April 30, 2018
U.S. Pending home sales up slightly
“Signed contracts to purchase existing home rose just 0.4 percent in March compared to February, according to a monthly pending home sales index from the National Association of Realtors. February’s reading was revised down,” according to CNBC’s Diana Olick. Lack of inventory and rising interest rates were noted as reasons for the smaller increase.
April 25, 2018
County 7th highest price increase in U.S.
“The region’s home price increased by 7.6 percent in a year, said the S&P CoreLogic Case-Shiller Indices. Seattle had the biggest increase in a year at 12.7 percent,” according to the S&P CoreLogic Case-Shiller Index and reported in the San Diego Union-Tribune.
April 24, 2018
Values jumped 6.3% across U.S.
CNBC‘s Dianna Olick reports, “Home values nationally jumped 6.3 percent in February compared with a year ago, according the S&P CoreLogic Case-Shiller Home Price Index.”
New median price record in county
“The median for a resale single-family home hit $608,750, a new peak, in March with 2,126 sales. Resale condos were at a median of $418,000 with 1,038 sales, and down from a peak of $425,000 reached in February. Newly built homes were a median of $619,500 with 365 sales, down from a peak of $792,250,” reports Phillip Molnar of the San Diego Union-Tribune about last month’s CoreLogic data.
April 11, 2018
How buying advice to ignore…
REALTOR.com article discusses common misconceptions home buyers can have concerning how to choose a property to buy. However, in this market with such a dramatic shortage of inventory buyers don’t have many options when choosing a property to purchase.
April 9, 2018
Prop 13 target of Sacramento
“Long discussed among liberal and Democratic activists, the proposed initiative would redefine Proposition 13’s limits on property taxes to focus mostly on homeowners. Commercially owned properties would be assessed at market values — a change the group believes could generate as much as $11 billion a year for local services and schools.” I’ll let you draw your own conclusions about this article in the San Diego Union-Tribune.
April 6, 2018
San Diego rents set record
“The average rent in San Diego County hit a record $1,887 a month in March, increasing 8 percent in a year, said a new report released this week,” reports Phillip Molnar in the San Diego Union-Tribune. That amount of monthly payment will buy approximately $425,000 in mortgage payments for a fully amortized 30 year loan at 5.25%.
April 5, 2018
Home buyers offering sight unseen
CNBC article states, “Already, house hunters are waiving inspections, making offers without even seeing homes and bidding well above asking price.” If you’re a seller in a market like this you need to be very careful accepting an offer from a buyer who hasn’t seen your property.