Ryan Blanco San Diego real estate agent

San Diego Housing Market Update-August 2016 Sales

San Diego Housing market update for home salesBelow is my monthly analysis of the San Diego housing market. It will show many different metrics to help us get an accurate “feel” for what is happening in our local real estate market!

Closed sales began to cool for much of the country last month, and conventional wisdom indicates that year-over-year declines are going to be present for the remainder of the year, given the low inventory situation in most markets. Demand is certainly present and has created competitive situations that have kept prices up. Rental prices are also up, which may lure more toward homeownership

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-1.2%

+7.4%

-15.9%

 

Closed Sales decreased 2.1 percent for Detached homes but increased 0.6 percent for Attached homes. Pending Sales increased 17.8 percent for Detached homes and 20.1 percent for Attached homes. Inventory decreased 11.4 percent for Detached homes and 27.0 percent for Attached homes.

The Median Sales Price was up 6.0 percent to $567,000 for Detached homes and 8.1 percent to $375,000 for Attached homes. Days on Market decreased 3.0 percent for Detached homes and 23.5 percent for Attached homes. Supply decreased 13.3 percent for Detached homes and 29.2 percent for Attached homes.

As inventory continues to drop, the contradictions of today’s market are evident. Sellers should feel confident enough to list homes at fair prices and receive meaningful offers in a healthy residential real estate and overall economic environment. However, there may be lingering worry over the availability of move-in ready homes to replace what was sold. On a brighter note, building permits are trending upward. That news should be weighed against the fact that the highest level of activity is in multifamily rentals.

According to Bankrate.com, interest rates have continued to stay under the 4% level, despite the Federal Reserve Bank finally raising rates .25% late last year. Thanks in part to “Brexit,” rates have declined further. They are currently at 3.46% for a 30-year fixed loan (they were 3.43% at this time last month). This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment or see what you can afford, go HERE.

The San Diego Association of Realtors analyzes housing market data for San Diego county every month. Below is their monthly report for home prices. The figures represents ALL property types.

San Diego Housing Market August 2016 sales

CLICK FOR FULL SIZE IMAGE

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

 

Tips For A Stress-Free Move

Moving is stressful: packing up, carrying heavy boxes and furniture, unpacking. The challenges of moving also include stairs, small walkways, and tips for a stree-free san diego movedifficult spaces to navigate through. Here are five tips to make the move into your new San Diego home as stress-free as possible.

1. Measure

Measure your new space first. This includes all areas leading to the space like doorways. Know if your furniture will fit before you get there. Sometimes you will need to get creative if you run into a space that won’t fit your beloved couch. Knowing what space you have to work with helps ensures no surprises later.

2. Wrap Dishes in Clothing or Towels

Kill two birds with one stone on this one. Protect your dishes or other delicate items from breakage with your shirts or towels. This will help cut down on the amount of boxes you will have and make things easier when unpacking. It will also save you money on all that bubble wrap.

3. Take Apart Furniture

If you have items that come apart such as a bed, it is best to take them completely apart before you move them. Keep screws, washers, and bolts in a zip-lock bag that is then taped to the piece of furniture itself for storage. Having everything disassembled will help you move it quickly and easily in tighter spaces.

tips for a stree-free san diego move4. Label Everything

Knowing what is in each box helps you unpack easily. Try to keep like items in the same box. Label items in the box on the outside for a quick reference. It is also very helpful to label small items such as cords for easy use during unpacking. When you arrive at your new home, put the boxes in the appropriate room. It’s one less thing to do when unpacking.

5. Get a Good Deal on a Truck

Moving and truck companies change their prices based on dates of pickup and drop off as well as location. Check a few moving truck companies and try to be flexible around with your dates or locations. It may save you a lot of money to pick up the truck two days before your move, or to drop the truck off at a major location rather than a smaller one.

 

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

 

3 Top Reasons To Buy A Home

1. TAX BENEFITS

Home owners can take four tax deductions* not available to renters. They are as follows:

* Mortgage Interest Deduction. The part of your monthly mortgage payment that goes to paying the interest on your loan is Tax mortgage deduction for home ownersdeductible from your taxes. This can be a fairly large deduction because interest is often the biggest component of your mortgage payment for the first few years after you buy your home.

* Some Closing Cost Deductions. For the year you buy your home, you can deduct the points, also called origination fees, charged to your loan, whether those points were paid by you or the seller.

* Property Tax Deduction. The real estate taxes you pay on your primary residence and a vacation home are deductible every year.

* Home Equity Loan Interest Deduction. If a lender gives you a home equity loan, or extends a home equity line of credit (HELOC) that you use for a loan, you can deduct the interest you pay. That’s why transferring credit card debt to a home equity loan can be smart. You get a lower interest rate AND a tax deduction that you can’t take for credit card interest.

The IRS allows home owners a capital gains tax exclusion when they sell. This applies to a home you’ve lived in as your primary residence for more than two years. When you sell, some profits are excluded from capital gains tax—up to $250,000 in profits if you’re single, and up to $500,000 if you’re married.
*Always consult a tax advisor for more information about the deductibility of interest and charges.

2. A WAY TO BUILD WEALTH

Every month, home owners build equity. The equity in your home is the amount of money your home is worth minus what you owe on your mortgage. A portion of every mortgage payment reduces the principal, or amount you owe. Every month, that reduction increases your equity—the money that goes to you when you sell.
The principal part of your mortgage payment increases every month (as the interest part decreases), so your equity grows quicker over time. You also keep the profits you make when you sell if your home increases in value, which homes are now doing, on average, in every state.

3. LOWER LIVING COSTS

Long term, buying a home costs less than renting. For the first few years, renting may be cheaper, but as the interest part of your monthly mortgage payment decreases, it will be less than the rent you would pay. Rents keep going up, while your mortgage payment always stays the same (assuming you have a fixed rate).

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

 

San Diego Housing Market Update-July 2016 Sales

San Diego Housing market update for home salesBelow is my monthly analysis of the San Diego housing market. It will show many different metrics to help us get an accurate “feel” for what is happening in our local real estate market!

Even as prices rise in many communities, homes are selling faster now than they have in the past several years. This creates a situation where buyers need to move fast in order to secure homes, and they may have to pay more for them. While increasing prices generally coax more selling activity, there has been some hesitancy among potential sellers who worry that they will not be able to buy a desirable and reasonably priced home once they sell.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-15.8%

+6.3%

-15.1%

Closed Sales decreased 15.8 percent for Detached homes and 15.9 percent for Attached homes. Pending Sales increased 5.1 percent for Detached homes and 4.9 percent for Attached homes. Inventory decreased 11.9 percent for Detached homes and 23.3 percent for Attached homes.

The Median Sales Price was up 2.9 percent to $565,000 for Detached homes and 12.2 percent to $381,000 for Attached homes. Days on Market decreased 11.4 percent for Detached homes and 32.4 percent for Attached homes. Supply decreased 12.9 percent for Detached homes and 28.0 percent for Attached homes.

Low housing supply has already prevented an outright national boon in sales activity, despite a continuation of near record-low mortgage rates and an unemployment rate under 5.0 percent deep into 2016. The issue is not purchasing power. Many areas are falling behind last year’s closed sales totals simply because of lack of available inventory. As this continues, higher prices may put a deeper squeeze on the current buyer pool.

According to Bankrate.com, interest rates have continued to stay under the 4% level, despite the Federal Reserve Bank finally raising rates .25% late last year. Thanks in part to “Brexit,” rates have declined further. They are currently at 3.43% for a 30-year fixed loan (they were 3.42% at this time last month). This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment or see what you can afford, go HERE.

The San Diego Association of Realtors analyzes housing market data for San Diego county every month. Below is their monthly report for home prices. The figures represents ALL property types.

San Diego Housing market statistics for July 2016 sales

CLICK IMAGE TO ENLARGE

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

 

Tips For Moving Into The Perfect Neighborhood

 

tips for buying a home in the perfect neighborhoodYour neighborhood has a big impact on your lifestyle. Follow these steps to find the perfect community you can truly call home!

Is it close to your favorite spots? Make a list of the activities — movies, restaurants, health club, church, etc. — you engage in regularly and visit frequently. How far you would have to travel from each neighborhood you’re considering to engage in your most common activities?

Check out the school district. This is especially important if you have children, but it also can affect resale value if you don’t have kids. GreatSchools.org or the Department of Education in your town can probably provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. If you have school-age children, visit schools in the neighborhoods you’re considering.

Find out if the neighborhood is safe. Ask the police department for neighborhood crime statistics. Neighborhood Scout is another great option. Consider not only the number of crimes but also the type — such as burglaries or armed robberies — and the trend of increasing or decreasing crime. Also, is crime centered in only one part of the neighborhood, such as near a retail area?

Determine if the neighborhood is economically stable. Check with your local city economic development office to see if the income and property values in the neighborhood are stable or rising. What about the percentage of homes to apartments? Apartments don’t necessarily diminish value, but can mean a more transient population. Do you see vacant businesses or homes that have been for sale forever?

See if you’ll make money. Ask a local REALTOR® to get information about home prices in the neighborhood. Although past performance is no guarantee of future results, this information may give you a sense of how good of an investment your home will be for the future. A REALTOR® or the government planning agency also may be able to tell you about planned developments or other changes in the neighborhood — like a new school or roads — that might affect value.

Make personal observations. Once you’ve narrowed your focus to a few neighborhoods, go there and walk around. Are homes tidy and well maintained? Are streets quiet and safe? How does it feel? Pick a warm day if you can and chat with neighbors working or playing outside; many love to talk about their neighborhood-good or bad!

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com
Visit my Website: http://ryanyourrealtor.com

So When Do We Get The Keys??

Understanding the home closing process

when do we get the keys to the house closing escrowWhen do we get the keys? This is the question on all anxious home buyer’s mind. In California, an escrow is “closed” on the day that the grant deed is recorded in the official records at the County Recorder’s office. The moment the grant deed is date-stamped by the county clerk is considered the moment that ownership of the property changes hands.

It is important to realize that closing escrow day isn’t the same day the buyer signs loan documents, and it does not mean the day the lender funds the mortgage loan. Both of those events are essential parts of the process, and both of those events absolutely must occur before the grant deed is released to the county recorder for recording.

Understanding how much time to allow for the final closing process will help reduce some of the stress and frustration that can accompany closing an escrow. After the appraisal of the property has been made; after all the buyer’s financial documents have been reviewed, the loan processor or loan officer will advise all parties that final approval has been obtained, and that the lender is ready to “draw docs”. The “docs” being the note and deed of trust, and all the accompanying disclosures and addendum that the buyer(s) must sign before the lender delivers the funds.

It can take up to 48 hours from the time the final approval is given until the documents are when do we get the keys to house san diego closing escrowreceived by the escrow officer. The escrow officer will contact the buyer for an appointment to sign the documents. Buyers are well advised to sign loan documents as soon as possible! After the buyer signs the documents, the escrow officer will “package” them with other documents from the escrow file, such as an estimated closing statement, and return all the documents to the lender. The lender will most likely receive the documents back on the day after the buyer has signed them.

After the lender receives the signed documents back, it can take up to 72 hours for the lender to check the documents in and review them. After the lender reviews the documents to be sure they have been fully and correctly signed, the lender will issue the funds. The funds are wired by the lender to the escrow company. Recording of the grant deed is normally scheduled for the next business page after the funds are received, or same day in special cases

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com
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