October Updates: Local Highlights, Market Insights & More!
Need help getting into the full swing of fall? Attend one of the six Oktoberfest Festivals we have in San Diego! Looking for something a little more family friendly? Browse the list San Diego's featured pumpkin patches all over the county, and visit one near you! Have fun dressing festive, listening to live music, picking out pumpkins, and getting lost in a maze! Most of the seasonal pop-ups are free to visit. Carlsbad, Oct. 5th, $10East Village, Oct. 5th, $10-$50Mission Bay Oktoberfest Cruise, Oct. 5th, $40Ocean Beach, Oct. 11th-12th, Free-$45La Mesa, Oct. 4th-6th, Free-$45El Cajon, September 27th-Oct. 6th, $5-$90 Curious question... are you using Zillow to get an estimate of your home's value? No shame if you do, it's quick and easy so we get it! But is it accurate? No, it's not! Zillow, like many other automated home valuations, doesn't consider crucial details like renovations, street location, and other important features. So if you're looking to check on your home's worth, we have a better solution: Ask us! We do home valuations for people all the time, and we do it for free. We don't make the assumption you want to sell because you ask us for one. Maybe you're curious to see if the market is going down, or because you're thinking about doing some renovations yourself, or...maybe you're just curious! Whatever the reason, we're glad to do it. Reach out anytime! Will the new president, whomever it is, negatively impact our local market? No, and here's why: The height of our market was April 4, 2022, when there was over 40,000 real estate sales in San Diego County in the previous 12 months. Today that number is just over 22,000 - that's a 45% reduction! We're seeing that people aren't buying and selling because they want to, but because they need to. We're helping a lot of first time buyers who need a home. And we're also helping a lot of people dealing with loss or divorce, therefore need to sell. These situations aren't going to change based on the elections. We believe our market can only go up and that we've already hit the bottom. So when people, and headlines, shout concerns for a dramatic shift in the market due to the elections we hope you rest assured that the real estate market will not feel a thing! We're curious what you think will make the market go up? Let us know what you think. Most think it's interest rates, but that's not all. Email us! We'd love to hear from you. Did you see it? Or maybe the better question is, did you miss it? Last month the Federal Reserve lowered their rate by 0.5%, but you'll be surprised that the mortgage rate didn't go down afterwards. In fact, it went up! So what's going on? Most people think that the Federal Reserve controls the mortgage rates, but that's incorrect. The mortgage rate is a market-based rate, just like stock prices are based on the market. The Federal Reserve has a bigger influence of interest rates based on what they say they're going to do, even more so than what they actually do. For example, a few weeks ago the Federal Reserve said they were going to lower rates, so the market responded to this "talk" by lowering interest rates. When the Feds actually lowered rates like they said they would, the market has already seen the lowered rates. However, what they said about the economy actually concerned the mortgage market. As a result, rates went up a little right after they met. So, the question remains, what will make mortgage rates go down? It's going to take confidence in the economy along with Federal Reserve rate reductions. You should also know it's going to take a while, we're guessing 4-6 months, before we see the economy find a solid footing. When it does, we should see rates respond favorably. That's just our prediction, though. Market Update Median Sales Price: $890,000 New Listings: 2,676 Active Listings: 4,964 Pending Sales: 1,835 Closed Sales: 1,727 Average Days on Market: 28 Median Percent of Asking Price Received: 99% Punny, I'm Home!! What's the best time to book a dental appointment? At tooth-hurty.
September Updates: Local Highlights, Market Insights & More!
San Diego Restaurant Week Calling all foodies! SDRW is a celebration that showcases the upcoming hits in the culinary world. From Oceanside to Chula Vista, there are over 180 restaurants participating across 30 different cities. Prices vary based on the restaurant, but recommendations are all tried and vetted for your utmost enjoyment! Check out the SDRW website to browse the list of restaurants and more details about pricing/location/reservations. When you've picked your restaurant of choice, make sure you book a reservation in advance and browse the special prix fixe menu recommended by SDRW. If you're a foodie who wants to join in on the fun, mark your calendars for September 22nd-29th! No passes/tickets are required. Recent Sales As summer winds down, we hope you've had a fantastic season filled with both work and play. We've had an exciting summer ourselves, with increased business and plenty of time to spend with our families and friends!Here are some exciting updates:PENDING 6153 Pembroke Dr., San Diego, CA 92115 CLOSED 4465 Ocean Blvd. #42 San Diego, CA 92109Sold for $975,000 19326 Bigfork Rd Lake Elsinore, CA 92532Sold for $707,000 Do You Have a Trust? Not a will, but a trust. There is so much confusion about wills and trusts, and you might not know which one you have. For example, people think that if they have a will, their heirs will avoid probate. Guess what... that's not true! Only a trust will do that. So if you're now thinking you need to talk with someone about that, we have just the person. Craig Lambourne of Ewin Lambourne Law is our go-to person. Craig has worked exclusively in the area of estate planning, trust and probate law since 2009. He is a Certified Specialist by the State Bar of California Board of Legal Specialization in Estate Planning, Trust, and Probate Law. Craig serves as a court-appointed attorney and guardian ad litem for the San Diego Superior Court in a variety of different proceedings. He is a frequent presenter on a wide range of estate planning topics. Why do we love Craig? There are 3 reasons. One, we know that he's a great attorney. He's worked with us and our families to craft trusts that make sense. Two, he's a great communicator. He explains things very clearly and simply so you know what he recommends and why. And three, he's also a great person. Craig is someone who is relatable and relational. He wants to help you now and in the future. And when you meet him and work with him, you'll see what I mean. Give him a call to schedule an appointment. (619) 698-1788. County-Wide Stats MEDIAN SALES PRICE: $880,000 NEW LISTINGS: 2,998 ACTIVE LISTINGS: 4,805 PENDING SALES: 2,016 CLOSED SALES: 2,013 AVERAGE DAYS ON MARKET: 24 MEDIAN % OF ASKING PRICE RECEIVED: 99.3% Confidentiality Confidentiality Working with friends can be a challenge, especially when it comes to real estate. You may have first-hand experience of how personal selling real estate is, so you won't be surprised that we learn a lot about our buyers and sellers amidst the process. Oftentimes, we're working with friends in stressful situations. Sometimes we work on extremely exciting sales, and other times the reason for selling/buying is extremely difficult. That's why we make the commitment to confidentiality from the very beginning. From the first phone call/text/meeting with you about real estate, our journey is private and it stays that way. The only way other people know we are working together is if you tell them - after all it's your news to share! We are so grateful to our clients who have trusted us in good times and hard times of their life. You are our first priority, and it's an honor to work with friends and family like you! How often do Interest Rates Change? Should you let the interest rate dictate when you jump into the market to buy or sell? We get questions about rates all the time in the lending world. There are so many factors that impact rates. Basically, it's market conditions such as inflation, the stock market, unemployment, and yes, the Federal Reserve (keep reading because it's probably not what you think). When one or more of these market conditions fluctuate, it impacts mortgage rates. That's why it makes predicting rates so hard. Right now, so many people are excited because the Federal Reserve is going to lower rates. But that doesn't necessarily guarantee mortgage rates will drop too - they don't control them. It's likely that when they lower rates in the next month or so, the mortgage rate won't go down. Or if it does, it won't go down much at all. That's why we've continued to give the same advice: If you're ready to sell, do it - just make sure that if you're planning to buy, you should buy in the same market. Do NOT try to time market fluctuations. For all of our readers looking to buy, don't wait for the lowest rates to get started - start looking and buy when you see something you like. Timing the market is essentially gambling. Rates could go up, or they could go down, so your odds are 50/50. San Diego Events & Happenings San Diego has something for everyone this fall from festivals and food fairs to outdoor adventures and cultural experiences. Discover exciting events happening around the city and plan your next outing!*Click the image below to redirect* Punny, I'm Home!! I'm on a seafood diet, have you heard of it? When I see food, I eat it.
August Summer Nights & Real Estate Highlights
Located east of Downtown San Diego, there are over 100 acres of sanctuary filled with endangered wildlife that we better know as the San Diego Zoo. This world-famous zoo is a must-see attraction for visitors and locals alike! It's home to over 14,000 animals, 700 species, and 700,000 exotic plants. The San Diego Zoo is unique for its extra-long bus tours that trail over 75% of the park, free sky tram, extra large free flight aviary sites, and their recent returning giant panda! If you haven't been recently, now is a perfect time to visit as they extend their hours for Summer Nights with lights, additional animal presentations, musical entertainment, and kid-friendly water entertainment. Summer Nights is happening right now until September 7th, open from 9 am-9 pm. Current Inventory This summer has been an exciting one for us. Business has increased, and yet we've still had time to spend with our families and friends! Hold for Renovations: 10996 Westonhill Dr., San Diego, CA 92126 Pending: 4465 Ocean Blvd. #42, San Diego, CA 92109 Closed: 1022 Grouse St., El Cajon, CA 92020 and 7225 Ocotillo St., Santee, CA 92071 Jordan Rose Photography Looking for a talented, creative, personable, and professional photographer? Meet Jordan Albright, owner of Jordan Rose Photography! Though her portfolio will showcase her gift of capturing newborns, individual brand shoots, and couples - you should know that her passion is to capture couples and the unique love stories they share. Jordan has been a friend for many, many, years and photography is one of her natural born gifts. Although if you were to ask her about her business, she'd tell you that photography is just an outlet to do what she's felt called to do - connecting with people and playing a part in helping them feel seen, known, and loved. She's genuinely chasing after authentic moments of love between two people, though the setting and occasion is never constant for her. She's hidden in bushes for surprise proposals, adventures for dreamy engagement shoots, traveled for destination elopements, and makes wedding photography look way easier than it is. We hope the next time you or a friend are in need of a couples photographer that you take the time to consider Jordan. You won't regret it! See more on her Instagram @jordanrosephoto, and feel free to contact us for an introduction! The Realtor Report Two major changes are happening this month in our industry. In response to the settlement with the National Association of Realtors® (NAR), we have two big industry changes happening early August! 1. Agents working with a buyer must enter into a written agreement before touring/virtually showing a home. If you ask us, we have always utilized a Buyer Representation Agreement with our clients. We do the same with our sellers when we go to list their property. Making this a requirement prior to showing a property will be a really great change across the board with agents. Our professional relationship should be outlined before we start the process, and every agent should explain their role, commitment, and compensation with their client upfront. 2. Offers of compensation to buyer's agents are prohibited on MLSs. You can still negotiate with a seller to compensate the buyer's agent on the buyer's behalf. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, like first-time homebuyers, and also benefit sellers by expanding the potential buyer pool. Simply put, buyer's agents have to negotiate their compensation now instead of listing agents doing it for them. We think this is another great change in the industry. Our entire brokerage of agents have worked hard to stay ahead of the changes. We've had multiple trainings to discuss them for a majority of the year and have already adapted to new and revised forms that all buyers/sellers/Realtors® will have to use, though our business is still the same. Learning Loans When is your first mortgage payment due? CONGRATS YOU'VE CLOSED ON YOUR NEW HOME! Okay, let's pretend that was true, and you just closed escrow on a property as a buyer. Do you know when your first mortgage payment will be due? Most people don't realize that when you close on a property, you don't have to pay your monthly payment for your current month or the one after. Why? Your first two months of payments (PITI) are collected as a part of your closing costs. You're essentially paying those months upfront. It's true, you'd be paying it one way or another, but most of our buyers enjoy the feeling of a "break" from a monthly payment right after closing considering the am amount of savings spent on the purchase, downpayment, and inspections. So if this example were true and you closed escrow today (the beginning of August), your first mortgage payment would be October 1st. County-Wide Stats MEDIAN SALES PRICE: $915,000 NEW LISTINGS: 2,773 ACTIVE LISTINGS: 4,559 PENDING SALES: 2,017 CLOSED SALES: 1,980 AVERAGE DAYS ON MARKET: 23 MEDIAN % OF ASKING PRICE RECEIVED: 100% Market Update - Rates Coming Down? "The economy expanded at a faster pace than expected in Q2, but the latest growth rate could be the highest we will see in the next few quarters. There are signs in recent months that suggest consumers are increasingly tapped out and could pull back further in coming months. An economic slowdown, however, is not necessarily bad news for the housing market. Mortgage rates, in fact, started this week at six-month lows, as the market has become more convinced that the Fed’s rate cuts will begin in September. Home sales should begin to bounce back and improve more consistently in Q3 and Q4." This quote is from the California Association of Realtors' Research Highlights this month. If rates come down, we could see an active late-summer market. What do you think will happen this quarter? Punny, I'm Home! Why do golfers wear two pairs of pants? .... In case they get a hole-in-one.
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