Market and Forecast Updates For San Diego
February 28th, 2015 categories: Buying San Diego Real Estate, Investing in San Diego Real Estate, Local San Diego News You Can Use, Market and Forecast Updates For San Diego, San Diego Real Estate, San Diego Real Estate News, Selling San Diego Real Estate
What Can Home Sellers and Buyers Expect in the 2015 Home Market?
The First Two Months Are Revealing
In the San Diego Housing Market, much of my prognosis for the rest of the 2015 Housing Market is made up with the benefit of many others opinions already forecast. The end of Feb ends the first two months with resales being lower than expected and new homes sales picking up steam.
This has been accomplished with the easing of credit qualifications for new home buyers. News of the Fannie and Freddie review of qualifiers has already already lead to the easing of those credit qualifiers with slightly lower credit scores and less down payment helping new home buyers. But the resale market’s buyers are still tending to hold back. One reason may be that while unemployment is easing, salaries are stagnet.
We also know that there are over 450,000 residential home buyers in California that are still under water. The Federal and state tax forgiveness provisions in the tax code have been extended by Congress prior to Christmas this year. So I expect with prices starting to flatten out, there will be an uptick in the number of distressed sales for 2015.
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March 4th, 2013 categories: Local San Diego News You Can Use, Market and Forecast Updates For San Diego, San Diego Real Estate, San Diego Real Estate News, San Diego Relocation, Selling San Diego Real Estate
I think much has been said or implied that the real estate market recovery is underway. If that is so and it does seem that way at the moment, perhaps there are some projections or a forecast as to what can be expected in 2013. With many many market reports that show the trend lines to decreasing inventory and slight increases in property prices in certain market areas, it would be wrong in my judgment to draw more inference from them than what has already been shown.
With no crystal ball to predict the future, there are some economic indicators that point to more difficulties ahead with the fiscal cliff clearly in front of us. In my estimation, even if there is a temporary solution, the federal deficit looms even larger and there seems to be no consensus about the biggest items in the budget, the entitlements.
The mortgage interest deduction which has always been sacred also appears to be on the table in the continuing negotiations to avoid the fiscal cliff. There are varying opinions on what the effects could be if the mortgage interest deduction is tampered with. Because once that is opened up to some of the considered or proposed changes, thinking that will be it as far a changes goes, usually proves to be a wrong judgment. It will likely be tampered with again and again until it basically would disappear or with such limits imposed that it could still have a profound effects on real estate markets.
We have seen a clear draw down of inventory. What parts of the inventory? The homes that have been remodeled, upgraded and show very well and also the entry level homes that have been picked up for cash by the investors. So what about the rest of the inventory? Some of it at least seems to be being passed up by Buyers or offered on with much lower prices and either rejected by the Sellers in hopes of a better offer, or these homes just remain on the market and are chasing the market instead of leading it.
The Mortgage Relief Act is also expiring at the end of the year and if there is no consensus, some short sale sellers could find themselves in a world of hurt. Not to worry everyone says, this will be extended. OK, so then so lets not worry about it.
In past years I have always been optimistic and I have decided to remain so. After all, interest rates are ridiculously low, prices seem to be increasing, inventory is selling, so what’s to worry about. Perhaps that will be my projection. “Don’t worry about it”. It will all work out for the best. Who’s Best? I suppose the best answer will be, “It depends on Who’s asking”. For those of us living in San Diego and for those that will make their way here, what won’t change is the awesome beauty of our coastline and the great weather in the city where “Happy Happens”. As for the rest of the concerns, “Don’t worry about it”.
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September 20th, 2011 categories: Buying San Diego Real Estate, Investing in San Diego Real Estate, Local San Diego News You Can Use, Market and Forecast Updates For San Diego, San Diego Real Estate, San Diego Real Estate News, Selling San Diego Real Estate
San Diego Real Estate August Market Report for Rancho Bernardo
So How’s Your Market?
There is good news and bad news , which would you like first?
Here is the Good News.
* During the month of August, there are 263 Active Listings in RB ( Rancho Bernardo). The Average Price is $899,718 and the Median Price is $668,880. There were 53 Listings Pending Close of Escrow and 46 Sold Listings during the month. The Average Sold Listing was $694,993 and the median sold was $564,450.
A Recap of the Year to Date Sales shows we had 246 sold homes so far with the high selling price of $4,000000 and the low of $324,900. As you can see, we have a wide variety of single family homes ranging in size from 1200 sq ft to over 9,000.
On the Attached Home side of the housing market we have the following activity that took place in August. There are 58 Active Attached Listings through the end of August. The Average List price was $272,370 and the Median List Price was $278,000. There were 10 Listing Pending Close of Escrow ranging in price from $132,500 to $383,000. The 4 Attached Properties that Sold ranged from $145,000 to $499,876.
A Recap of the Year to Date Sales shows we had 138 Attached Homes Sales with a High Selling Price of $689,000 and a Low Selling Price of $125,000 for 540 sq ft. The Average Selling price was 261,249 for 1,163 sq ft and the Median Sales Price year to date was 234,950 for 1092 sq ft.
That was the Good News! Ready for the Bad News? Home prices are tending up and there is strong evidence that interest rates will likely be going up as well. Sitting and waiting for a better deal in Rancho Bernardo is not likely to happen so if you are considering a new Home or Condo, now is time to get in the market.
*Data obtained from Sandicor MLS and believed to be correct but not gauranteed.
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November 21st, 2010 categories: Buying San Diego Real Estate, Investing in San Diego Real Estate, Local San Diego News You Can Use, Market and Forecast Updates For San Diego, San Diego Real Estate, San Diego Real Estate News, Selling San Diego Real Estate
San Diego Home Sales Fall 25% October 2009 through October 2010
The October San Diego Housing Market report indicates that while the median sales prices for resales have increased slightly, the number of sales last month have dropped and over the last year they have done so rather significantly.
The year over year San Diego Median Home Prices changes from October 2009 through October 2010 suggest that there have been increases across the board in Single Family and Condominium resale prices and especially in new homes sale prices. The median prices increased 2.5% ( $369,000) for Single family homes, up 2.38% ( $215,000) for condominiums and a whopping 21.12 % ($486,000) for new homes. These combined gave the county a 2.92% ( $334,500) boost to the median price of all combined types of sales. Read the rest of this entry »
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July 17th, 2010 categories: Buying San Diego Real Estate, Investing in San Diego Real Estate, Local San Diego News You Can Use, Market and Forecast Updates For San Diego, San Diego Mortgage Banks and Loans Info, San Diego Real Estate, San Diego Real Estate News
San Diego Housing Market Has Been Steadily Improving-But Now It Is Slowing Down
Over the last 14 straight months, the San Diego Housing Market was improving. I reported so here on ActiveRain and on my Voice of San Diego Real Estate blog site with glee. So what is happening now? It would seem at first glance that the Federal Tax credit coupled along with state housing credits inspired most of the qualified buyers that were in the market to have already purchased leaving, us with a much smaller Buyer pool. And that doesn’t look to be increasing any time soon. Could that be a real possibility after having a steady increase in the improving numbers of home prices and sales? A possible cyclical change already?
According to Data Quick reporting, more money was spent last month on housing in Southern California in in the past 2 years. Home purchases are dropping significantly and with the historically low rates that haven’t been this low since the 1970’s, what could be going on? Read the rest of this entry »
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