The second half of the year is usually slightly slower than the first half, however here in San Diego... this thriving market hasn't skipped a beat! We are up 12.9% in the number of homes sold compared to this time last year, and our Median sales price is up 7%, which means we are on track for an increase across San Diego County of over 10% this year! I was asked while on AM760 earlier this year if I believed in a comment made by a local economist that “we would see an increase of over 10% in home values” even though I am one of the most optimistic people out there, I disagreed but only because I thought it would be slightly lower and somewhere around 8-9%, so I am not that far off, but I have to admit, this market has surprised me.
Here are some real estate stats for San Diego to take note of:
Pending Sales Increased 13.3% YTD.
Number of Homes Sold Increased 9.35 YTD
Median Sales Price Increased 7.1% YTD
Days on Market went Down 8.9%
When we look at the market as a whole we see some strong signs of a stable market, and if we are seeing this then so is the Fed, so I am expecting mortgage rates to increase sooner rather than later. For now we will just have to wait and see.
With prices up near the 2005 peak we are seeing a lot of people enter the market who have been waiting for 10 years to be able to sell, with that we have seen a lot of junk hit the market, or in better words properties that are in bad condition hit the market at a high price. If you are going to demand a high price for your home it needs to show well, we recommend putting money into 3 things: Paint, Kitchen and Bathrooms. Also seek out staging advice from a professional or a Realtor with some experience in this field. We offer free staging consultations so feel free to ask.
Interest rates just took a nice little dip because of everything that's going on in the stock market, and what most buyers don't understand is that the one thing that is more important than the price you pay for a home, is the interest rate you get on that home. Timing is everything and if you can lock in a low rate you will be happy buyer!
Author:Joseph Arendsen Phone: 760-672-0174 Dated: August 25th 2015 Views: 686 About Joseph: Having been raised in North County San Diego, Joseph has a great wealth of experience and knowledge ...
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Having been raised in San Diego, Joseph has a great wealth of knowledge of each community San Diego has to offer. Combined with being extremely hard working, having a great attention to detail, and having the ability to listen Josephs clients receive an elite level of service.
Can it be true?? Ladies and Gentlemen, no fools’ jokes wen
"I found Joseph through Yelp, and despite his excellent rating, I watched him for months with an eagle eye for signs that he was at the end of his rope with my demands or giving less than 100% towards my home search/negotiations/escrow. Well, his dedication never flagged, and he remained professional even when we (ok, just my husband) got grouchy.
Throughout, Joseph was honest about his knowledge of our targeted areas, never over-inflating his opinion, and his advice always came with the deference to our wishes (unless we were about to make a huge mistake!). He is familiar with some pretty diverse pockets of San Diego County, but really made it a point to understand our tastes and needs. He drove me to countless showings, always with an organized plan, and scoured the new listings for us though we did use his helpful on-line search site too. We were implementing a 1031 exchange, so he helped us with projected rental prices, and is following through with his offer to assist in finding renters and maintain the properties (he does some limited property management for his family's company).
I think one of Joseph's best qualities is that he loves what he does. Things that appear as huge roadblocks to the client are enticing challenges for him. Buying or selling, I feel confident in recommending Joseph Arendsen as a person on whom you can rely."