Posted by Bree Castro on Tuesday, June 20, 2017 at 1:46 PMBy Bree Castro / June 20, 2017Comment
The San Diego County rental market has a vacancy rate of only 2.2%! Why the shortage of inventory? It is a combination of a lack of new home construction and an increase in both population and employment growth. That unfortunately doesn’t leave renters with much of any selection for housing. Due to the scarcity, rents have increased tremendously.
The average 1 bedroom in the county is now close to $1,800 per month. Owners can now be extremely selective in who they rent to. We are frequently seeing owners advertise “no pets” on almost every listing. Additionally, the credit score minimum has increased dramatically for most owners and management companies. Applicants used to get away with lower credit by paying a higher deposit but that is not the case any longer.
Some owners will even discriminate against families, requesting just a single individual, or...
Posted by Casey Miller on Wednesday, May 24, 2017 at 10:49 AMBy Casey Miller / May 24, 2017Comment
In a nearly unanimous vote, the U.S. Federal Reserve increased the Federal Funds Rate by 25 basis points on Wednesday, March 15th, bumping it to between 0.75% and 1.00%. Federal Reserve Officials expect to hike rates by 25 basis points two more times in 2017.
While the rate increase indicates a strong economy, it will mean higher interest rates for mortgages and other consumer and business loans across the country. The Federal Reserve gave no indication that it plans to begin to reduce its large holdings of mortgage-backed securities (MBS) any time soon, and since Fed purchases of MBS have helped push mortgage rates lower, reduced demand for MBS from the Fed would be negative for mortgage rates.
About the Fed Funds Rate The Federal Funds Rate is the rate at which banks can borrow...
Welcome back, everyone. Today we want to talk about the basic philosophy behind receiving multiple offers on your home. This is something we have been doing a lot lately, and something we will continue to do in the future....
Posted by Daniel Beer on Monday, December 29, 2014 at 1:45 PMBy Daniel Beer / December 29, 2014Comment
2014 was a strange year like none other in recent memory for the real estate market in San Diego, only because of how absolutely normal, stable, and balanced it was. It was fairly uneventful. You may even say it was dull. But that is exactly why it was so fascinating on the tail end of a real estate boom, bust, and boom cycle that was as aggressive as any the market has ever seen.
Let’s take a look at a three key metrics as reported by Trendgraphix™ to get a better idea for how the market has performed during the last year and where we are headed.
Price Per Square Foot
While official numbers were not available at the time that this article went to print, our research tells us that San Diego County experienced roughly 7.4% appreciation during 2014. We derive that by looking at the average price per square foot sold of $315 for November 2014 vs November 2013 when it was $293 per square foot. My personal prediction is that we...
Posted by Daniel Beer on Friday, September 12, 2014 at 10:46 AMBy Daniel Beer / September 12, 2014Comment
Where is the San Diego housing market heading? Considering the average days on market in San Diego County is 39 days, we believe we're seeing the first normal market in over 10 years. In our latest video we look at the major market trends we've in San Diego and how that's led us to the balance and stability we're seeing today.
Posted by Daniel Beer on Friday, August 22, 2014 at 8:44 AMBy Daniel Beer / August 22, 2014Comment
In San Diego County, the real estate market is moving and healthy, and in this video we give you the latest statistics and trends. We also discuss how failing to account for list-to-sale-price ratio in San Diego can lead to homes sitting on the market, when the average home is selling in 39 days.
Posted by Daniel Beer on Thursday, December 26, 2013 at 9:57 AMBy Daniel Beer / December 26, 2013Comment
Verrazzano, a favorite community of the Daniel Beer Group, had a very interesting 2013, mainly characterized by low inventory. In fact, there are currently no homes for sale in all of Verrazzano. Five homes are currently under contract as of the time this blog post was published. You can get a sense for the Verrazzano real estate market in the graph below. You will notice that the number of available homes for sale has trended down over the last three years. Also, please note that the two homes that it shows as coming on the market in November are now in escrow. Homes are not lasting long on the market. The average days on market for homes listed in the last three months has been just under 21 days. Story continued below...