico on March 5th, 2018 4:40 PM

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