Ryan Blanco San Diego real estate agent

San Diego Housing Market Update-August 2017 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!

August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a
natural market cool down before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.

 
Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-8.0%

+9.4%

-26.4%

Closed Sales decreased 6.4 percent for Detached homes and 11.0 percent for Attached homes. Pending Sales increased 2.2 percent for Detached homes
but decreased 2.9 percent for Attached homes. Inventory decreased 27.9 percent for Detached homes and 22.1 percent for Attached homes.

The Median Sales Price was up 8.3 percent to $610,000 for Detached homes and 6.7 percent to $400,000 for Attached homes. Days on Market decreased 9.4 percent for Detached homes and 15.4 percent for Attached homes. Supply decreased 31.0 percent for Detached homes and 21.1 percent for Attached homes.

The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.

 

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.

August 2017 San Diego housing market stats and update

CLICK IMAGE TO ENLARGE

According to Bankrate.com, interest rates have continued to stay near the 4% level, despite the Federal Reserve Bank finally raising the fed funds rate to .75%. They are currently at 3.85% for a 30-year fixed loan (they were at 3.98% 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.

Ryan Blanco-Realtor-San Diego Real Estate BlogAbout Me: I am a full time agent and I dedicate 100% of myself and my time to my valued clients in addition to the San Diego communities that I serve. It is imperative that I continuously evolve with local and national trends in addition to always looking ahead of the industry. It is a must to always provide the best service to my clients, their families and friends.

619.384.2248
Ryan@RyanYourRealtor.com

 

 

Changes That Affect Your Homeowners Insurance

what to change your homeowners insurance coverageHomes often grow and change alongside the people living in them. If you’ve added expensive furnishings or made substantial upgrades, it’s important to re-evaluate your homeowners insurance and make sure your policy reflects those changes. Here are four instances when it may be beneficial to review and adjust your coverage.

Remodeling or Renovation Work
Home improvement projects typically increase the value of your home, which usually calls for more coverage. But that doesn’t necessarily mean your insurance rates will automatically increase. In fact, some projects, like adding a new roof, may help you save on your monthly home insurance premiums. Just be sure to notify your provider before any work begins.

Adding a Pool or an Outdoor Trampoline
Because these fun home features come with increased risk of injury, they’re labeled an attractive nuisance. Upping your liability insurance can help keep you protected if there’s ever an accident on your property and a subsequent lawsuit.

Acquiring New Valuables
Whether you inherit them or purchase them, expensive goods such as jewelry, art, rugs and antiques should be added to your policy. Increasing your coverage is the only way to safeguard them in the event of damage or theft.

Starting a Home Business
Many home-based business owners don’t realize they have little, if any, coverage from a homeowners or renters insurance policy. Since a new home business likely means purchasing new technology and expensive equipment, you may need to get additional protection.

You worked hard for your home. Secure your belongings by updating your coverage to match your circumstances.

Ryan Blanco-Realtor-San Diego Real Estate BlogAbout Me: I am a full time agent and I dedicate 100% of myself and my time to my valued clients in addition to the San Diego communities that I serve. It is imperative that I continuously evolve with local and national trends in addition to always looking ahead of the industry. It is a must to always provide the best service to my clients, their families and friends.

619.384.2248
Ryan@RyanYourRealtor.com

 

 

San Diego Housing Market Update-July 2017 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!

How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One-year change in homes for sale

-8.8%

+9.8%

-26.7%

Closed Sales decreased 9.7 percent for Detached homes and 7.2 percent for Attached homes. Pending Sales increased 7.2 percent for Detached homes and 3.9 percent for Attached homes. Inventory decreased 26.0 percent for Detached homes and 28.7 percent for Attached homes.

The Median Sales Price was up 10.7 percent to $620,000 for Detached homes and 6.7 percent to $405,000 for Attached homes. Days on Market decreased 15.6 percent for Detached homes and 8.3 percent for Attached homes. Supply decreased 30.0 percent for Detached homes and 30.0 percent for Attached homes.

Although the unemployment rate remains unchanged at its favorable national 4.4 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction. Lower price ranges are starting to feel the effects of the supply and demand gap, as first time buyers scramble to get offers in at an increasing pace.

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 2017

CLICK TO ENLARGE

According to Bankrate.com, interest rates have continued to stay near the 4% level, despite the Federal Reserve Bank finally raising the fed funds rate to .75%. They are currently at 3.98% for a 30-year fixed loan (they were at 4.12% 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.

Ryan Blanco-Realtor-San Diego Real Estate BlogAbout Me: I am a full time agent and I dedicate 100% of myself and my time to my valued clients in addition to the San Diego communities that I serve. It is imperative that I continuously evolve with local and national trends in addition to always looking ahead of the industry. It is a must to always provide the best service to my clients, their families and friends.

619.384.2248
Ryan@RyanYourRealtor.com

 

 

Preparing to Sell Your Home

Selling your home doesn′t just mean hiring a realtor to stick a sign out front. There are a lot of preparations you should make to ensure you get the best offer possible in the shortest time.

Repair. Just because you’ve gotten used to the cracks in the walls and boxes piled up in the bedroom doesn’t mean a buyer will too. If you have hardwood floors that need refinishing, be sure to get it done—hardwood is a huge selling point. Buyers like to snoop around, so be sure to fix any sticky doors or drawers as well. Finally, don’t forget to address any issues with the exterior—fences, shingles, sidewalks, etc. After all, without curb appeal, some buyers may never get to see the inside.

Neutralize. You want buyers to see themselves in your home. If your living room has lime green shag, wood-paneled walls, and all your collectibles and personal photographs, this will be much harder for them to do. Try replacing any bold color choices in your floors and walls with something more neutral—beiges, tans, and whites. Repainting and reflooring will make everything look fresh and new, and help prospective buyers imagine all the possibilities.home staging when selling

Stage. Once your house is clean and updated, it’s time to play dress up. For a cost of $1,000 & up, home stagers can add small details and décor touches that will bring out the possibilities in the various spaces in your home: lamps, mirrors, throw rugs and pillows, flowers, decorative soaps and towels, patio furniture. Home staging can be particularly useful if your home is especially old or if the exterior looks dated. Think of it as a little mascara and rouge—if it’s done right, you notice the beauty, not the makeup.

 

Ryan Blanco-Realtor-San Diego Real Estate BlogAbout Me: I am a full time agent and I dedicate 100% of myself and my time to my valued clients in addition to the San Diego communities that I serve. It is imperative that I continuously evolve with local and national trends in addition to always looking ahead of the industry. It is a must to always provide the best service to my clients, their families and friends.

619.384.2248
Ryan@RyanYourRealtor.com

 

 

8 Ways To Keep Your Dog Happy During Your San Diego Move 

If you’re moving to San Diego with a pet, you’re in for a real treat as San Diego is one of the top dog-friendly cities in the country, according to Forbes Magazine. In addition to all of the gorgeous dog-friendly parks, like Fiesta Island, Balboa Park, and Marian Bear Memorial Park, there are many dog-friendly retailers, restaurants, and even breweries! In fact, BringFido.com has a listing of 200 restaurants in San Diego that allow dogs. 

Here are 8 tips to help make sure your move to San Diego is a pleasant one, for you and your pet.

8 ways to keep your dog happy during your San Diego move

For more information:

 1. Visit bringfido.com to find pet friendly establishments

 2. Visit petsmart.com to order new ID tags

 3. Visit yelp.com to read vet reviews

 4. Visit humanesociety.org for help with packing a travel bag for your dog

5. Visit hireahelper.com to hire pet friendly movers

  6. Visit vcahospitals.com for tips on managing your pet’s stress

 7. Visit redfin.com for more tips on moving with a pet

 8. Visit cesarsway.com to get tips on being calm and patient with your dog

 

Whether you’re moving to San Diego from another city or just moving across town, planning and executing a move can be overwhelming. There are so many things to do such as packing, hiring a mover, and putting in a change of address. Our guide to moving with a pet will relieve the worry about how to make sure they’re taken care of and allow you to focus on the other things on your list. So get moved in, leash up your pup and go explore San Diego together! Woof Woof!

 

Here’s What Lenders Look At When Applying For A Mortgage

Gone are the days of those so-called “liar loans” that helped pump up the housing bubble of the mid-2000s. It seemed your simple signature was about all that was needed to get a home loan. Today, lenders are much more thorough in determining a potential borrower’s qualification for a home loan. Here is the bulk of information they will look at and verify before approving a loan:

1. Residence History

Documentation for the past two years of residency should include your landlord’s or current mortgage company’s name, address, and phone number. You may also be asked to provide twelve months of canceled rent checks if the landlord is a private individual.

2. Employment History

The past two years of employment history should include the employer’s name, address, phone number, and the dates of employment. Any notable unemployment periods during those two years may have an adverse effect on your approval. Any yes, they will verify your current employment.

3. Income

Show proof of income by providing the most recent pay stubs for the past 30 days as well as your W-2’s from the previous two years. Overtime and bonuses may not be considered as part of your income if your employer does not guarantee this income. Also, if you have any business expenses listed on your tax returns, they will likely be deducted from your income.

what lenders look for to approve a home loan4. Bank Accounts

Be prepared to show bank statement for the past two years and explain any large deposits into your within 60 days of applying for your loan. Retirement accounts are also important in the application decision since the reserves or assets in the account can influence your mortgage approval.

5. Credit History

Review your credit report before applying for a home loan to verify the information on it. The areas to look over on your credit report include:

  • Collections
  • Judgments
  • Authorized user accounts
  • Cosigned loans
  • Any inaccuracies

You’ll also want to check that your credit score is adequate for the loan type you are applying for

6. Tax Returns

Have on hand your tax return for the previous two years. Your tax returns will be reviewed for any deductions that may affect your qualification including deductions for part-time employment, self-employment, rental income or loss, annuity income, or any consistent income.

There may be different guidelines for loan approval regarding past bankruptcies, foreclosures, and short sales depending on which loan program you’re applying for. Car repossessions, judgments, liens, collections, late payments, and credit inquiries can also have an impact on qualifying for a mortgage –as do auto loans, student loans, installment loans, credit cards, child support, and alimony.

Gather all the documentation needed before applying for a loan as missing documents can cause delays.

Here are the basic documents you’ll need:

  • Most recent 30 days’ pay stubs
  • Most recent two months’ bank statements
  • Previous two years of federal tax returns and W-2s
  • Past two years of residence history
  • Past two years employment history or any periods of unemployment
  • Separation, divorce, and child support paperwork
  • Bankruptcy (if occurred in the past seven years)
  • For the self-employed, you may need your last two years of business returns
  • Depending on the loan you’re applying for, other documents may be required

Having these essential documents reduces frustration and delays, as does a trusted mortgage professional.

 

Ryan Blanco-Realtor-San Diego Real Estate BlogAbout Me: I am a full time agent and I dedicate 100% of myself and my time to my valued clients in addition to the San Diego communities that I serve. It is imperative that I continuously evolve with local and national trends in addition to always looking ahead of the industry. It is a must to always provide the best service to my clients, their families and friends.

619.384.2248
Ryan@RyanYourRealtor.com

 

 

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