Ryan Blanco San Diego real estate agent

San Diego Housing Market Update – October 2014 Sales

Below 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!

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One year change in homes for sale

-16.0%

+9.4%

-7.6%

Inventory levels (the number of homes on the market “actively” for sale) continues to stay strong. This San Diego housing market update shows there are currently 7848 active residential listings in San Diego county, down slightly from 8168 last month.Market update for the San Diego housing market sales

According to Bankrate.com, interest rates continue to trend lower compared to previous months. They are currently at 4.27% for a 30-year fixed loan. 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.

Finally, as you will see on the chart below, prices are starting to take on a more normal pattern. There are much more modest changes than the previous year, with a 6.3% increase in median prices, compared to over 20% we saw in 2013. However, these higher prices are now resulting in a slow-down of the number of homes sold over a year ago.

The San Diego Association of Realtors analyzes housing market date for San Diego county every month. Below is their monthly report. The figures represent all property types.

Housing stats in San Diego October 2014

Click To Enlarge

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

San Diego Housing Market Update – September 2014 Sales

Below 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 the local market is like!

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One year change in homes for sale

-7.5%

6.3%

-5.4%

Inventory levels (the number of homes on the market “actively” for sale) continues to stay strong. This San Diego housing market update showssan diego housing market update there are currently 8168 active listings in San Diego county, down slightly from 8350 last month.

According to Bankrate.com, interest rates continue to trend lower compared to previous months. They are currently at 4.08% for a 30-year fixed loan. 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.

Finally, as you will see on the chart below, prices are starting to take on a more normal pattern. There are much more modest changes than the previous year, with a 6.3% increase in median prices, compared to over 20% a few months earlier. However, these higher prices are now resulting in a slow-down of the number of homes sold over a year ago.

The San Diego Association of Realtors analyses housing market date for San Diego county every month. Below is their monthly report. The figures combine both condos and townhomes, as well as single-family homes.

Housing stats san diego september 2014

Click To Enlarge

For more information on this topic:

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

Buying A Home In One Market While Selling In Another

If you end up being transferred for work or making a major move for personal reasons, you could end up selling in one market and buying in another. The ideal scenario would be to sell in a sellers market like the San Francisco Bay area or Seattle, and buy in a buyers’ market, such as Providence, RI. The worst-case scenario, of course,  is to do the opposite.

Here are some tips for buyers and sellers in any market:

Know before you go

Today, real estate markets can vary by state, town, city and even block by block. But most people don’t realize this. So it’s important to start by researching the market of the cities and neighborhoods that interests you. Read local news and blogs. Watch the number of days a home is on the market before it sells. Note the sale price to list price ratio in the town where you’re looking to buy. This research can save you a lot of time and headaches. You don’t want to rely entirely on your real estate agent to tell you about that market. Get informed and make your own conclusions as well.

Selling in a buyers’ buying a home in a buyers marketmarket

Selling your home in a buyers’ market can be a tough road. This market could be slow due to a high level of inventory, low buyer demand, or simply slow economic times. If you need to sell in a buyers’ market, it will take extra effort. Make sure your home is priced competitively. You may not be able to wait for months to test the market. Homes will sell, no matter the market, when priced correctly.

Spend time removing junk and prepping your home for the market. You’ll have to pack up when you move, so it makes sense to start packing and organizing before listing your home. Not only will it save time later, but it will help open up the house, make more space available and help the home show better during open houses and regular showings. Consider any suggestions your agent makes for slight cosmetic fixes, staging, and minor repairs.

Buying in a buyers’ market

Who doesn’t love being a buyer in a buyers’ market? You have lots to choose from and motivated, if not desperate sellers. Take your time to see as many homes as possible. Focus on the most motivated sellers, as this is where you may find the best deals. With handful of homes meet your needs, ask questions such as: Why is the seller selling? What is their time frame for moving? How long have they lived in the home? You can ask these questions through your agent. The more questions you ask, the more information you will uncover.

Selling in a sellers’ market

Along the West Coast, sellers are overwhelmed with buyers at open houses and private showings. Demand is high, and properties sell quickly. But you still have to work a bit at selling.If you fail to clean the home and make it look it’s best, you could very well leave money on the table for the buyer who is desperate for a great deal.

If you are lucky enough to receive multiple offers, focus on the best buyer and the besselling a homet terms, and not so much on the bottom line. You want the most qualified buyer who is going to close on time. The last thing you want is to have to go back on the market again. When this happens, everyone will wonder what’s wrong with your home.

If you aren’t sure who is the best buyer, ask your agent. The best buyer is the one who has seen the home multiple times, is pre-approved with a lender, has been in the market and has even lost out on recent home purchase to another buyer. This buyer is working with a local agent and committed to buying. Your agent should know who they are.

Buying in a sellers’ market

Buyers in a sellers’ market will likely find themselves frustrated over the lack of homes for sale. The one’s that are for sale sell very fast. The competition is intense, and they need to invest a good chunk of their time on buying a home.

For serious buyers, finding a home becomes a part-time job. Work closely with a good local agent and mortgage pro. When a home hits the market, don’t wait. Don’t wait for the open house, because more aggressive buyers might get in and get it before you do.

When competing with other buyers, try to do as much due diligence as possible before making an offer. An offer with few or no contingencies is what sellers love. They want to be sure the deal will close for the most money, and as quickly as possible. Give sellers what they want and you will likely win the war!

 

For more information on this topic:

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

San Diego Housing Market Update August 2014

The end of summer is here and inventory levels (the number of homes on the market “actively” for sale) continues to climb. This San Diego housing market update shows there are currently 8350 active listings in San Diego county, up slightly from 8295 last month.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One year change in homes for sale

-23.7%

8.3%

-4.8%

How's the market 2According to Bankrate.com, interest rates are currently at 4.20% for a 30-year fixed loan. This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment, go HERE. Finally, as you will see on the chart below, prices are starting to take on a more normal pattern. There are much more modest changes than the previous year, with a 8.3% increase in median prices, compared to over 20% a few months earlier. However, these higher prices are now resulting in a slow-down of the number of homes sold over a year ago.

The San Diego Association of Realtors analyses housing market date for San Diego county every month. Below is their monthly report. The figures combine both condos and townhomes, as well as single-family homes.

San Diego House Market Stats August 2014

Click for full size

For more information on this topic:

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

Things To Know Before Buying A House

Purchasing a home can be confusing, overwhelming and make buyers feel completely broke by the time they get the keys. However, being freed from a landlord and throwing away rent payments can also be extremely liberating. From finding the best Realtor to making it through a bidding war, here are 10 things homeowners wish they knew about taking the big step into being a homeowner.

1. Get pre-approved first.

It might be tempting to start hitting open houses every Sunday, but before beginning your search, get pre-approval letter for a mortgage. The last thing you want it to fall in love with a place before being prepared and able to put offer in on it. Without this pre-approval letter, no seller will take you seriously as a pre-qualified buyer.things to know before buying a house

Research recommendations on trustworthy mortgage brokers, then set up a time to talk with each one. If they won’t provide firm information about their rates and fees, or if they start giving advice before fully understanding your financial situation, keep searching. Any good loan officer will save time and money by researching loan terms and rates that work in your best interest

2. Work with an experienced agent.

Before buying a house, going through online listings is a great start. However, don’t underestimate the value of working with an experienced real estate agent. They will help navigate the confusing process of buying a home, and once you find a place you love, they can research comparable listings, advise on what your opening offer should be and negotiate for you. And since home sellers pay all broker commissions, having an agent represent you as a buyer is FREE!

To find the best one, make a short list of possible agents based on word-of-mouth recommendations and/or internet research. Then meet with them to get a feel for their personality and their knowledge on the neighborhoods.

If you are new to the home buying process, stick with a buyer’s agent. They will negotiate, point out any problems with the house that they see, and handle potential issues whenever possible.

3. Don’t be turned off by an ugly bathroom.

A funky paint color or outdated design can cause a buyer to overlook a home that’s otherwise has tons of potential. Remember, cosmetic changes are easy to make once move in, and pointing out any dated features can actually help the negotiation process.

Instead of focusing on the pink-tiled bathroom or that ugly light fixture, pay more attention to the layout of the property, the view, the amount of sunlight rooms get, ceiling height, outdoor space and of course, the location.

4. Find out about the neighbors.

Once you find a home you love, walk the neighborhood to make sure it will be a livable situation. It also helps to visit the neighborhood at different times of the day and week to get a better feel of what life there is really like. Talk to neighbors and get their take on the area as well.

5. Be prepared to move fast.

The best properties receive multiple offers after the first open house, so it’s possible to miss the chance to submit an offer. Your agent will include your pre-approval letter in the offer so the seller knows it is serious. If there is a lot of interest in the home, write a letter to the seller explaining why you’d be the best next owner. You can even included a picture of your and your family. This is also referred to as a “seller love letter” and can work wonders to getting your offer accepted.

6. Be careful about overbidding.

If you plan on financing your home and get caught in a bidding war, beware that overbidding can come back to bite you. Your bank will require an appraisal of the home. If the appraisal comes in under the amount of the loan you need, you might have to make up the difference in out-of-pocket cash in order to complete the deal. Before you make an offer, research comparable listings or ask your real estate agent for advice. If you can, consider increasing your down payment instead of going up higher in price. Cash is king, so putting more money down can give your offer an edge over other buyers.

what to expect when buying a home7. Expect a ton of paperwork.

When applying for a loan, be ready to provide a ton of paperwork, including tax returns, pay stubs and proof of your current assets. You may also be asked to provide updated information on some of the same documents right before closing. This is not the best time to switch jobs or buy a new car, since your income and credit will be closely scrutinized.

8. Hire a home inspector.

Protect yourself and hire a professional inspector to look over the home before you compete the purchase. For $300-400, their inspection will help expose potential problems that could cause you problems and a ton of money down the road. A good inspector will attend to seemingly insignificant details. It also provides a negotiation point to ask the seller for any repairs to be made at their expense.

9. Expect to feel like you are hemorrhaging money.

It’s surprising how quickly costs add up. Fees of $200 here, and $150 there can be unexpected. Besides the down payment, there is the deposit, appraisal fee, home inspection, moving, and more expenses besides the actual buying price. Additionally, most lenders ask that a buyer has enough to cover at least two mortgage payments after closing, which means there needs to be cash in the bank. Go over all of the closing costs with your lender and agent to avoid surprises.

10. It will feel like it will never happen.

Buying a home is not easy. Finding a great place to live takes time, and once you find it, you can easily get outbid. Just remember that new listings are always coming onto the market and, eventually, there will be something you love.

For more information on this topic:

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

San Diego Housing Market Update-July 2014

Summer home buying season is here and inventory levels (the number of homes on the market “actively” for sale) continues to climb. This housing market update shows there are currently 8295 active listings in San Diego county, up from 8062 last month and 7200 in May. This is the most the San Diego market has had in quite a long time.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One year change in homes for sale

-23.4%

7.5%

-0.4%

How's the market 2According to Bankrate.com, interest rates are currently at 4.25% for a 30-year fixed loan. This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment, go HERE. Finally, as you will see on the chart below, prices are starting to take on a more normal pattern. There are much more modest changes than the previous year, with a 7.5% increase in median prices, compared to over 20% a few months earlier. However, even with the higher prices, homes continue to sell a a faster pace than a year ago.

The San Diego Association of Realtors analyses housing market date for San Diego county every month. Below is their monthly report. The figures combine both condos and townhomes, as well as single-family homes.

San Diego Housing Market Update July 2014

Click To Enlarge

For more information on this topic:

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