Ryan Blanco San Diego real estate agent

San Diego Housing Market Update-April 2014

The spring buying season is here in the San Diego housing market. Inventory levels (the number of homes on the market “actively” for sale) are currently 6600 listings in San Diego county, up slightly from 6500 last month. That number should continue rise in the coming months as more people put their homes up for sale into the summer.

How's the market 2

According to Bankrate.com, interest rates are currently at 4.21% 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 10.1% 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.

Click on image to enlarge

Click on image to enlarge

 

For more information on this topic:

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

Things to Ignore When House Hunting

Looking for a new home isn’t always easy, especially when you walk into someone’s for-sale home and 20 years of their lives are on display. You have to really use your imagination to figure out how you can that particular home ‘yours.’ Many people choose to remodel and stage their homes when selling, but then there are the vast majority of people who choose to sell their home “as-is.”

While a turnkey home is ideal for people who simply want to move right in and make no changes, there are those “time warp” homes that are actually incredible gems that just need a little updating.

As you step into each home in your search, there are 9 things about a for-sale home that you should “ignore” as you search for your dream home:

An “Older” Home

Old doesn’t always mean bad. Some homes built decades ago have stood the test of time because they have great bones and have a classic style. Don’t always assume that newer is nicer, either. Some newer homes are more affordable because they were built cheaply. Remember that there are many simple fixes for dated homes, and the plus side of an older home is charm and character you can’t find in many brand new homes.

Paint Colors

Ignore the existing paint colors and focus on the structure of the room, the placement of the windows, etc. Paint is a very cheap and easy fix in a home and something you can change in just a couple hours.

things to ignore while house huntingUgly Wallpaper

While it may look like you are on a farm, remember that wallpaper is easily replaced or covered over. So no matter how designed challenged the walls seem to look, it’s easy to change.

Kitchen Appliances And Accessories

The kitchen is the heart of the home and often, the appliances aren’t going to be what you want. As long as you have room in your budget, or a timeline to replace the existing appliances, a seller’s older outdated fridge shouldn’t be a deal breaker.

Ugly Carpet

Flooring options are getting more and more diverse and there are now so many cheaper options that look exactly like their higher-priced counterparts. Don’t walk away from a great house just because you don’t like what you’d be walking on.

Funky Smells

Except for a serious mold problem, there’s nothing a deep cleaning can’t solve. Plug your nose and focus on the home’s internal bones and the potential it has when you give it your own touch.

Curb Appeal

If you’re not wowed when you first drive up, that’s ok. Just envision a different colored front door and some new landscaping, and presto – it might just be your dream home!

Popcorn Ceilingsthings to ignore while house hunting

It’s great at the movies, but not in a home.  Don’t worry! A ceiling specialist can come in and have it all that scrapped off.  It’s easier to have done before moving in, however.

No Privacy

If the house feels too exposed and lacks privacy from the house next door – you can fix that.  Remember “hedges make great neighbors.”

 

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

Central San Diego Housing Market Update-March 2014

The spring buying season is here in the San Diego housing market. With sales and price per square foot rising compared to the previous month. This is a normal pattern for this time of year. Homes are continuing to sell at a fairly brisk rate, meaning buyers don’t have long to act on a property they love.

Interest rates have started to slowly creep up near the 4.5% level. They are currently at 4.45%. Inventory levels (the number of homes on the market “actively” for sale) is continuing to stay absan diego housing market updateove the 6000 level for San Diego county. Finally, prices are starting to take on a more seasonal pattern, with much more modest changes than the previous year.

To get the latest figures, I ran an analysis of home figures from the MLS for the central San Diego region (a 7 mile radius). This includes communities such as Mission Valley, Serra Mesa, University Heights, Normal Heights, Hillcrest, Mission Hills,  Bay Park, and Clairemont. The numbers include both condo/townhomes as well as single-family homes.

 Housing Figures-Central San Diego

Date # of Sales Median Sale Price Med Price/Square Ft. Ave Days on Market    
March 2014 589 $481K $377 17
February 2014 464 $437K $365 23
March 2013 770 $422K $331 15

There are currently 6400 active listings in San Diego county, up from 6200 last month. That number should continue rise in the coming months and more people put their homes up for sale.

For more information on this topic:

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

Central San Diego Market Update-February 2014

We have continued stability in the San Diego housing market. With sales, days on market, and price per square foot level out compared to the previous month. However, homes are continuing to sell at a fairly brisk rate, meaning buyers don’t have long to act on a property they love. With this more “normal” pattern, interest rates have actually been taking a slow dip over the last few weeks. They are currently at 4.32%. Inventory levels (the number of homes on the market “actively” for sale) is continuing bounce around the 6000 level for San Diego county. Finally, prices are starting to take on a more seasonal pattern, with much more modest changes than the previous year. To get the latest figures, I ran an analysis of home figures from the MLS for the central San Diego region (a 7 mile radius). This includes communities such as Mission Valley, Serra Mesa, University Heights, Normal Heights, Hillcrest, Mission Hills,  Bay Park, and Clairemont. The numbers include both condo/townhomes as well as single-family homes.  Housing Figures-Central San Diego

Date # of Sales Median Sale Price Med Price/Square Ft. Ave Days on Market    
February 2014 464 $437K $365 23
January 2014 463 $450K $370 30
February 2013 554 $401 $327 20

How's the market 2There are currently 6200 active listings in San Diego county, up from 6100 last month. That number should continue rise in the coming months as the spring selling season approaches and more people put their homes up for sale. For more information on this topic:

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

5 Important Tips For Home Buyers

As spring approaches and you may be looking to buy a home. Purchasing a home comes with its own set of “unwritten rules.” Conventional wisdom and considered opinion have long led us to believe you never make an offer on the first home you see, or you always close at the end of the month.

In actuality, the only rules you have to follow relate to mortgage fraud (one might regard them more as federal statutes than rules). Home buyers and real estate agents routinely flout common “Never this or that” industry truisms when the need is there.

But make no mistake. While there aren’t any hardcore “rules” to follow, there are absolutely best practices and general guidelines that you should carefully consider. Here’s a look at five big ones.

1. Don’t Make an Offer Without Pre-Approval

Getting pre-approved means a lender has run your credit and financials and is so far willing to move forward with your loan. A pre-approval letters details your purchasing power and provides sellers and real estate agents a degree of confidence that you are a financially solid buyer.

Most savoy agents would never accept an offer without a pre-approval letter.  People are much more aware today how important it is to have a qualified buyer. Without an actual pre-approval, you’re really spinning your wheels.

So do you talk first with a real estate agent or lender? Either way, you may not want to start touring homes or making offers without a pre-approval letter in hand.

2. Use a Real Estate Agent For most home buyers, buying a home is the biggest purchase they’ll ever make. It’s something you’ll do maybe a handful of times in your life. It can pay to have an expert in your corner (who doesn’t cost buyers a dime to use). Real estate agents show homes, negotiate contracts and close deals regularly. They can help identify red flags and potential problems, all the while working to best match up properties to your particular needs. The Internet has certainly helped in making the homebuying process more transparent. But consumers should still want an industry professional on their side. Nearly 90% of home buyers use a real estate agent or a broker, according to the National Association of Realtors.

3. Put Down Earnest Money It’s customary, to provide a deposit when you make an offer on a home. Known as earnest money, this deposit is typically 1- 2 % of the purchase price. It gets deposited into a neutral escrow account upon offer acceptance. Consult with your real estate agent regarding the right amount. Earnest money follows in line with loan pre-approval – it’s another way to show a seller you’re a serious, qualified home buyer. Your agent will include contingencies in the sales contract that allow you to recoup the deposit in case the deal falls apart. Common reasons might include a bad appraisal, home inspection issues or your inability to sell your current home.

4. Sell Yourself

Don’t just submit a solid offer and cross your fingers if you’re shopping in a competitive (sellers) real estate market. Take every opportunity you get to tell your story and sell yourself.

Include a typed (or better yet-handwritten) letter with your offer. This will convey your admiration for the property and your hopes and dreams to the sellers

If you really want a property in a competitive environment or you need some special conditions, the personal touch still works. Sellers don’t always just want to get the most proceeds out of their house. Many sellers also want to know this is going to a good family.

5. Tour Homes in Person

Mobile video technologies like Google Glass is bringing in a new era for home tours. Cool tech and new apps can be a huge help for consumers moving to new states or service members purchasing homes during a deployment.

These tools will continue to be a great supplement the shopping experience. But nothing compares to the in-person experience.

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

Central San Diego Market Update-January 2014

The San Diego housing market has stabilized in many ways. We sales, days on market, and price per square foot level out compared to the month of December. However, sales took a large dip in the month of January, which is actually normal. Many potential homebuyers take a “break” from home shopping in the month of December because of the holidays. This means they aren’t closing the sale in January.

With this more “normal” pattern, interest rates have actually been taking a slow dip over the last few weeks. They are currently at 4.24%. Inventory levels (the number of homes on the market “actively” for sale) is continuing bounce around the 6000 level for San Diego county. Finally, prices are starting to take on a more seasonal pattern, with much more modest changes than the previous year.

To get the latest figures, I ran an analysis of home figures from the MLS for the central San Diego region (a 7 mile radius). This includes communities such as Mission Valley, Serra Mesa, University Heights, Normal Heights, Hillcrest, Mission Hills,  Bay Park, and Clairemont. The numbers include both condo/townhomes as well as single-family homes.

 Housing Figures-Central San Diego

Date # of Sales Median Sale Price Med Price/Square Ft. Ave Days on Market    
January 2014 463 $450K $370 30
December 2013 589 $460K $369 32
January 2013 496 $394K $307 29

How's the market 2There are currently 6100 active listings in San Diego county, down from 5700 last month. That number should rise in the coming months as the spring selling season approaches and more people put their homes up for sale.

For more information on this topic:

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