Will the End of Summer Mean the End of Hot Market Conditions?

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Our August weather is pretty hot, but is the real estate market beginning to cool down?

Though we’re still seeing some strong numbers in terms of appreciation, we may soon reach the peak of our market. There are a couple of key indicators that this may be the case.

First, there has been a significant drop in the number of homes sold recently. Second, there has been a fairly dramatic rise in inventory. 

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While early signs of a market cool down are appearing, no one can say what exactly the future may hold.

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Beyond these two conditions, the number of mortgage applications being submitted has dropped to a four-year low. Some of this may be due to rising interest rates and diminishing affordability, but it’s also possible that our market may be cooling soon.

The bottom line is this: No one has a crystal ball, but we Realtors do like to keep a pulse on the market. So while early signs of a market cool down are appearing, no one can say what exactly the future may hold.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

A Closer Look at Bay Park

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I recently joined Craig Sewing on “The American Dream” to talk about the Bay Park market and the real estate market in general. Here are a few highlights of what I discussed.

The defining point of the market continues to be our low inventory. We are seeing the seasonal trend toward an increase, especially in the higher end, as affordability has dropped. However, for first-time homebuyers, it’s still a great market, even though there is not much to choose from.

As for Bay Park in general, this is an area I love. You can get a view property here that’s relatively affordable and have a central commute all in one. Over the last decade or so that I have been out here, I’ve really seen a changing demographic. There is a younger population coming in, along with a rejuvenation of the school system and the economic sector. The next big thing we’re seeing here is the trollies coming in, which would have another positive impact.

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There has been a changing demographic here over the last decade.

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I also discussed a few great listings that we have out in Bay Park, including one of the original houses built way back in 1894. It's a 4,600 square feet property that backs up to Tecolote Canyon and a 990-acre nature preserve. This home is a one-of-a-kind property in a one-of-a-kind location.

If you have any questions about Bay Park or the San Diego real estate market in general, or if you are looking to buy or sell a home, please feel free to give me a call or send me an email. I look forward to hearing from you.

A Gorgeous 5-Bedroom Home in the Heart of San Diego

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I just wanted to take a moment of your time to let you know about a fantastic new home that was just listed on the market. 3626 Lloyd Terrace is in one of my favorite areas of the city, and I recently sat down for an episode of “Smarter San Diego” to discuss it.

This 2,799 square foot home is down in Bay Park and has five bedrooms and three bathrooms. In the video above, you'll see that the home has ample space for living, entertaining, and more. The open floor plan really capitalized the space, and it’s right near the water as well. 

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The home has ample space for living and entertaining.

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If you’d like to schedule a tour of this property for yourself or if you have any questions about it, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.