My latest listing I put on the market was last month April 2013; 5226 Streamview Drive San Diego- a mid century “charmer”- a 2BR/1BA home with a converted garage- used as an optional 3rd BR or den. Features included low maintenance landscaping, serene backyard, and an interior in mostly original condition, but very well maintained. This home borders the College Grove neighborhood, North of the 94 freeway, but West of the College Grove exit. There weren’t very many recent similar comps in the direct neighborhood, but as I discussed with my seller, demand has remained high and supply low throughout the county. Read more
“San Diego County home prices have hit the highest level in five years, as distressed sales continue to fall and mortgage rates are still near record lows.
The median price of a home sold in April rose to $400,000, up 21 percent from the same time a year ago, reported San Diego-based real estate monitor DataQuick on Tuesday. Last month’s median price matched the median in April 2008. The all-time peak was $517,500 in November 2005. Sales rose 7 percent from a year ago to 3,792.
The county has seen double-digit annual increases for the past eight months, prompting some concerns of a lead-up to another housing bubble…” For Full Story- Click Here
Source: San Diego Union Tribune
With more great statistics supporting the recovery of the real estate market, the National Association of REALTORS® reported yesterday that home sales have been up for 20 consecutive months, and home prices have been up for 12 consecutive months.
NAR’s chief economist, Lawrence Yun, attributes the continued improvement to job growth in the economy, low inventory, and low mortgage rates (which continue to historically low, even with the large fluctuations in underlying markets). As a side note, rental prices are rising more slowly that home prices, but we can expect to see those rise accordingly as home prices rise.
Properties for sale rose from January to February, but is still almost 20% below last year’s levels, and finding a home and getting an offer accepted still remains a difficult challenge for inexperienced agents and buyers. Extremely low housing inventory may be one of the largest driving factors in increased home prices.
Overall, this news continues to support our opinion that it is still a great time to buy real estate, so please let me know if you are interested in buying or selling!
Many of my buyers find themselves in multiple-offer situations these days, also called “bidding wars”. I’ve had a lot of success getting our clients’ offers accepted, so here are some tips:
Get Personal: It benefits you to be presented as a real family or person. Allow some personal details to be conveyed in the offer, like a short description of what you do for a living, or how this house is perfect for your family size. Many of the competing cash offers will be from investors who have very little personal interest in the property. Sellers like to know they are selling to people, not companies.
Show Commitment to the Area: We like to explain on your offer why this area is perfect for you. Read more