Take a Look at the Latest Numbers for San Diego County

Looking to sell your San Diego home? Get a free home value report
Looking to buy a San Diego home? Click here for full MLS access

San Diego is once again leading the nation, though not necessarily in a good way.

Home sales are down 20% year over year. As a result, we have more inventory than last year; currently, there are 1,900 more homes on the market than we had at this time in 2018. This is a good thing for homebuyers, but if you’re a seller, you can expect the market to be a bit slower.

Home prices are actually still up, having increased 2.5% over last year. As of January, the median home price was $542,000, which is down from last summer’s peak of $583,000. We expect those numbers to adjust with the seasons, so it remains to be seen how the spring and fall markets will play out this year.

“

Keep in mind that real estate is always hyperlocal here in San Diego, and we’re subject to big swings.

”

Keep in mind that real estate is always hyperlocal here in San Diego, and we’re subject to big swings. The higher-end homes in areas like Rancho, Santa Fe, and La Jolla are actually down 28% in terms of price. On the flip side, Oceanside is up 39% year over year. Here in Bay Park, we’re down about 8% from January of 2018.

Mind you, those are very small sample sizes, and home prices can change dramatically, which is why we tend to look at San Diego County as a whole. I wouldn’t give too much credence to those figures.

If you have any questions, you’re thinking of buying or selling a home, or would like to have a more in-depth discussion of market trends, please feel free to reach out to us. We’d love to be your real estate resource.

How Has Our Market Changed Since Last Year?

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

With the end of the year well in sight, it’s time to reflect on some recent developments in our housing market.

Though we’re more than halfway through November, the September market numbers have only just been released, and so we’ll be taking a look at those today. There’s always a little bit of a lag in when market statistics come out, but the figures we’ll discuss in this update still have a significant bearing on what’s happening now.

First, the number of home sales has dropped by 17.5% year over year—constituting the lowest level we’ve seen in years.

Since the peak of $583,000, median home prices have gone down as well, decreasing to $575,000. But fear not: The median home price is still up 4% year over year.

Another notable change is the fact that homes are sitting on the market for longer than they have been in the recent past. There are 38% more active homes right now in San Diego County than there were in September of 2017.

And with this uptick in inventory, 26.4% of available homes have undergone price reductions.

“

The key to succeeding in today’s market, regardless of your real estate goals, is to partner with a professional agent who can guide you through current conditions.

”

Why is all of this happening? One major contributing factor is the increase in interest rates, which are up 1% since last year. They’re now at the highest level they have been at the past seven years, and they're expected to continue going up. With that said, interest rates are still low from a historical perspective.

If you’re thinking of buying or selling, realize that change equals opportunity. As we move away from what was a complete seller’s market, buyers now have a greater chance of success. The shift toward a more balanced market doesn’t mean sellers are without options, though. Sellers can still succeed—it just may not happen as quickly. And that’s okay. Longer wait times are actually a sign of a healthy market.

Ultimately, the key to succeeding in today’s market, regardless of your real estate goals, is to partner with a professional agent who can guide you through current conditions.

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.

An Exciting Item to Appear on the Midterm Election Ballot

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

I was recently a guest on the talk show, “The American Dream,” where I spoke to host Amy Scruggs about a few key issues affecting the San Diego real estate market. Today I want to fill you in on the discussion so that you can stay in the know.

Midterm elections are coming up—let’s talk about property taxes.

There’s something interesting coming up on the ballot called Prop 5. This proposition specifically deals with sellers over the age of 55.

Many are familiar with Prop 13, which preserves people’s property tax bases at 1% of what they purchased the property for.

Older clients might also be familiar with Props 60 and 90, which allow them to transfer their tax bases when they sell a house. For example, a client of mine bought their house on Scripps Ranch about 25 years ago. They’ve since retired and want to get back to the beach. The house they’re going to sell was purchased for $500,000—25 years later, they’ll probably be able to sell it for about $1 million. To get back to a single-family home on the beach, $1 million won’t cut it, so they’ve got a couple tough choices to make: They can either find something for less than $1 million and keep that $500,000 tax base, or they can find their dream home, say, for around $1.2 million. In that second scenario, their tax base is $1.2 million. As someone who is retired, possibly on a fixed incoime, that’s a huge hit.

Pitched by the California Association of Realtors, the exciting thing about Prop 5 coming up in the November elections is that it will change the process of transferring your tax base. Instead of transferring your tax base once, as with Props 60 and 90, you’ll be able to transfer it several times and even to a property that’s more expensive than the one sold.

“

Pitched by the California Association of Realtors, the exciting thing about Prop 5 coming up in the November elections is that it will change the process of transferring your tax base.

”

There are some aspects to the calculations that will adjust it up a bit, but you won’t take nearly the hit you would have on a newly assessed property of $1.2 million. It’s a game-changer.

This is great advice that can really help people know how to navigate the process and give them some hope and opportunity.

It absolutely could do a lot for San Diego, where inventory is very low. If passed, Prop 5 should really open up a lot of inventory, since there are a lot of seniors sitting in their houses because they can’t afford to move.
I am very grateful to have been a guest on “The American Dream,” and I’d like to thank Amy Scruggs for hosting the segment.

If you have any questions regarding Prop 5 or property taxes in general, please feel free to reach out to us at the Max Folkers Real Estate Team. We’d be happy to help.

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

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

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. 

“

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

”

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.

The Numbers Soared in Our April Market

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

We just received the latest San Diego market numbers from this past April, and we’ve reached some new highs in a few different categories.

The first is median home price, which ended April at a brand-new high of $570,000. Prior to that, the record was $517,000, which was set all the way back in November 2005. In case you’re wondering, the all-time low for the median home price in San Diego is $280,000, which was set in November 2009. This means our market more than doubled our all-time low.

The second (and less exciting) high came from interest rates, which reached 4.5% for a 30-year fixed rate. This wasn’t a record high, but it was the highest point we’d seen in the past seven years. 

“

It will be interesting to see how our number of homes on the market evolves throughout the rest of the year.

”

As a matter of fact, it’s that high that may have contributed to our next high—the number of active homes on the market. At the end of April, we had approximately 6,500 homes on the market.

The inflow and outflow of homes on the market is cyclical, and it’s not uncommon for this number to increase during this time of year. With both rising interest rates and rising prices hampering affordability, though, it will be interesting to see how this number evolves throughout the rest of the year. 

Below are our active listings I mentioned in the video and, as always, if you have any other questions about our San Diego market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help you. 

http://2828famosa108.ihousenet.com/mlsmax/home.htm

http://2120galvestonst.ihousenet.com/mlsmax/home.htm

http://3626lloydterrace.ihousenet.com/mlsmax/home.htm

http://1815cross.ihousenet.com/mlsmax/home.htm

http://4111calavodr.ihousenet.com/mlsmax/home.htm

http://6171ranchomission305.ihousenet.com/mlsmax/home.htm

http://94710th.ihousenet.com/mlsmax/home.htm

A Word About Our Current Market and an Invitation to Our Upcoming Seminar

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

What’s the latest news from our San Diego market?

Right now we’re deep into the buying season. For the last several years, April, May, and June have been the busiest months of the year, which is good for buyers because it means more inventory is coming on the market. It’s also good for sellers because it means a lot of buyers are making their move before summer vacation hits and before the school year starts. At the moment, it’s not uncommon to see listed houses attract multiple offers and sell for over asking price.

Another important development to keep in mind is rent costs. I read an article recently that stated that the average San Diego rental is now over $1,800, which is a 23% increase over the last three years. Because of this, many people are looking at their rent costs, scratching their heads, and wondering whether now is the time to get off the fence.

This trend is pushing people into the lower end of the market, and it brings me to our next topic.

“

It’s buying season in San Diego, and our upcoming seminar will make you a better buyer.

”

If you’re thinking of buying your first home or you’d like a refresher on how to buy a home in our market, you’re invited to attend our upcoming home buying seminar on Thursday, April 26 right here at our office at 4114 Napier Street, San Diego, California, 92110.

This seminar will run from 6 p.m. to 7 p.m. We’ll discuss what interest rates look like right now, share some great down payment programs that are available, show you how to get your offer accepted in a competitive market like ours, and review what happens during the home buying process once you get your offer under contract.

Pizza and refreshments will also be provided (if you know us, you know that means beer and wine). We look forward to a great turnout, and we look forward to seeing you there. To RSVP, click on this link.

If you have any questions about our market or our this event, don’t hesitate to reach out to me. I’d be happy to help.

Don't Miss This Important Update About Our Market and 2 Great Upcoming Events

I’ve got a couple of important updates for you today. First, I’ll share some information about our market and then, I’ll go over two great upcoming events.

RSVP for the event here! 
Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

Today I want to bring you a quick market update as well as some information regarding a couple of upcoming events.

First, let’s start with the market update. Interest rates have been a hot topic, lately. Rates are over 4% now. Given the strength of our economy, experts predict that we’ve likely seen the last of interest rates in the 3% range.

A lot of people think this fact might dissuade buyers. However, rising rates are actually having the inverse effect. Buyers are anxious to lock in their 30-year mortgage while rates are still in the 4% range. On top of that, there are 10% fewer homes on the market today than there were at this same time last year. 

To summarize: We’re currently seeing a strong seller’s market. If you have been thinking of listing, right now is a great time to do so.

Now, onto our upcoming events.

The first event I want to talk about is one I’m really excited for. We have a seminar coming up on Thursday, March 22 from 6 p.m. to 7 p.m. The event will be an “educational happy hour” and will take place at our office (4114 Napier Street, San Diego). We hope to see you there. You can RSVP to secure your place at the event here.

“

If you have been thinking of listing, right now is a great time to do so.

”

At the event, there will be a talk by Ian Scattergood, who will be speaking about accessory dwelling units. There have been some new laws here in California that can allow you to build up to a 1,200 square foot unit on your property, so this talk will shed light on that and other important information on the subject.

The second event I want to let you know about is the Taste of Marina. This annual event highlights more than 20 local restaurants and bars. At the event, attendees are provided with a ticket that allows them to sample these different great locations. We are selling tickets here in our office for $25 a piece, so come on by during business hours to obtain yours.

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

The Reason for Our Recent Market Slowdown

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

As we wrap up the summer, many of you are likely wondering where our market is headed now. The numbers for August are in, and they point to a trend you may have already noticed.

Things in the market have been a little sluggish lately. The number of sales is down about 12% year over year. This seems to be more due to lack of inventory as opposed to a lack of interest from buyers.

The number of multiple offers has also gone down, but 60% of all homes sold still received them. Also, 31% of homes are selling above list price.

We’ve seen a year over year appreciation of 7.4% in San Diego County.
 
So, where do we go from here? Pulsenomics recently released its home expectation survey for the third quarter. Pulsenomics makes these predictions for our market by going out and interviewing over 100 different economists, finance specialists, and Realtors nationwide.

“

Due to lack of inventory, our market is a little sluggish lately.

”

Using the information they gathered, they expected about a 5% appreciation overall for 2017. However, they expect the appreciation rate to steadily decline until about 2020. In 2020 and 2021, they expect the appreciation rate to stay level at about 3%.

Even with this decline in percentage, the prediction remains that our market will continue to appreciate for the next five years.

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

We Just Broke a Record in Our Market

Today I have big news for our local market: We have finally set a new high for the median home price in San Diego County.

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

June has just begun, so I wanted to stop in with a quick market update.

The big news is that we finally did it. We have set the new high in San Diego County for the median house price. Right now, the median house price is at $525,000. Believe it or not, the last peak we had was way back in 2005 at the top of the housing bubble.

If you adjust for inflation, we’re still not quite up to the $644,000 that would signify a new high but essentially, we have done that at $525,000.

“

June and July should be strong months for our real estate market.

”

If you look at the historical trends of 3% to 4% appreciation that we’ve seen in real estate for the last 80 years, then we are still a ways below that trend line, which leads many people to believe that we still have room to grow.

Now, inventory and low interest rates are still driving appreciation, and we won’t see a fundamental shift there anytime soon. June and July should be strong months for our market before things start to cool down in late summer and early fall.

Meanwhile, our office is under construction. We’ll let you all know about our grand opening as soon as we are officially moved into 4112 Napier Street in the heart of Bay Park.

In the meantime, if you have any questions about our current market, give me a call or send me an email. I would be happy to help you!

Why the San Diego Market's Depreciation Has Trended Down

I wanted to stop by with an update on the San Diego market so far in 2017 and also let you know about some upcoming events that we'd love to see you at.

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

Looking back, we can see that 2016 was a great year for the San Diego real estate market. We led the nation several times in appreciation in the Case-Shiller Index, but the early numbers for 2017 show that some other metropolitan areas are taking the lead. San Diego has actually fallen to 14th on that list. The San Diego market is still appreciating, but not as much as some of those other markets.

After about 6% or 7% appreciation in 2016, some predict we'll see that slow a little bit. This is probably because many areas in San Diego have already surpassed their all-time highs in values. You may have even experienced how homes are flying off the shelves.

We've seen a lot of activity this quarter, likely due to interest rates rising, causing people to jump off the fence and lock in a rate while they're low. This year, we expect a lot of early appreciation to take place in the first part of the year; April and May have typically been our market's busiest months.

As for inventory, we're at just under 5,000 homes on the market for San Diego County. As interest rates continue to fuel activity, upward pressure on prices will be fueled too until something dramatic happens that could change inventory levels.

“

Interest rates are causing people to jump off the fence and buy a home to lock in a low rate.

”

There are a few other events here in San Diego coming up that I wanted to tell you about. The first is The Taste of Morena on April 26th from 5 p.m. to 9 p.m. Here at our office at 4112 Napier Street, we're holding an open house as one of the sponsors. We're also selling tickets, so if you need tickets, you can get them from us for $25 apiece. There will be 23 different restaurant and bar stops where you'll get free samples from.

It's going to be a fun night, and we'll also have some drawings, drinks, and giveaways at our office as well. We'd love for you to join us.

On May 6th, we're also sponsoring the 21st Clairemont Garden Tour at 2151 Burgener Street. We'll have a booth there, and there will be a food truck nearby as well. It's a great opportunity to walk through and get some great ideas and inspiration for landscaping. We hope to see you there as well!

As always, give us a call or send us an email with any questions you have. We're happy to help.

Your Holiday Real Estate Market Wrap Up

Happy holidays! Today I’m here with your final market update for 2016, as well as my market predictions for the new year.

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

Happy Holidays! I’m here with your year-end market wrap up. I’ll also give you a sneak peak into the 2017 real estate market.

The final numbers for 2016 are coming in. San Diego’s median price point hit $507,000, which is the first time we have broken $500,000 since November of 2005.

As a result, there have been some concerns about the market topping out again. However, we still have not matched the most recent market peak of $517,000. Historically, each peak in the real estate market exceeds the previous peak, so we technically have a bit of a run up to go.

Still, home sellers hold all of the cards right now thanks to incredibly low inventory. Year over year, low inventory has driven our market trends. I expect that to be the case in 2017. So far, this year has mapped out almost exactly like 2015, and I predict 2017 will be more of the same.

“

I predict 2017 will be more of the same.

”

More inventory will hit the market mid-January, and there should be a big rush through spring. The market will slow down again next fall.

What’s interesting is that we are still seeing a lot of market activity this holiday season. Why? For years, there has been talk about how interest rates need to go up. Well, it’s finally happening. Rates went up a half point over the last few weeks, and with the Fed raising their rates, there is some concern about inflation. As rates jump up, housing affordability goes down.

That’s it for our 2016 real estate market wrap up. I hope you all have a wonderful holiday season. If you have any questions, please don’t hesitate to reach out to me. I would be happy to help you!

Get Into the Spirit of Sharing This Thanksgiving

Today I’ll go over a quick market update about how the election has impacted interest rates. I’d also like to invite you to a special event we’re having on December 7th!

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

Today I’m here with your Thanksgiving market update. I’d also like to invite you to a special event we’re holding on December 7th!

Whether or not you are thankful for the outcome of this election, Wall Street has been a big fan of a Trump presidency. The stock market has increased, the bond market decreased, and, as a result, mortgage interest rates are starting to rise. Over the last week, we’ve seen a half-point bump, and interest rates now hover in the neighborhood of 4%. 

Interest rates should continue to rise, so if you’ve been thinking about buying a home, it’s important to keep that in mind. Every 1% increase in interest rates means a 10% loss in home affordability for buyers. The good news for buyers is that fall is typically one of the best times to get a deal, as sellers are highly motivated at this time of the year.

Now, on December 7th, we will give back to the community. This year, we are supporting an organization called Spirit of Sharing, which helps military families here in Southern California. During the holidays, many of these families struggle, so we are hosting a food and toy drive here at the office from 3 p.m. to 7 p.m.

“

We’ll see you on December 7th!

”

There will be some special guests at our event. Santa Claus will stop by from 4:30 to 6 p.m., so bring the family down to take some photos. Branden Oliver, the San Diego Chargers running back, will also make an appearance. Spirit of Sharing is near and dear to his heart, so he is glad to be here and support our efforts to help this organization.

So, stop by our office on Wednesday, December 7th from 3 p.m. to 7 p.m. Most of our special guests will be here between 4 p.m. and 6 p.m., and we will also have snacks, drinks, music, and Christmas videos. Come have a great time and support a great cause.

Finally, I want to wish you all a happy Thanksgiving. Thank you for continuing to support us; we really appreciate it. I would also like to thank my team — it’s been great working with you all this year — and my family, who always support me in my endeavors.

Have a great Thanksgiving! If you have any real estate questions, please don’t hesitate to reach out to me. Otherwise, we’ll see you on December 7th. I look forward to seeing you all!

How Will the Election Affect the Housing Market?

We want to take a moment to talk about how the presidential election will affect our housing market. We also want to invite you to a happy hour at our office.

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

The presidential election seems to be taking up a lot of everyone’s time right now. Instead of focusing on policy or promises, we want to talk about what effect, if any, the election will have on the housing market.

One poll that I found discovered that 1% of respondents said they would leave the country if their candidate didn’t win. Another 9% said they would consider it. With all the uncertainty and doubt of people leaving the country, what kind of effect will that have on the housing market?

Studies have shown that during election years, appreciation and depreciation values varied by about .2%. Right now, we are seeing an average appreciation of 6.4% a year, so .02% is not much of a deviation.

“

Election years affect appreciation only slightly.

”

If you are thinking about buying, you may have an opportunity to save a little bit during this election cycle. If you have been thinking about selling, conditions are perfect.

If you have any questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you.

A Quick Update on San Diego Real Estate

San Diego remains the best place in California for home appreciation. There are a number of other factors that make this real estate market one worth investing in.

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

The latest numbers are in for the San Diego real estate market, so we wanted to talk to you about what we have seen in the last quarter of the market and what we expect the market to do going forward.

We finished the 3rd quarter strong. Sales peaked in June, then fell off a little in July and August as people went on vacation and put housing on the back burner. People are back in town now and activity has picked up.

San Diego is number one in California in terms of appreciation at a rate of 6.4%. Condos have an even higher rate of 7.8%. The median home price actually hit $498,000 this year. The median price hasn’t been that high in a decade.

“

We haven’t had a median price this high in a decade.

”

We are still below the peak of November 2005, but we are continuing to catch up to it. There is some speculation that with overall inflation in the economy (2%), income growth may start dragging on the housing market. But for right now, with our inventory shortage, things are full-steam ahead.

If you have any questions for me or my team, give us a call or send us an email. We would love to hear from you.

The Impact of Brexit on the San Diego Real Estate Market

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

When the United Kingdom voted to leave the European Union, everyone was shocked. No one expected Brexit to succeed.

There was immediate fallout in the financial market, especially in the English commercial real estate market. A lot of investors pulled their money out of several large funds. Eventually, the funds were frozen in order to prevent fire sales.

That situation is still playing out, but how does something across the pond affect us here in San Diego?

You’ve probably heard the expression, “Think globally, act locally.” Nothing is more local than real estate, but those fluctuations and the uncertainty in Europe have caused foreign dollars to move into more stable assets, including U.S. real estate.

Right now, we’re seeing a lot of foreign investors buying up real estate or U.S. treasury bonds, one of the most stable investments on earth.

“

U.S. real estate is a stable asset.

”

Since all of that money is coming into the real estate market, interest rates have gone down. The Fed has decided not to change their interest rates as well, which has also helped keep consumer rates low.

As of right now, we can expect continued demand for properties, low inventory, and low interest rates despite the uncertainty across the Atlantic. That’s the immediate impact of Brexit on our real estate market.

Interested in learning more on Brexit? Watch our recent show on Channel 4.

If you have any questions, give me a call or send me an email. I would be happy to help you!

Where Is the San Diego Market Heading?

Looking to sell your San Diego home? Get a free home value report

Looking to buy a San Diego home? Click here for full MLS access

We’re really excited to finally be operating out of our new office in the heart of Bay Park at 4112 Napier Street! If you find yourself out at Fish Co. or Luce, don’t hesitate to swing by and say hello! We would love to see you!

“

The market as a whole in 2015 finished with the market up about 6.5%

”

Now, for how the market is doing. The market as a whole in 2015 finished with the market up about 6.5%. The forecast for 2016 is that we’ll continue to see appreciation in our market, but it will probably be half of what it was last year. 

Our market is off to a great start in 2016. We’ve seen a huge jump in the number of transactions in the last six to eight weeks. Inventory is less that 6,000 in San Diego County and buyers are really getting out there and taking advantage of interest rates, which have dipped yet again. 

Right now is a fantastic time to sell because competition is quite low, and it’s only a matter of time before the spring selling season changes that. If you’re on the buying side, it might be difficult to get into the house that you’re looking for, but it will likely be relatively inexpensive with the cost of money as low as it currently is. 

Why Aren’t Millennials Buying Homes More Frequently?

Looking to sell your San Diego home? Get a free home value report 
Looking to buy a San Diego home? Click here for full MLS access. 

One thing we know for certain about the real estate market is that it is never going to stay the same for long. Today we want to talk about an interesting trend we’ve noticed in real estate: millennials are waiting longer to purchase their first homes than their parents did.

The typical first-time buyer now rents for an average of 6 years before buying a home, which is up from 2.6 years in the early 1970’s, according to Zillow.

We came across this great video from CNBC. I will give you my three biggest takeaways from the article.

1. Down payments are a huge factor

Renters in today’s market are struggling to save for down payments and qualify for mortgages. Most first-time buyers still depend on personal savings for at least some of their down payments, but rising rental prices have complicated the task of socking away money for a down payment.

2. Rising rental rates are complicating things as well

Rental rates are causing 46% of renters aged 25-34, to spend more than 40% of their incomes on rent, up from 30% a decade earlier.

3. Job security is important to millennial buyers

The Money Source, a mortgage lender, examined applications from 5,404 millennial buyers and found that these buyers averaged nearly 4.5 years in their field of work and had held their current job for slightly more than three years. Those figures point to how critical career stability is to a younger generation.

Dreaming of a Vacation Home?

Looking to sell your San Diego home? Get a free home value report 
Looking to buy a San Diego home? Click here for full MLS access. 

Are you thinking of purchasing a vacation home, a second home, or do you need to relocate? If so, then I have some good news for you.

I was recently up in Big Bear, and I met Will Rahill, who is the top agent there. He said that a majority of the homes he sells there are second homes, and that most of the buyers are from San Diego.

If you're thinking of relocating or purchasing a second home anywhere in the entire country (or anywhere in the world), please come and speak with me. I have a large network of agents that can assist you. I would love to put you in touch with one of them.

As always, feel free to contact me about buying and selling real estate in San Diego!

The Most Important Part of Renovating Your San Diego Home

Plan Ahead When Renovating

Looking to sell your San Diego home? Get a free home value report 
Looking to buy a San Diego home? Click here for full MLS access. 

Today, I want to share a video from HGTV to discuss how you can plan ahead when it comes to home renovations. Renovating your home can be an exciting process, but it's important that you don't get ahead of yourself. You can't just go willy-nilly into a major project and expect it to go perfectly. Planning properly for these types of projects can assure a smooth project, and one that may even cost less!

HGTV's Amy Matthews recommend making a very detailed timeline of your project, including potential things that could go awry and making backup plans in order to prevent these things from happening. Putting your plan onto paper is a good way to start this process.

Another major step is choosing a good team of contractors that you can communicate with. If they don't know what you want done, they can't do it.

Just remember, there is no such thing as too much planning! If you plan on renovating your San Diego home, please contact us. We know great contractors and could also give you advice on what projects will bring you the highest return on your investment.

San Diego Real Estate Market Update

Looking to sell your San Diego home? Get a free home value report 
Looking to buy a San Diego home? Click here for full MLS access. 

Today I just wanted to talk about where our market is halfway through 2015. We're seeing an appreciation rate of about 4-5%, which is a very healthy and sustainable rate of appreciation. 

Inventory is also starting to enlarge. There are 7,200 homes available in San Diego County, which is a historically low number, but the market is beginning to balance for buyers and sellers.

If you're thinking of buying, you'll be happy to hear that interest rates are still very low (right around 4%). You can save thousands of dollars in interest payments over the life of your loan. Renting is increasingly becoming more expensive, so if you can afford to buy, I would do so now.

The good news is that new construction is up nearly 70%, which should help alleviate the demand that we're seeing from buyers. 

The biggest expectation I have for this year is for inventory to continue rising. If you want to buy, you'll probably see a lot less competition right now than you will in the future. 

If you need any help buying or selling in San Diego, please don't hesitate to contact me!