Sellers often ask me, just how important are good school districts for resale value?  Well, the California Association of Realtors surveyed future home buyers and asked them just that.  Three out of five buyers said school boundary lines would be a factor in selecting their next home.  Take a look at just how important school attendance boundary lines are:

While certainly not every buyer considers schools important, it does however point values in a more upward trend in good neighborhoods with good schools.  If you would like to know just what your home would be worth, give me a call today to arrange for your free, in home consultation.  I’m here and happy to help provide you with an honest snapshot of your San Diego’s home value.

One of the biggest tips, and often overlooked tasks, to netting top dollar for your San Diego investment is to have inviting curb appeal.    People judge on what they see first- your home’s outer attributes, or curb appeal.  So, what can you do to improve your homes first impression?  The following tips will help get you started.

Dressed to Sell! Many San Diego home owners often as me where is THE best place to put money into remodeling. While the answer greatly depends on your individual home, increasingly the answer is found in the YARD! Yes, outside, but why? More and more buyers are seeking renovated exterior spaces and considering them just as important, if not more important, than the interior. In a near perfect climate this comes as no surprise. Nearly 63 % of residential architects say interest in outdoor living areas has increased dramatically over the last several years.

So what do potential buyers want? They want defined useable spaces. The most desired features are outdoor seating areas also known as outdoor living rooms, dining areas, fire pits, grills and stylish water features.

If you have been contemplating a backyard makeover, what are you waiting for? Get started today for it is one of the increasingly smartest areas to put your hard earned dollar and see a return upon resale.

Why is the inventory so low in San Diego?

This is a question everyone is asking.  While there is not one easy answer, there are many contributing factors.

First, following the collapse of the housing market, home prices along with historically low interest rate led to a very affordable housing market.  Buyers and investors who were in a position to buy did so at a rapid pace.  Much of the lower-priced inventory throughout San Diego was absorbed very quickly.

Secondly, as foreclosures and short sales moved into the hands of new owners, the supply side of homes did not increase much.  Furthermore, poor economic conditions played a huge role in a decline in new construction.  We simply were not and are not building new construction at a pace to outpace future housing need.

Thirdly, there is an estimated 15 % or 1.3 million homeowners still underwater in California yet many are finding ways to stay in their homes.  Loan modifications are becoming successful and the gap of underwater verses market value is shrinking.   Much of our foreclosure and short sale inventory in San Diego has simply dried up.

Lastly, to add fuel to the fire, I see a growing trend of many investors holding onto their inventory rather than “flipping” it.  Thus keeping their assets off the open market.

The low inventory environment, and high demand, is however great news for sellers.  Most sellers in San Diego can expect multiple offers if there homes are well priced. If the home is especially unique, buyer’s will often times find themselves in a bidding war agreeing to pay over appraised value.  As long as demand stays high, inventory low, it truly marks San Diego history as a great time to list and sell your home for top dollar!

Real estate sales in San Diego continue to remain strong.  The average sales price for condos as well as single family homes rose from February last year.  The average sales price for San Diego condos and town homes was $359,490 for the month of February.  Compared to last year when the average sales price was $313,311.   Similar, single family homes in San Diego rose to an average sales price of $596,907 compared to $521,946.  

The chart below, provided by the San Diego Association of Realtors illustrates the median sales price for both condos as well as single family homes here in San Diego.  Overall, it is easy to see the upward trend in real estate.  

The average number of days on the market, also referred to as the amount of time required for a home to sell, has also shorted since last year.  For condo’s, the actual market time in February this year was 56 days which is down compared to 74 days last year.  Single family homes last month also saw a significant drop from 54 days in 2014 compared to 70 in February 2013.  

In general, the data supports that we will have another great year in San Diego’s housing market.  

What are you waiting for?  Give me a ring today if you have any questions as to the value of your home or how to begin the house buying process!

Mark your calendars for Sunday, March 30, 2014 for the 18th Annual Rolando Street Fair.  Enjoy strolling down treelined streets while shopping local artists creations or sampling local eats.  Kids and adults a like can take a break and enjoy the numerous rides offered here.  It is a great time for the whole family, friends and neighbors alike!

See you there!