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Blog: REAL ESTATE MARKET TRENDS

May 2018 Real Estate Market in Review

May’s San Diego real estate market in review: As of May 2018, the median detached home in San Diego County sold for $625,000 up 7.8% from the previous year.

Median Sales Detatched

As of  May 2018, the median attached home (including condos, townhomes, and twinhomes in San Diego County sold for $411,500, up 6.9% from last year.

Median Sales Twnhome

The average detached home in San Diego spent 32 days on the market.

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Condos, twinhomes, and townhomes in San Diego spent an average of 26 days on the market.

Avg Mkt Time Attatched

As of May 2018, the average seller of a detached home in San Diego County receives 97.6% of the original list price at the close of the sale.

detatched % original

As of May 2018, the owners of attached properties (condos, twinhomes, and townhomes) retained 98.6% of the original list price.

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The inventory of homes in San Diego County is still very low.

MOINV Detatched

The supply of attached properties is also quite low.

MOINV Attatched

Are you interested in seeing this breakdown for your San Diego community or zipcode? Let us know!

Why It Could Be Beneficial to Invest in San Diego Real Estate

San Diego is world renowned for it’s beautiful coastal wild life, historical and modern cities, and of course its sunny, beach culture. There is no doubt that San Diego attracts tourists and visitors from all around the world to experience the San Diego lifestyle. Both locals and outsiders can both agree that San Diego is a beautiful place with an overabundance of exciting activities and new adventures to embark on, but one also has to wonder if San Diego is also a good place to invest in property or to own a home?

Currently, the overall US housing market is thriving and many individuals are looking to invest in property all over the country, but of course there are some specific location that would be better than others to invest in property. Experts conclude that San Diego housing prices will continue to increase, and even if there is an unexpected decline, it will still be above the rate of inflation. In the NAR Quarterly Report released in February, 2016 it was that San Diego ranked 5th in the most expensive housing markets in the United States where the median sales price was up 5.9% at $486,000. However like many other cities, economists predict that San Diego’s surge up in home prices will start to slow as some estimate that it is close to peaking.

In terms of rent prices, San Diego was ranked number 10 in American cities where rent was growing the fastest. There is a high level of competitiveness among renters in San Diego since the rent-ability is only around 5% in latest statistics, however this can mean great news for property investors and landowners. If the property you are investing in is decent condition in a fairly nice location, you will receive many applications and options to rent out your house or apartment. With this level of competition and demand, owning a property and renting it out is an effective and smart way to have another solid source of income and increase cash flow.

San Diego is also one of the few places in the US where out-of-town investors are encouraged and willing to invest and buy property. Due to San Diego’s low crime rates, comfortable climate, and a bustling economy in the tourism, technological, and medical fields, non-San Diegans have goods reasons to safely invest in property with minimal risk. Finally, the cultural and ethnic diversity in San Diego makes its a very warm and welcoming city; on top of which, San Diego is also renowned place to live for it’s top rated schools, efficient public transportation, and is environmentally aware and friendly. There is no question that San Diego is a great and amazing city and owning or investing in a property here would only be beneficial and positive!

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5 Home-Selling Tips Everyone Hears and May Want To Ignore

a15b18aec3b1e388baf2fe361bc9d778w-c0xd-w685_h860_q80.jpgOne of the hardest parts of selling your home is all the unknowns: Who will buy your place, and for how much? How long will it take? That uncertainty might make you particularly eager to soak up advice from just about anyone who’s willing to share. Problem is, just because your sister or co-worker swear by certain rules that worked for them, it doesn’t mean they’ll be a magic solution for you, too.

Fact is, a lot of the real estate advice circulating out there is outdated, region-specific, or just plain wrong. As proof, check out this list of tips that many home sellers hear … then learn how these words of wisdom don’t always hold water. Let this serve as a reminder that when selling a home, you should take everything you hear with a huge grain of salt.

‘You should always list your home in the spring’

Common knowledge says home-buying season starts in the spring and goes through the fall. Not true, says Melisa Aponte, a real estate agent with the Keyes Group in Miami, FL.

“January is a great listing month,” she points out. “People are back from the holidays and ready to start looking.”

Well, at least in places that don’t have a nasty winter, like Miami. Which makes a larger point about real estate advice in general, Aponte says: Every market is different, and what’s great advice in one area can be terrible advice in another.

Besides, when it comes to deciding when to list a home, there are two sides to the coin. Busier times mean more buyers, but also more sellers and more competition. Listing your home when inventory is low could snag the right buyer quickly. Life is unpredictable, and there will always be buyers looking in the “off season,” too.

‘You’ll find your buyer at an open house’

Open houses are exciting, akin to a debutante ball where your home makes its fresh-faced appearance to scads of suitors all at once. And that’s fine, but don’t expect this to be the venue where you find “the one” who makes an offer. While that can occur, open houses are more like parties, filled with swains who aren’t ready to settle down, says Anita Clark, a real estate agent in Warner Robins, GA. Serious home buyers will more often request a private one-on-one showing instead.

Of course, you don’t want to skip the open house entirely. It’s a great way for people to browse, and hey, you never know. Maybe your looky-loo neighbor has a family member who would love to buy your place after all. But it’s time to let go of the idea that an open house is a key step on the road to your ultimate buyer.

‘You can save money by paying less in commission’

Reluctant to fork over the 6% commission that real estate agents typically request to sell your home? Sure, that may seem like a lot of money, but what you might not realize is just how much work an agent does behind the scenes.

“A lot of people don’t understand that an agent’s job is more than just listing the home on the MLS,” says Aponte. Agents’ commissions pay for their time and for marketing materials. Posters, flyers, broker open houses, and yard signs all come from the money you pay your agent.

But beyond that, “it gives your agent the power to offer money to other agents who have qualified buyers,” she explains. That’s because the buyer’s agent and the seller’s agent split the commission.

Though in an ideal world, buyers’ agents would show them every property in their price range, regardless of commission, unfortunately it doesn’t always work that way, says Aponte.

“So if there are a lot of properties on the market and you’re only offering 2% commission, there are agents who won’t show that property,” she says.

Ultimately, you get what you pay for, and a higher commission can often justify itself in the sense that you can reel in tons of buyers, and (hopefully) spark a bidding war that’ll fetch top dollar.

‘Price your home high—and hold out for a buyer who’ll pay it’

Of course you want to get the most you can for your property. Still, pricing it sky-high and hoping a gullible buyer will fall for this aspirational sum? Not a great plan.

“I want to sell your property for a million dollars too, but I would be doing you a disservice to price it that way if the comps are saying $500,000,” says Aponte. Home buyers are highly sensitive to overpaying, and will quickly steer clear. And the longer your house sits on the market, the more buyers will begin to think something’s wrong with it … and lob you a lowball offer.

The best way to avoid this debacle is to price a house right from the start—not too high, not too low—and then seriously consider any offers that roll in, even if they aren’t as great as you’d hoped. To start things off, you can enter your address in a home value estimator to get a ballpark figure of how much your home is worth, then fine-tune that number with an agent’s help.

‘Here’s what the market is going to look like next year…’

Sure, it makes sense that real estate professionals will make educated guesses to help guide buyers’ and sellers’ decision-making. The operative word here is “educated.” Fact is, nobody really knows what the market is going to do; if they did, the housing crash of 2008 would have looked a lot different!

“Beware of ‘future’ predictions that don’t come from a reputable source,” says Dillar Schwartz, a real estate agent in Austin, TX. Sure, your brother-in-law or best friend might be trying to help, but keep in mind that their armchair philosophizing about the future of real estate is just an opinion—nothing more.

June 2018 Real Estate Market in Review

June's San Diego real estate market in review: As of June 2018, the median detached home in San Diego County sold for $629,000 up 7.5% from the previous year.

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As of  June 2018, the median attached home (including condos, townhomes, and twinhomes in San Diego County sold for $413,000, up 6.7% from last year.

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The average detached home in San Diego spent 32 days on the market.

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Condos, twinhomes, and townhomes in San Diego spent an average of 26 days on the market.

Avg Mkt Time Attatched

As of June 2018, the average seller of a detached home in San Diego County receives 97.6% of the original list price at the close of the sale.

detatched % original

As of June 2018, the owners of attached properties (condos, twinhomes, and townhomes) retained 98.5% of the original list price.

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The inventory of homes in San Diego County is still very low.

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The supply of attached properties is also quite low.

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Are you interested in seeing this breakdown for your San Diego community or zipcode? Let us know!

San Diego Home Prices Rise More Than The Nationwide Average

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In March, San Diego’s home prices raised an impressive 7.7% from the past year. This ranked San Diego in the top 10 cities of highest yearly price increases. Home prices increased all over California. San Francisco, Los Angles and San Diego were all above the national average and they show no sign of slowing down. In April, San Diego’s home prices continued to grow, sitting 8.6% higher than the year before. That pushed San Diego’s median home price to $570,000 which broke the record that was previously set in March. This increase was led by the escalating cost of condos. Condo prices increased by 11.7% and have a median price of $430,000.

S&P CoreLogic Case-Shiller Indices for March 2018

Yearly increases by city

1 Seattle — 13 percent

2 Las Vegas — 12.4 percent

3 San Francisco — 11.3 percent

4 Denver — 8.6 percent

5 Los Angeles — 8.1 percent

6 Detroit — 7.9 percent

7 San Diego — 7.7 percent

8 Tampa — 7.5 percent

9 Phoenix — 6.8 percent

10 Portland — 6.7 percent

11 Atlanta — 6.2 percent

12 Charlotte — 6.2 percent

13 Minneapolis — 6.1 percent

14 Boston — 5.8 percent

15 Dallas — 5.8 percent

16 New York — 5.2 percent

17 Miami — 5 percent

18 Cleveland — 4.6 percent

19 Washington, D.C. — 3 percent

20 Chicago — 2.8 percent

Nationwide — 6.5 percent

April 2018 Real Estate Market in Review

April’s San Diego real estate market in review: As of April 2018, the median detached home in San Diego County sold for $620,000 up 7.6% from the previous year.

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As of  April 2018, the median attached home (including condos, townhomes, and twinhomes in San Diego County sold for $410,000, up 7.6% from last year.

Twnhmn median sales

The average detached home in San Diego spent 32 days on the market.

Detatched avg mkt time

Condos, twinhomes, and townhomes in San Diego spent an average of 26 days on the market.

attatched avg mkt time

As of April 2018, the average seller of a detached home in San Diego County receives 97.6% of the original list price at the close of the sale.

detatched % original

As of April 2018, the owners of attached properties (condos, twinhomes, and townhomes) retained 98.6% of the original list price.

attatcched % orig

The inventory of homes in San Diego County is still very low.

MOINV Detatched

The supply of attached properties is also quite low.

MOINV Attatched

Are you interested in seeing this breakdown for your San Diego community or zipcode? Let us know!

March 2018 Real Estate Market in Review

March’s San Diego real estate market in review: As of March 2018, the median detached home in San Diego County sold for $619,000 up 7.7% from the previous year.

Detatched Sales

As of  March 2018, the median attached home (including condos, townhomes, and twinhomes in San Diego County sold for $406,000, up 6.8% from last year.

Attatched Sales

The average detached home in San Diego spent 33 days on the market.

Detached Mkt Time

Condos, twinhomes, and townhomes in San Diego spent an average of 26 days on the market.

Attatched Mkt Time

As of March 2018, the average seller of a detached home in San Diego County receives 97.6% of the original list price at the close of the sale.

Detached % Orig

As of March 2018, the owners of attached properties (condos, twinhomes, and townhomes) retained 98.6% of the original list price.

Attatched %

The inventory of homes in San Diego County is still very low.

Detached MOINV

The supply of attached properties is also quite low.

Attached MOINV

Are you interested in seeing this breakdown for your San Diego community or zipcode? Let us know!

February 2018 Real Estate Market in Review

February’s San Diego real estate market in review: As of February 2018, the median detached home in San Diego County sold for $618,000, up 8.8% from the previous year.

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As of  February 2018, the median attached home (including condos, townhomes, and twinhomes in San Diego County sold for $405,000, up 7.1% from last year.

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The average detached home in San Diego spent 33 days on the market.

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Condos, twinhomes, and townhomes in San Diego spent an average of 26 days on the market.

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As of February 2018, the average seller of a detached home in San Diego County receives 97.6% of the original list price at the close of the sale.

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As of February 2018, the owners of attached properties (condos, twinhomes, and townhomes) retained 98.6% of the original list price.

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The inventory of homes in San Diego County is still very low.

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The supply of attached properties is also quite low.

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Are you interested in seeing this breakdown for your San Diego community or zipcode? Let us know!

January 2018 Real Estate Market in Review

January’s San Diego real estate market in review: As of January 2018, the median detached home in San Diego County sold for $595,000 up 6.9% from the previous year.

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As of  January 2018, the median attached home (including condos, townhomes, and twinhomes in San Diego County sold for $410,000 up 9.3% from last year.

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The average detached home in San Diego spent 41 days on the market.

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Condos, twinhomes, and townhomes in San Diego spent an average of 32 days on the market.

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As of February 2018, the average seller of a detached home in San Diego County receives 96.8% of the original list price at the close of the sale.

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As of February 2018, the owners of attached properties (condos, twinhomes, and townhomes) retained 98.2% of the original list price.

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The inventory of homes in San Diego County is still very low.

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The supply of attached properties is also quite low, but picked up slightly in January.

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Are you interested in seeing this breakdown for your San Diego community or zipcode? Let us know!

December 2017 Real Estate Market in Review

December’s San Diego real estate market in review: As of December 2017, the median detached home in San Diego County sold for $600,000 up 7.2% from the previous year.

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As of  December 2017, the median attached home (including condos, townhomes, and twinhomes in San Diego County sold for $398,500 up 8% from last year.

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The average detached home in San Diego spent 36 days on the market.

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Condos, twinhomes, and townhomes in San Diego spent an average of 28 days on the market.

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As of December 2017, the average seller of a detached home in San Diego County receives 97.4% of the original list price at the close of the sale.

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As of December 2017, the owners of attached properties (condos, twinhomes, and townhomes) retained 98.5% of the original list price.

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The inventory of homes in San Diego County is still very low.

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The supply of attached properties is also quite low.

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Are you interested in seeing this breakdown for your San Diego community or zipcode? Let us know!

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