February 27, 2017
Listing Sold – Escondido
Beautiful three bedroom, three bath, 2,598 sq.ft. executive home on 1.75 acres. Attached guest quarters includes bath and kitchenette. Offered for $889,000 by Pete Saxon Realty.
February 22, 2017
U.S. resales at 10 year high
Business Insider reports that, “Sales of existing condos, coops, townhomes, and single-family houses increased by 3.3% at a seasonally adjusted annual rate of 5.69 million, the highest since February 2007. Economists had estimated that sales rose 1.1% at a rate of 5.55 million, according to Bloomberg.”
February 20, 2017
Percentage of income for housing slightly higher
The San Diego Reader article by Don Bauder reports that, “Despite the staggering rise in San Diego home prices (the median is more than $500,000), the percentage of your income going to your mortgage is only a little bit higher than it was in the 1985–2000 period.” Interestingly, renters pay an average of 42% of their income for housing.
February 17, 2017
Are higher rates slowing housing?
The Wall Street Journal story suggests that. “Higher interest rates already are taking a toll on the U.S. housing market.” That may be partially true but as the article goes on to report fewer people moved setting a record low. People are most likely to purchase homes when they are feeling confident about their circumstances and not solely on current interest rates. We sold a lot of homes in the 1980’s when interest rates were well above 10%.
February 11, 2017
San Diego County prices by zip code
The San Diego Union-Tribune published two slide shows reporting the San Diego County Zip codes where prices went down in 2016 and zip codes where prices have increased since 2003. An interesting zip code is Coronado 92118 which ranked as #6 in both surveys. Home prices have gone up since 2003 in Coronado by 64.9% but in 2016 they actually fell by 3.92%.
Closed Sale – Poway
Summerfield Estates four bedroom, two bath with 1,750 sq.ft on quiet cul-de-sac. Offered for $650,000.00.