Category Archives: Listings and Sales

Pete Saxon Realty’s most recent listings and sales

San Diego Real Estate Newsletter – December 2017 – Pete Saxon Realty

November 30, 2017

Market taking a pause?

After years of posting similar stories about rising prices due to low inventory and low interest rates it may be that the market has reached its peak or may just be taking a pause. In San Diego the median sales price dropped almost $20,000 from June of 2016. I’m seeing price reductions on the MLS for the first time in a while. It will be a month or two before we know if dropping prices is a trend. My guess is that it’s a leveling off and a real estate bubble bursting.

Price Reduced

Poway Home For Sale
Poway Home For Sale by Pete Saxon Realty

Lots of potential in this three bedroom, two bath, 1066 sq. ft. twin home. Walk to elementary school. Close to shopping, dining and entertainment. Now offered for $499,000 by Pete Saxon Realty

More Info
November 29, 2017

San Diego median home price up 4.4%

Phillip Molnar of the San Diego Union-Tribune reports on CoreLogic data showing San Diego County home prices have increased 4.4%  to $529,750 over October of last year. However, median prices have dropped below the all time high of $545,000 reached in June of this year.

November 28, 2017

San Diego third only to Seattle and Vegas

The S&P Case-Shiller 20 City Indices ranked San Diego County third in the country for price appreciation in September 2017 reports the San Diego Union-Tribune. San Diego home prices have risen 8.2% in a year.

Less expensive homes appreciate faster

There’s a well known cliche in real estate, “Buy the smallest, least expensive home in the best neighborhood” if you want the most appreciation. Diana Olick of CNBC writes about how lower priced homes are appreciating faster than their more expensive neighbors.

San Diego Real Estate Newsletter – November 2017 – Pete Saxon Realty

Coming Soon

Poway Home For Sale
Poway Home For Sale by Pete Saxon Realty

Midland Grove three bedroom, two bath single level twin home. Walk to elementary school, and Old Poway Park. Close to shopping, dining and entertainment.

October 31, 2017

County home prices up 7.8%

“San Diego had the third highest annual home price increase in the nation in August,” according to S&P Case-Shiller Indices and reported in the San Diego Union-Tribune. “Only Seattle and Las Vegas had bigger increases in the 20-city index.”

20 city home price index at all-time high

“The S&P CoreLogic Case-Shiller home price index rose more than expected in August, hitting an all-time high,” reports CNBC. “The latest report was a gain from the 5.9 percent increase in July.”

October 30, 2017

U.S. home prices slow first time buyers

“Home sales to first-time buyers dipped to 34 percent in 2017, the National Association of Realtors says,” reports Diana Olick of CNBC.  Her report continues,  “A big reason is the rise in student debt, which is crimping the finances of aspirational homeowners.”

October 24, 2017

Median Home Price Unchanged

San Diego County’s median home price was $535,000 in September, unchanged from August reports the San Diego Union-Tribune. “Sales hit a three-year low for September throughout Southern California, but the median home price was up 9.8 percent in a year in September to $505,000. The largest increase was in Orange County, at 10.9 percent, to a median of $710,000.”

October 20, 2017

U.S. existing-home sales up 0.7%

The National Association of REALTORS  reports, “Completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 0.7 percent to a seasonally adjusted annual rate of 5.39 million in September from 5.35 million in August. Last month’s sales pace is 1.5 percent below a year ago and is the second slowest over the past year (behind August).”

October 12, 2017

Sales, prices slower pace in 2018

The California Association of REALTORS predicts, “With the economy expected to continue growing, housing demand should remain strong and incrementally boost California’s housing market in 2018, though a shortage of available homes for sale and affordability constraints will be a challenge,”

 

 

San Diego Real Estate Newsletter – September 2017

August 31, 2017

360 degree listing videos

I’ve started creating 360 degree videos of my listings. The first is a video of a residential building lot overlooking Lake Hodges. This is new technology and the videos will improve as the cameras and editing software develop.

Local home building down from last year

“In the first six months of 2017, the county has issued 17.5 percent fewer permits than the same time last year,” reports Phillip Molnar of the San Diego Union-Tribune. “A lack of new homes pushes up prices because of fierce competition for a limited number of houses and condos. While higher home values are good for owners in most cases, it can make home ownership out of reach for many potential buyers.”

August 30, 2017

Closed Sale – Encinitas

Home For Sale Encinitas Ranch
Home For Sale Encinitas Ranch

Encinitas Ranch three bedroom, two and one-half bath with 2,114 sq.ft.  on premiere lot. Ocean and golf course views. Sold in one week for $1,070,000.00.

Appraisal rules loosened

According to a story by WTOL, “The nation’s two largest loan backers, Fannie Mae and Freddie Mac, are loosening their rules when it comes to lending. The mortgage giants are now allowing for home appraisals to be waived on certain loans.”

August 29, 2017

U.S. buyers compete for limited supply

Diana Olick of CNBC reports on how the drop in housing supply is driving up prices or resale homes across the U.S. “After flattening slightly in May, price increases jumped again in June, now up 5.8 percent nationally compared with a year ago, according to the latest release from S&P CoreLogic Case-Shiller.”

Oh No! San Diego prices drop…

“The San Diego median home price cooled slightly in July, ending a three-month streak of record-breaking peaks,” writes Phillip Molnar of the San Diego Union-Tribune. But that’s comparing June to July of 2017. The media always goes for the negative news to promote fear and anxiety. San Diego home prices were up 8.6% from June of last year but that’s not the headline they choose.

August 14, 2017

Buyers use smaller down payments

CNBC’s Diana Olick reports that “In the past 12 months, 1.5 million borrowers bought their homes with down payments of less than 10 percent, marking a seven-year high.” But as far as I’m concerned Yogi Berra said it best, “it’s deje vu all over again.” I’ve read this headline at least four other times in my 40 year real estate career. If there is a small hiccup in market values these home buyers can be upside down on their home loans pretty quickly. In our new culture upside down home buyers walk away from their loan obligations, the banks take the properties and the housing bubble starts all over again. Not to worry, Uncle Sam will bail us out.

August 9, 2017

San Diego affordability rate is 26%

“San Diego was one of the most expensive regions for home buyers in California in the second quarter of this year, with just 26 percent able to comfortably purchase the median-priced house,” reports The San Diego-Union Tribune. According to the article, lack of construction of new residential properties is a primary factor driving San Diego home prices higher.

August 6, 2017

Affordable new homes in Chula Vista

San Diego Union-Tribune story by Phillip Molnar discusses new home buying opportunities in Chula Vista’s Otay Ranch, “a new 1,504-square-foot townhouse for $378,000, around $200,000 less than what something similar would have cost them closer to downtown.”