New Listing – Poway

Home For Sale Poway
Home For Sale Poway

Custom home overlooking the Maderas Golf Course, best view in Heritage. Downstairs master suite, formal office, wine closet, 4-car garage, very private estate. New custom built garage cabinets, full media center in family room, Marble flooring, 20 ft ceilings in master bedroom, family room and living room. Custom faux painting throughout. Beautiful double circular staircase entry. All Viking appliances, extensive built-ins throughout, Anderson windows. Sunny laundry room. Sweeping sunset views. Offered from $2,750,000 – $2,995,000.

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Pete Saxon Realty Newsletter – June 2016

May 31, 2016

San Diego home prices up 6.2%

The S&P/Case-Shiller Home Price Index reports that, “San Diego County’s median home price increased 6.2 percent , lower than the 6.4 percent increase in February and 6.9 percent in January,” according to a story in the San Diego Union-Tribune.

U.S. home price growth in March

“Home prices rose strongly in March, the latest sign the housing market has momentum heading into the critical spring selling season,” according to The Wall Street Journal.

May 28, 2016

San Diego 8th hottest market in U.S.

The San Diego Union-Tribune reports on National Association of REALTORS statistics indicating that San Diego, “metro San Diego was the eighth “hottest” home market in the United States in May. The median online listing time for a home in San Diego County was 37 days on market, down from 41 the month before.”

May 27, 2016

New mortgage lending rules

This is a good article and video by FoxBusiness that explains the new mortgage lending and buyer disclosure rules that went into effect earlier this year.

Low down payment loans

“Your First Mortgage requires a down payment of just 3 percent of a home’s purchase price, smaller than the minimum 3.5 percent down required for FHA loans,” reports an article in the San Diego Union-Tribune about a new Wells Fargo home loan.

May 26, 2016

Pending sales highest in 10 years

“The number of homes that went under contract in April climbed to the highest level in over 10 years, a sign the housing market is gaining traction,” reports The Wall Street Journal. Low inventory causing rapid price increases and worries about rising interest rates seem to be motivating buyers to make a move now rather than wait.

U.S. mortgage rates rise

Bloomberg reports, “U.S. mortgage rates rose, boosting home-loan costs from the lowest levels since 2013, as investors speculated on the timing of the Federal Reserve’s next interest rate increase.”

May 20, 2016

New Listing – Encinitas


Gorgeous 3,200 sq.ft. single story home constructed in 2010 with high end finishes. Offered for #1,298,000.

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U.S. existing home sales up

The Wall Street Journal reports on National Association of REALTORS statistics showing that U.S. existing home sales were up 1.7% in April. “Sales of existing homes rose in April for the second straight month, driven by a jump in the Midwest, as housing demand firms alongside steady job growth and historically low interest rates.”
May 19, 2016

Mortgage Rates Steady

“Despite better-than-expected economic data released this week, mortgage rates barely budged,” reports the Washington Post. Mortgage rate data released by Freddie Mac indicated little change in mortgage rates despite continuing good information about the economy.

May 18, 2016

County median price reaches $489,000

“San Diego County home prices hit a level in April not seen since summer 2007, real estate firm CoreLogic reported Tuesday,” according to the San Diego Union-Tribune. The number of closed sales was down almost 2%. Lack of listing inventory is putting upward pressure on home prices and, as always, location plus availability is pushing prices higher.

May 16, 2016

Pending Sale – Carmel Country Highlands

New Listing - Carmel Country Highlands
New Listing – Carmel Country Highlands

Three bedroom, three bath with over 1,900 sq.ft in Carmel Country Highlands. Offered for $955,000.00.

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May 12, 2016

Mortgage rates hit 3 year low

The Washington Post writes, “According to the latest data released Thursday by the Federal Home Loan Mortgage Corp., the 30-year fixed-rate average sank to a low not seen since May 2013, falling to 3.57 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.)”

May 10, 2016

U.S. metro home prices grow steadily

The National Association of REALTORS reports, “an uptick in residential sales activity amidst meager supply levels upheld the trend of home price gains in an overwhelming majority of metro areas during the first quarter of the year,”

May 3, 2016

Lack of residential construction hurts San Diego

San Diego Union-Tribune story by Phillip Molnar discusses how San Diego’s resistance to approving new home building negatively effects the local economy. “Home building in San Diego County was cited by reports this week as lagging much of the nation and a drag on the local economy.”