Posts Tagged ‘Mission Valley San Diego’

Don’t Stress Out When Buying A Home

Buying a home can actually be fun, not stressful. As you look for your dream home, keep in mindno stress these tips for making the process as peaceful as possible.

1. Find a real estate agent who you connect with. Home buying is not only a huge financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.

2. Just remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to time interest rates or the housing market by waiting longer — you risk losing out on a home you love. The housing market usually doesn’t change fast enough to make that much difference in price, however, a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it even harder to make a decision. Focus on the wants and needs of your immediate family — the people who will actually be living in the home.

4. Accept that no house is ever perfect. If it’s in the right location, but perhaps the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs some repairs. Make a list of your top priorities and focus in on things that are most important to you. Don’t sweat the minor ones.

don't stress out when buying a home5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to get that extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in all the physical aspects of the house itself — room sizes, kitchen, etc. — that you forget about important issues such as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.

7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Making an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers. Preparation goes a long way.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and not be able to afford upkeep.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a huge financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you bought.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4% annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live first, an investment second.

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

This is why Housing Sales Matter to our Economy

In a study by the National Association of Realtors (NAR) to determine the impact a single home sale has on the economy. They included data compiled by the Bureau of Economic Analysis, the Census Bureau, Macroeconomic Advisors and the Joint Center for Housing Studies at Harvard. After reviewing the information, they determined the total economic impact of a typical home sale in the United States is an astonishing $56,464!

This figure contributed economically to things such as home construction, real estate brokerages, mortgage lending, title insurance, rental & leasing, home appraisals, and moving truck services.

When a House is Sold in the United States:

$14,958 – Income generated from real estate related industries

Home sales turn into money for the economy

$5,647 – Additional expenditure on consumer items such as on furniture, appliances, and paint service

$3,509 – Expenditure on remodeling within 2 years of purchase

It also generates an economic multiplier impact. There is a greater spending at restaurants, sports games, and charity events. The size of this “multiplier” effect is estimated to be:$11,575

Home sales induce additional new homes being built. Typically one new home is constructed for every 8 existing home sales. Therefore, for each existing home sale, 1/8 of new home value is added to the economy which is estimated in the U.S. to be:$20,775

This study was done on a national level, where home prices and the cost of living is less than in southern California. San Diego home prices are also well more than double the national average. While the above figures only cover nationally average numbers to come up with $56,464, the economic impact for a place like San Diego would be far more!

 

For more information on this topic:

619.384.2248
RyanYourRealtor@gmail.com
Visit my Website: https://ryanyourrealtor.com

San Diego Housing Market Update-June 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 8062 active listings in San Diego county, drastically up from 7200 last month. 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

-17.3%

10.7%

-1.0%

  How's the market 2 According to Bankrate.com, interest rates are currently at 4.19% 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 10.7% 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 real estate blog

Click to enlarge

For more information on this topic:

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