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The market is adjusting. It is best to look at the year long statistics as opposed to month to month statistics. This will be a better overall picture of what is really happening in the market - not just the monthly fluctuations. National Association of Realtors is predicting the third highest sales ever for 2006. The median price for single family homes rose 3.5% to $595,000 in May, just $3,000 below the record set last November. When considering only north county, April was the highest median sales price ever. The year-over-year appreciation came in at 3%. The average price for homes in the county rose 2.6% to $751,817, and that is a new record high. Home sales fell again in May, down 0.5% from the month before. This will, undoubtedly, be revised higher next month as many agents are very slow about reporting their sales to the MLS. Condo sales surged in May, rising 16% from the month before, and going over 1,000 units sold for the first time since last September. The median price for condos fell 2.5% to $370,345 from April countywide. North county condos have had similar monthly drops since the record high of $415,000 in December 2005. New home prices dropped 4.4% from last year and dropped 14.4% from April 2006. This could be due to developers dropping prices or because buyers are buying smaller homes…possibly both. Inventory
continues to rise. 19,884 Houses & Condos on 6/14/06. For the full report with
charts & graphs, and our predictions
for this year, The following is a long newsletter with lots of information and great links. Take a few minutes to read it or save it in your favorites for later. As many of you know, most of my business comes from repeat & referral clients.This allows me to spend less time prospecting for new business and more time helping my buyers & Sellers. Please do your friends and me a favor. When you hear of someone who is thinking of buying or selling, anywhere in the US, call me with his or her name and phone so I can give him or her the excellent service I provide, your referrals are the highest complement you can give me.
4808 Courageous Lane - Close to the
beach and walking distance to lagoon. 3979 Mission Blvd.- Pacific Beach mixed
use home. You can also see all the Taylor Place listings which includes several Bank Owned Foreclosures at http://tinyurl.com/khxl7
Should you Buy Now or Wait? Higher inventory in many areas is giving buyers time to look around. Buyers do not feel that they have to make an immediate decision on a property unless it is new on the market and/or priced right. The market is still gaining in price in some areas of San Diego, but not as much as in previous years. 51 San Diego communities had increases and 38 had decreases over May, 2005. Price increases are not expected to continue due to the double whammy of higher interest rates and the high inventory of unsold homes. The key to future price increases is in the interest rate. We have had a wonderful long run of historically low interest rates. This has allowed prices to rise and yet the home payment has not kept pace with the price increases. The lenders are continually developing many new programs that allow buyers to get into homes that they would not have been able to buy previously. Unfortunately, the yield on the governments 10 Year Treasury Note just hit 5% on 4/12/06 for he first time since June of 2002. This is expected to make mortgage rates climb again. New loan programs are being released: 40 or 50 year amortized loans, some with the first 10 years at interest only! Conforming loan guidelines are being increased to about $370K, which will help buyers in the lower price ranges or those with smaller down payments. Please contact me for a referral to a great lender. Call me to get started now at 760-436-0087. Here is what I can do for you, the buyer: Please call me at 760-436-0087 or view available homes
on my site at:
The market has slowed and the incredible appreciation we have seen over the past 5 years appears to be gone. If you price your home in anticipation of 1-3% appreciation a month, it will be sitting there a long time. Market time is increasing. It has more than doubled in the last 2 years. Many sellers are reducing their prices in realization of the need to be competitive, in light of the increasing inventory. Buyer showings are down in many areas. We are in a buyers market in much of the county. As it always is, the Buyer sets the price. The Seller just says “Yes” or “No”. Many Sellers have been saying “No” and the Buyers have said “We can wait”. The Buyers drove the market prices up with their multiple offers and they will drive the market down by sitting on the sidelines till prices drop. Where we go from here depends on inventory levels and interest rates. Right now, inventory is up significantly, which gives buyers more time to compare your home to others. It is also causing the marketing time to increase by 58% over last year. A few areas are going up in price and most are flat or going down in price. Sellers have to price their properties right because buyers have time to compare. A property should be in top condition when it goes on the market. This is imperative, especially the front yard and the entrance. First impressions are critical. Contact me for “40 Free or inexpensive tips to make your home show better and put more money in your pocket” Kenneth Harney had an interesting article about sellers getting stuck on a price and getting less than they could. That is currently possible in some areas of San Diego where the inventory is ahead of the buyers. www.signonsandiego.com/uniontrib/20050904/news_1h04harney.html Call me to discuss: The best plan for your situation and your home.
The most cost efficient and effective way to prepare your
home for sale.
How you can save thousands, and make more money
Developing a marketing plan for your home that will maximize
your investment.
To request a free "Right Price Analysis" on your
property.
Let me show you how to maximize your profit on the sale
of your home.
Our Guarantees to You 100% Exposure Guarantee: We guarantee that we will advertise
your property within 24 hours of listing, and advertise it
EVERY DAY thereafter, until sold.
Satisfaction: If you are not satisfied with the job I am
doing for you, you may cancel the contract for any reason except
to avoid paying a rightful commission (any buyer that came
during the listing period).
Please see the Sellers Handbook at
June
Real Estate Articles What is a Buyer's Market? You may want to bookmark this page for daily reference. Free
Real Estate Reports Annual Harvard Study Reports Sharp Drop Unlikely for Real
Estate Market As long as the economy continues to create jobs and builders trim production to match slowing demand, house prices will keep climbing and the housing sector will likely achieve a soft landing. Although house price growth will likely moderate in many areas, sharp drops in house prices are unlikely anytime soon. Major house price declines seldom occur in the absence of severe overbuilding, major job loss, or a combination of heavy overbuilding and modest job loss. Fortunately, these preconditions are nowhere in evidence across the nation’s metropolitan areas. For the complete article, see: Foreclosures Are Up If you, or someone you know is struggling with making their loan payments, please give me a call. I do free, pre-foreclosure counseling. I can usually help them save their house, their equity and/or their credit. The earlier in the process they contact me, the more options we have. Time is critical! If you do not want to have financial problems, please contact me for my free information about budgeting. For those of you who do not like the constraints of a “budget”, ask for my “spending plan” information. Here is a recent article about the foreclosure statistics: Is there a San Diego Real Estate Bubble? Do we have a Bubble or a Bulge? It appears to be a bulge. The job market plays a very important part in our ability to buy homes. San Diego unemployment rate is under 5%, which is one of the lowest in the State or US. The last time prices dropped, between 1989 and 1995, San Diego County had lost over 30,000 jobs. We do not have that problem now, we are actually gaining jobs. Also, the S&L crisis caused us to loose liquidity in the lending market, which caused interest rates to rise. Now the lenders are very liquid and are offering many different programs. BUY OR SELL A HOME WITH ME, USE OUR MOVING
TRUCK FREE! Nationwide Realtor Referral Service I can help you with New Construction & Condo Conversions Please, feel welcome to forward this information on to anyone who may be interested. The biggest complement you can give me is a referral. Thanks for reading, Sunshine Smith, Realtor® 760-436-0087 or toll free at 888-668-9053
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