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!

Real estate sales in San Diego started the year off with a bang!  The average sales price for condos as well as single family homes rose from January last year.  The average sales price for San Diego condos and town homes was $367, 315 for the month of January.  Compared to last year when the average sales price was $306,234.   Similar, single family homes in San Diego rose to an average sales price of $644,227 compared to $502,398.  

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.  

Condo prices as well as single family homes in San Diego remain strong

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 January this year was 61 days which is down compared to 79 days last year.  Single family homes last month also saw a significant drop from 55 days in 2014 compared to 73 in January 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!

If you own a house in California, it is probably no big surprise that our home values are some of the highest in the U.S.  However, the wonderful lifestyle, weather and overall appreciation of our homes far exceeds many other areas of the U.S.- especially in sunny San Diego! 

The chart below, provided by the California Association of Realtors, illustrates how home prices stack up throughout California.  It’s no surprise San Diego’s median home value is strong.  We are one of the most desirable areas of the state to live! 

The chart also does a nice job illustrating the strong recovery the housing market is having throughout California!  If you have questions about your homes value, give me a call today.  I am happy to help!

Each year the California Association of Realtors, also known as C.A.R., puts out their annual housing market forecast.  The research is complied and analyzed by C.A.R.’s chief economist Leslie Appleton-Young and is scrutinized by thousands of professionals; Realtors, mortgage officers, banks as well as consumers.  This years (2014) prediction comes with mostly cheery news.  

Recovery Trend in Real Estate

Let’s home we finish the year with continued growth, strength in our marketplace and increased tools to help those struggling/underwater homeowners.  Here are some of the highlights:

–  the average 30-year fixed mortgage interest rate is predicted to rise to 5.3%

–  the California median home price is predicted to increase 6% to $432,800

– distressed sales will continue to decrease to less than one in five (primarily due to the gain in home prices)

–  inventory will gain as many underwater homeowners will once again have enough equity to sale

–  home prices will increase moderately

– investor owned sales will decrease as bargain properties are fewer and far between

– unemployment will drop to 7%

For a detailed analysis of your homes worth, give me a ring today.  I can not only provide you with an honest net worth of your home, but I specialize in staging (showcasing) your home for the market to help net you top dollar.

Call me today, I can help.

San Diego’s median sales price for both single family homes as well as condo’s and town homes, continues to increase.  According to the San Diego Association of Realtors, who track data from the local countywide MLS system, found the median sales price for San Diego condos during the month of November increased to $310,000.  This is up dramatically from November of 2012’s median price of $260,000.  

The median sales price for a single family home in San Diego was also up this November to $469,000.  This is in comparison to November 2012 were the median sales price was just over $400,000 at $408,000.  

The chart below illustrates the gradual gain in median sales prices for San Diego from December last year to November this year.  The chart is also provided SDAR and illustrates the upward movement for both single family homes as well as condos throughout San Diego.

With the increase in sales prices we, not surprisingly, see a decrease in the amount of time it takes for a home to sell in San Diego.  The average days on the market for November 2013 came in at 50.  This is compared to 81 days in November 2013.  

San Diego’s housing market continues to gain momentum and remains competitive.  If you are seeking to invest, or to sell you home and net top dollar, call me- I can help.

San Diego ranks #9 in the US as cities leading the housing recovery.  Anyone who has attempted to purchase a home over the last 12 months in San Diego knows that competition is fierce.  One of the biggest obstacles first time buyer’s face in San Diego’s housing market is the huge number and strength of investors who offer “cash” for well priced homes.  VA and FHA buyers are routinely beat out by investors making it necessary for them to bid top dollar just to be able to compete, thus driving prices up.   High demand, lack of inventory, even investors bidding against investors are all factors which have contributed to San Diego’s housing market turnaround.   The chart below,  provided by the California Association Realtors, illustrates other cities where the housing market has rebounded with zest.  Six out of the 10 top cities are in California.  What’s the old saying, as California goes so does the nation?  For all my fellow San Diego home owners out there, congratulations on owing one of the best pieces of the real estate pie.  My advice- try to grab some more as San Diego’s real estate market remains one of the top places in the US to invest!

San Diego Ranks in the Top 10 Cities leading the Real Estate Recovery