Ryan Blanco San Diego real estate agent

Top 5 Real Estate Trends for 2014

It’s a brand new year! With the new year, RealtyTimes predicted the top changes in the Californa real estate market, now in effect.

INCREASING MORTGAGE RATESreal estate trends for 2014

Mortgage rates are predicted to rise, but not too far, up to 5% or 5.25% in 2014. The
Federal Reserve will begin tapering soon and the greater the reduction in Federal government purchases, especially of Mortgage Backed Securities (MBS), the more rates are likely to grow.

It’s a great time to buy now because mortgage rates are still below the historical average so if you’re thinking of making a move, 2014 is the perfect time to jump into the market and start looking! With low rates and increasing home values, now’s the time to buy in order to make a smart investment for your future.

Speaking of mortgages, home buyers also need to be prepared for stricter qualifications on home loans. Lenders are now required to prove borrowers’ ability to repay a loan according to new “qualified mortgage” standards. An important statistic to keep in mind is the maximum debt-to-income ratio of 43% that borrowers will need to qualify.  The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, has also announced plans to reduce the maximum loan limits for conventional conforming loans some time in 2014.

INCREASING HOME PRICES AND VALUES

Predictions show that home values and prices will rise in 2014.  Moderate predictions are clocking in at a 6-8% increase for California markets whereas others foresee a 10-15% increase.

According to Bill Plattos, Execute Vice President of First Team Real Estate, “2013 has begun the upward progression of the real estate market in California. In the next 3 to 4 years prices and sales will continue to rise bringing us back up to a peak.”

FEWER INVESTORS

Investors swoop in when home prices bottom out like they have in the past few years, seeking foreclosed homes and short sales to snatch up.  However, as our economy strengthens and home values come back up in 2014 there are fewer distressed homes on the market to interest investors.  The rise in home values in and upswing in the economy will also make it easier for current home owners who’ve built up equity to afford a down payment and enter the market in search of a bigger and better home to fit their needs.

Fewer investors also means less price competition and fewer bidding wars for buyers shopping for primary residences.  2014 will be the prime time to buy and sell for home owners who are ready to move on to a better neighborhood, larger home or location offering a more convenient commute.

CONTINUED HOME SELLERS MARKET

The seller’s market will continue in 2014 for California and on a national level.  However, it will be much cooler than the one we’ve witnessed over the past two years. “The market will get closer to normal – or as normal as the market can be,” says Plattos. “It will continue to cool and inventory will come up to a moderate level, not too low or too high.”

HOME BUYERS NEED TO START SEARCHING

With the seller’s market leveling in 2014, that means buyers need to be realistic about the home they can afford.   Home buyers, now is the time to start searching the best deals in real estate in order to get the most for your money.

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

Central San Diego Housing Update-December 2013

With the year drawing to a close, the San Diego housing market finished with a slight “jolt.” We saw increases in both prices and sales compared to the month of November. However, homes are starting to sit on the market a bit longer, since the bidding wars from desperate home buyers has settled down. The skyrocketing home prices seen for over a year have finally stabilized a bit into a more “normal” pattern.

With this more “normal” pattern, interest rates have held pretty steady over the past few months. They have been hovering close to the 4.5% level for some time now. Inventory levels (the number of homes on the market “actively” for sale) is continuing to stay 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. 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    
December 2013 194 $433K $340 25
November 2013 169 $407K $334 22
December 2012 229 $390K $303 30

How's the market 2There are currently 5700 active listings in San Diego county, down from 6500 last month. That number should rise in the coming months as the spring buying 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

Central San Diego Housing Market Update-November 2013

With the holidays upon us, the housing market has cooled down. Homes are starting to sit on the market longer. The skyrocketing home prices seen for over a year, through the summer, are no more. While the number of homes sold is dropping, the average sale price of San Diego homes has stabilized.

There are a number of factors at work right now slowing the housing market down a bit. These include rising interest rates (from 3.5% earlier this year to a current rate of 4.43%), housing inventory levels catching up with demand, and prices simply peaking (they can only go so far before many potential buyers get priced out of the market). It’s also simply a slower time of year for real estate sales.

To get the latest figures, I ran an analysis of home figures from the MLS for the central San Diego region. 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.

*Please note, I am now using MEDIAN figures instead of AVERAGE. I believe it will show a better representation of true housing trends.

 Housing Figures-Central San Diego

Date # of Sales Median Sale Price Med Price/Square Ft. Ave Days on Market    
November 2013 169 $407K $334 22
October 2013 212 $399K $344 17
November 2013 206 $372K $297 28

There are currently 6500 active listings in San Diego county, down from 6600 last month.

san diego housing market update

For more information on this topic:

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

Central San Diego Housing Market Update-October 2013

With fall setting in  and the air getting cooler, the housing market prices have also cooled down. The skyrocketing home prices seen for over a year, through the summer, are no more. While the number of homes sold is staying stable, the average sale price of San Diego homes is dropping month-over-month.

There are a number of factors at work right now slowing the housing market down a bit. These include rising interest rates (from 3.5% earlier this year to a current rate of 4.25%), housing inventory levels catching up with demand, and prices simply peaking (they can only go so far before many potential buyers get priced out of the market).

To get the latest figures, I ran an analysis of home figures from the MLS for the central San Diego region. 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 Ave Sale Price Ave Price/Square Ft. Ave Days on Market    
October 2013 212 $426K $352 33
September 2013 208 $480K $356 30
October 2012 231 $399K $308 48

san diego housing market updateThere are currently 6600 active listings in San Diego county, down from 7100 last month. Properties newly for sale also continued to sell very rapidly, with a mere 33 days on market.

For more information on this topic:

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

Central San Diego Housing Market Update-September 2013

As the month of September drew to a close, It is still a strong sellers market, while buyers (including cash investors) continued bidding wars on listed properties. However, the skyrocketing home prices may be peaking, with the average sale price finally slipping over the previous month. Our 20% year-over-year price increase has been slipping closer to a 17% increase.

There are a number of factors at work right now slowing the housing market down a bit. These include rising interest rates (from 3.5% earlier this year to a current rate of 4.25%), housing inventory levels catching up with demand, and prices simply peaking (they can only go so far before many potential buyers get priced out of the market).

To get the latest figures, I ran an analysis of home figures from the MLS for the central San Diego region. 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 Number of Sales Ave Sale Price Ave Price/Square Ft. Ave Days on Market
September 2013 208 $480K $356 30
August 2013 224 $436K $360 27
September 2012 193 $401K $292 64

san diego housing market updatePrices continued to rise in San Diego (now 17% year-over-year), while inventory seems to finally be catching up with demand. There are currently 7100 active listings in San Diego county. There were nearly 6700 last month and only 4000 earlier this year. Properties newly for sale also continued to sell very rapidly, with a mere 30 days on market.

For more information on this topic:

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

Central San Diego Housing Market Update-August 2013

As the month of August drew to a close, It is still a strong sellers market, while buyers (including cash investors) continued bidding wars on listed properties. However, the skyrocketing home prices may be peaking, with the average sale price finally slipping over the previous month. Our 20% year-over-year price increase has been slipping closer to a 17% increase.

There are a number of factors at work right now slowing the housing market down a bit. These include rising interest rates (from 3.5% earlier this year to a current rate of 4.7%), housing inventory levels catching up with demand, and prices simply peaking (they can only go so far before many potential buyers get priced out of the market).

To get the latest figures, I ran an analysis of home figures from the MLS for the central San Diego region. 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 Number of Sales Ave Sale Price Ave Price/Square Ft. Ave Days on Market
August 2013 224 $436K $360 27
July 2013 239 $447K $353 29
August 2012 225 $359K $287 55

san diego housing market updatePrices continued to rise in San Diego (now 17% year-over-year), while inventory seems to finally be catching up with demand. There are currently 6700 active listings in San Diego county. There were nearly 6000 last month and only 4000 earlier this year. Properties newly for sale also continued to sell very rapidly, with a mere 27 days on market.

For more information on this topic:

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