Justin Gramm, Exclusive Buyers Agent

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Here are 5 tips for buying a home in San Diego County in 2024...

https://globella.com/default.asp.pg-BuyingaHomeinSanDiegoThisYearin2022

Time to reboot... get outside and enjoy nature!

Take a Hike Many people connect to several devices every single day. When those devices don’t work correctly, what’s the first thing you do? Turn the device off. When you reboot a smartphone or tablet, it works better. The same can be true for your body. If you want to clear your mind, improve your physical...

April/May 2023 San Diego Residential Real Estate Market Update...

It's been a couple months since my last market update, so here goes...

The San Diego Union Tribune's Phillip Molnar published two articles this week about the San Diego real estate market, one entitled: "San Diego 'annual' home price gains still down in new report, while Florida cities on the rise" and the other entitled: "San Diego home prices are rising again. Up 5% in a month".

I think you have to be a subscriber to read the second article, so if you aren't a subscriber OR if you don't have time to read the articles, I've summarized the main points and key takeaways in this email for you.

#1. San Diego home prices are rising again. The median home price rose 5.3% in March (compared to February) to $790,000. This is still down 1.3% from last March.

#2. Sellers are still hesitant to put their homes on the market. Analysts say there is little incentive to put homes on the market because most owners have locked in lower interest rates and they know it would be challenging to find another house to move into.

#3. Despite prices increasing, inventory is still dropping throughout San Diego County. This could continue to push up prices in the coming months. Due to low inventory, March saw the second lowest number of home sales in San Diego County since 1988.

#4. Higher mortgage interest rates had helped the market cool down last year. However, competition over limited supply and the realization rates aren’t decreasing are pushing buyers to make a move. Mortgage rates are right around 6.5% for a conventional 30-year fixed rate mortgage right now.

#5. In my February Market Update, I pointed out that Goldman Sachs published a report in January citing San Diego as one of four markets likely to see the biggest price declines in 2023. The report predicted that San Diego home prices would drop 13.4% over the next two years (by the end of 2024). The report reasoned that the areas that saw prices go up the most over the two pandemic years would see them go down the fastest.

Some local real estate analysts were critical of the Goldman Sachs report and the limited criteria used for its prediction.

So far, the Goldman Sachs prediction has not been ringing true, however there are still many economists predicting a recession is looming. I recommend that homebuyers have a solid long-term plan in case home values begin declining again.

Even if the Goldman Sachs prediction comes true, it wouldn't break any records in San Diego. The biggest annual drop in home values was around 26% in October 2008 (during the Great Recession).

CONCLUSION: I was hoping the "tamer" market that homebuyers experienced at the end of 2022 would continue through 2023. Right now that's not the case for most of my clients. I am commonly seeing the best homes get 3-10+ offers the first weekend a home comes on the market. This is highly dependent on the neighborhood, the type of home, and the price range, and some markets are less competitive than others.

Although many San Diego neighborhoods are experiencing strong seller's markets at the moment, it's true that we also have some neighborhoods with strong buyer's markets.

That said, it's much less daunting to be up against 3-10 offers than it is to be competing against 10-30+ offers (which was the norm for my clients in 2020/2021). As the market continues to shift, so do the strategies I use to help my clients find (and get) the perfect home.

I've helped five clients achieve their home-ownership goals in the last three months, and I'm happy to share more specifics on all of this if you're interested in more information.

As always, let me know if you have any questions. I look forward to hearing from you!

https://article.homebydesign.com/pages/article/HBD_APR_23_04/274638/index.html

Amazing early 1900s home remodel! Plus some helpful pointers on incorporating patterns into your home's interior design.

Playful Pairings The original goal for the remodel was to update the kitchen and bathrooms while respecting the classic architecture of the house. The timeless lines remained, but color and pattern now play a significant role throughout. For starters, an alluring mural wallpaper makes its way around the study where....

Some economists predict home prices will be flat in San Diego over the next 12 months. Some predict prices will decrease, and others still predict a small increase.

Very few, however, predict the kind of downtown that would make homes affordable again in San Diego County.

According to a new report by Zillow, home prices would need to drop 21% in San Diego for them to be considered affordable to the average San Diegan, and most economists don't see that happening anytime soon.

Spooky Season is Here to Stay: Mortgage Affordability May Never Recover - Zillow Research Housing affordability has become the highest barrier for both buyers and sellers in today’s housing market. Throughout the pandemic, as prices were rising to never-before-seen heights and inventory plummeted to their lowest level in at least 40 years, low mortgage rates helped keep monthly payment...

It’s the "right time" to buy when you (A) can AFFORD it, (B) find a home you LOVE, and (C) have a smart LONG-TERM plan.

It’s the "right time" to buy a home when (A) you can afford it, (B) you find a home you love in your price range, and (C) you have a smart long-term plan for the property.

You know what they say... It's not a matter of IF your San Diego house has termites but WHEN. I recently updated an article I wrote about termites in San Diego. Learn all about wood-destroying pest inspections AND how to read a termite report in San Diego (at the following link)...

https://globella.com/website/blog/default.asp?Display=2873&title=Understanding-the-Wood-Destroying-Pest-Inspection-Report-for-Your-San-Diego-Home

For subscribers: 'Buyers are taking their time': San Diego home price drops for third month Higher interest rates and consumer sentiment are slowing the formerly red hot housing market.

Here's the latest article about the San Diego real estate market from the Union Tribune. You have to be a subscriber to read this one.

Here's my quick summary/key takeaways in case you can't or don't want to read the whole article:

1. The median home price in San Diego is now $799,000 compared to $850,000 in May 2022.

2. Regardless of the monthly decrease in median home price, home prices right now are still 10.2% higher than they were this time last year.

3. Mortgage interest rates have increased in 2022, cutting into buyers' purchase power.

4. 49.7% of San Diego County recent home listings had some sort of price reduction from their original listed price (13th highest out of the 90 biggest metros).

5. The typical mortgage payment in San Diego is now about $4,089, up 52.9% in a year (due to higher mortgage interest rates).

6. Median "days on market" for a San Diego County home was 23.5 days in August 2022, compared to only 8 days in March 2022 (homes are taking longer to sell).

To me, I'm happy for my homebuyer clients to have a slightly more normal market to do their home-searching in. It's still a strong seller's market, believe it or not, in most parts of San Diego County... Just not as "crazy strong" as it was in 2020 and 2021.

For subscribers: 'Buyers are taking their time': San Diego home price drops for third month Higher interest rates and consumer sentiment are slowing the formerly red hot housing market.

I'm LOVING this (cooler) weather! The heatwave seemed like it would never end, but now they're predicting 75 and sunny for the next ten days.

I wrote an article a while back about the role that "LIFESTYLE" plays in finding your dream home... And currently I'm digging the lifestyle of being able to step outside without breaking a sweat.

Here's that article: https://globella.com/default.asp.pg-Secret-Ingredient-to-Finding-Dream-Home

I work all over San Diego County, but this is a recent article I updated about Downtown San Diego:

https://www.sandiegobuyeragent.com/default.asp.pg-DowntownSanDiegoBuyerAgent

Proper Planning Prevents Poor Purchases! 🏠 Here are my top 5 tips for anyone thinking of buying a home in San Diego this year (in 2022)...

https://globella.com/default.asp.pg-BuyingaHomeinSanDiegoThisYearin2022

For all my Minnesota friends and family (or anyone who loves a beautiful cottage)...

Cottage Charm The city of Wayzata, Minnesota is an upscale community of less than 5,000 residents, located in the western part of the Minneapolis-St. Paul metro area. Pronounced wise-etta, the name was derived from the Sioux phrase meaning “North Shore” because it borders Lake Minnetonka. Its picturesque loca...

Some people are wondering what it's like trying to buy a home during the governor's Shelter in Place order... Let's just say it's a little different!

Share my latest article (especially with those thinking of buying a home this year)... How the San Diego Home Buying Process is Being Affected by COVID-19:

https://globella.com/website/blog/default.asp?Display=9876

10 Questions All Home Buyers Should Ask Themselves During the Coronavirus Crisis:

https://globella.com/website/blog/default.asp?Display=9870