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.
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.
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It will be interesting to see how our number of homes on the market evolves throughout the rest of the year.
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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.
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.
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It’s buying season in San Diego, and our upcoming seminar will make you a better buyer.
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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.
