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
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.”