Our own Rafael Perez has an article in the San Diego Union Tribune where he discusses possible opportunities amid all the doom and gloom of the Charges leaving the city. I can’t describe it any better than Rafael already has, so please click the link below to read this article.
This week’s vlog is aimed at real estate agents rather than clients. Why do some agents fail while others succeed? Watch and find out!
In this week’s vlog we look at pitfalls of pocket listings and why sellers should be wary of them. Don’t let a smooth talking realtor take advantage of your lack of knowledge – educate yourself!
Here is the first part in an ongoing series of educational real estate videos for buyers, sellers, agents and anyone interested in real estate. We will be doing weekly vlog videos about different real estate scenarios, questions and other misc things we find interesting that we want to share with you.
This week’s episode looks into the importance for sellers to work with a qualified agent, since doing so can get a significantly higher sale price for your property.
According to the latest figures from SDAR, the current median price (as of August 2015) in San Diego is $555,000 for detached homes and $341,000 for attached homes. House prices rose 9% and 5% for detached and attached homes from a year ago. These prices may put prospective homebuyers off, but the reality is that there are many excellent bargains still to be had all over San Diego.
We wanted to give you a better idea of what $400,000 could buy you in San Diego County so we have put together a summary of what some of the larger communities within San Diego currently have for sale. As you can see you get a lot more for your money in certain areas of San Diego.
Santee – 92071 – 1002 Iron Wheel – 3 Bed/ 3 Bath, 1,598 square feet 397,000
Taking more than 6 months to make, this video speaks for itself. Titled We Love San Diego, the video displays many amazing locations throughout San Diego County. The hardest part of creating this was deciding which locations to include and which ones to leave out for the next video. Our goal is to create a new version every year using new footage we have gathered that year.
What was the hardest 3-4 second clip to capture? Definitely the shot of Potato Chip rock. (1:59 of video) I had to load the drone, gear in my backpack, water bottles and hike up Mt Woodson. It was much more challenging than I expected.
Please view and feel free to share with your friends. At the very bottom of this post you will find a summary of all locations in the order they appear in the video.
In addition to the #WeLoveSanDiego video I created a short behind the scenes video to give you a better idea of the work that went into capturing each 3-4 second scene.
- Lyons Valley Road, Alpine
- Rocky Point, La Jolla
- Bayview Park, Coronado
- Embarcadero, Marina District, Downtown San Diego
- Oceanside Pier, Oceanside
- Sunset Cliffs, Point Loma
- Pedestrian Bridge over the I-5 Freeway looking Southbound
- Petco Park, East Village Downtown San Diego – Home of the San Diego Padres
- USS Midway Museum, San Diego Harbor
- Spreckels Organ Pavilion, Balboa Park
- Cabrillo Bridge
- Wave Runners at Fiesta Island in Mission Beach
- Otay Dam, Eastlake / Chula Vista
- Children’s Pool in La Jolla
- Flower Fields, Carlsbad
- Coronado Bridge
- Torrey Pines Beach, La Jolla
- The Junípero Serra Museum at Presidio Park
- Old Point Loma Lighthouse
- San Diego Trolley running through Mission Valley
- Qualcomm Stadium, Mission Valley – Home of the San Diego Chargers
- Mount Soledad
- Giant Dipper Roller Coaster, Mission Beach
- Saint Francis Chapel
- Clock Tower in the East Village
- Potato Chip Rock at Mt Woodson (The Most Difficult Portion of this Video)
- Mormon Temple in La Jolla
- 7th Street in Del Mar
- Hotel Del Coronado
- Unconditional Surrender Statue
- Fort Rosecrans National Cemetery
- Oceanside Pier at Sunset
- Sail Bay in Mission Bay with our wonderful agent Vanessa Charfen
- Old El Cortez Hotel, now Condo in Downtown San Diego
- The Quince Street Bridge
- 180° view of Coronado Island
- View of Downtown San Diego
- Along HWY 79
- Carlsbad Surfers
Closing Credits – Team Aguilar Outro Clip
Music Stasys Wander – https://www.youtube.com/watch?v=dDPUO…
Filmed with DJI Phanton 2, 2D Gimbal, GoPro Black Hero 3
February saw a seasonal slowdown in San Diego’s real estate market with a 36% decrease in detached homes and a 38% decrease in attached homes compared to the previous month. This is nothing out of the ordinary as we slowly emerge from the post-holiday slowdown. Prices saw a slight appreciation in February, around 1% for both detached and attached homes in San Diego.
2014 was the year of stability and normalcy. The housing crisis is behind us and the market is back to normal. Mortgage interest rates dropped again in January and still remain at historically low levels. This should spur home-buying for the summer months.
A lack of inventory remains a problem in San Diego although there are positive signs of this changing. As more and more people start to increase equity in their homes they will be able to move up or some may even take that equity and move down if they are moving towards their golden years. As this happens we will see improvements in housing available for purchase.
It’s still too early to predict where the market will head in 2015, but with foreclosure rates back to normal at less than 1% of all sales home equity will improve and the future looks good.
2015 San Diego Real Estate Market Update
A new initiative by the Obama administration will benefit first-time homebuyers who take out FHA loans. The administration has taken steps to reduce the annual mortgage insurance premiums on FHA loans to 0.85% from the current rate of 1.35% of the loan’s value. This FHA mortgage insurance premium cut of 0.5% will help first-time homebuyers save $900 a year on their mortgage insurance payments.
The Obama administration hopes that the move will provide a boost in home sales to first-time buyers, creating up to 250,000 additional sales over the next three years. Homeowners who refinance their home loans to FHA backed mortgages can also benefit from the rate drops. Administration officials estimate that FHA mortgage insurance premium cut could help up to 800,000 homeowners reduce their monthly insurance payments.
The FHA accounts for one-fifth of all new US mortgages and is a major source of home loans for first-time homebuyers. Since they are government backed, FHA loans carry much lower rates than traditional mortgages and require less hefty down-payments. Buyers with an FHA backed mortgage can purchase a home with as little as 3.5% down. Fannie Mae currently offers mortgages with as little as 3% down to qualifying buyers, but their annual insurance premium rate is currently 1.48% of loan value, which cannot compete with the new FHA premiums of 0.85% of loan value – even with the slightly higher down payment requirements the FHA loans end up being the overall cheaper option for first-time buyers thanks to the FHA mortgage insurance premium cut.
The move to cut insurance premiums comes as part of ongoing efforts by the Obama administration to encourage home ownership by making mortgages more accessible to working families, or as the White House puts it, “expand responsible lending to creditworthy borrowers.” In the months to come White House officials say they plan to take additional steps to “cut red tape and clarify lending standards”.
As usual, Congress remains sharply divided on the role of government initiatives to ease lending to first time buyers. Republican lawmakers were critical of the 0.5% reduction in mortgage insurance premiums, warning of future taxpayer bailouts in the event of borrowers defaulting on their FHA loans.
Mortgage and real estate industry insiders were buoyant at the news, however. Current president of the Mortgage Bankers Association and former FHA commissioner David Stevens states that the drop in premiums gives “a psychological boost to Realtors, mortgage bankers, and probably a sizable number of homebuyers who are sitting on the fence.”
FHA Mortgage insurance premium cut
San Diego Real Estate Market Update November 2014
San Diego’s real estate market could best be described as stable and balanced as we head into Thanksgiving, in line with the seasonal slowdown the market goes through this time of year. Sales of single family detached homes were up 2.1% while sales of attached homes are down 3.5%. Housing inventory is still below what is required, which is an ongoing problem in real estate markets all over the country.
The average home stays on the market for 45 days before being sold – compare this to the average market times of 6 months just a few years ago.
Market perception is a problem, both among home buyers and Realtors®. Despite interest rates holding at all-time lows, people seem to be under the impression that obtaining financing is still a challenge. According to a Realtor® quoted in this month’s Credit Suisse Realtors® Survey: “Perception that financing is even more difficult than it actually is.” As you can see in the info-graphic below, the lowest mortgage rates in 18 months and flat home prices have not lead to increased sales.
Employment figures have shown constant growth, gasoline prices are at historic lows and steadily rising home values in a stable real estate market have not resulted in a frenzy of buying. As we enter the end of the year it seems that actual market conditions are taking a back-seat to people’s perceptions of where they think the market is. Hopefully this changes soon.