San Diego Real Estate Newsletter – January 2017

December 31, 2016

Happy New Year!

My sense is that 2017 is going to be an interesting and important year in residential real estate. Homeowners who purchased their properties prior to the recession that started in 2005 now have equity in their properties again. This could mean the return of the “move-up” market which would create inventory of listings to purchase for first time home buyers. If this happens it will be the return of a “normal” real estate market.

County homes valued at $600 Billion

“Total value of homes in San Diego County reached $596 billion in 2016, up 6 percent from the year before, said a study by real estate website Zillow,” reports the San Diego-Union Tribune.

December 28, 2016

U.S. Pending home sales slow

The Wall Street Journal reports that, “A gauge of upcoming home sales dropped in November, a sign of weakening momentum for the U.S. housing market headed into 2017.” Real estate is local so the prediction of a weakening real estate market next year is very general. It could very well be different in your location.

December 27, 2016

San Diego home prices off 2.5%

The San Diego Union-Tribune article by Roger Showley states, “After reaching $507,500 in October, the median home price in San Diego retreated 2.5 percent in November to land at $495,000, the same level as in September, CoreLogic reported Tuesday. Still, the median last month was 5.6 percent higher than it was a year ago.” For the first time in a few years I am noticing that properties are closing escrow at prices below the seller’s original asking price. This is very healthy and shows a more normal balance between buyers and sellers.

December 21, 2016

Higher rates not slowing borrowing

Phillip Molnar writes in the San Diego Union-Tribune that local lenders are not seeing a slow down in borrowing since the presidential election. “The monthly mortgage cost of a San Diego County home has gone up $177 since the election, but that hasn’t stopped people from wanting to buy.”

December 8, 2016

Poway Schools #10 in CA

San Diego Union-Tribune reports that according to Niche the Poway Unified School District is the 10th best in California. “Niche bases its ranking on 10 different grades, including academics; teachers; health and safety; diversity; administration; resources and facilities; food; clubs and activities; college readiness; and sports. Academics makes up 50 percent of the weight of the final score.”

December 3, 2017

San Diego loan limit now $612,950

“Federal borrowing limits were increased for the first time in more than a decade last week because of rising home prices across the nation,” reports the San Diego Union-Tribune.