San Diego Real Estate and Community News

June 7, 2021

Money Is Motivating More Homeowners To Sell

The things that motivate homeowners to sell stay pretty consistent through the years. Mostly, they're personal. Whether it's because they need a bigger house to accommodate a growing family or they want to move into a smaller, more manageable home because the kids have moved out and they no longer need the space, life usually dictates when it's time for a change. So, it's no surprise that a recent survey of potential home sellers found the top reason they're selling is that their home no longer meets the needs of their family. What is surprising is that the second most common answer was profit. The survey, conducted by the National Association of Realtors' consumer website, found that 24 percent of respondents said they were planning to sell because they thought they could make a profit based on current market conditions. George Ratiu, the site's senior economist, says Americans know they're in a seller's market. “Low mortgage rates and a lack of available homes for sale have created a strong seller's market, and these survey results show that homeowners think that they have the upper hand if they list their home soon,” Raitu said

June 4, 2021

What Day Of The Week Should You List Your Home?

Selling a house comes with a long to-do list. You've got to get the house ready for showings, clear out the clutter, and fix any lingering maintenance issues you've been neglecting. You also have to think about the price you'd like to get for it and where you're moving to, when, and how. In other words, there's a lot to do and think about. Which is why you may've never considered which day of the week is the best to list your home. But, according to one new analysis, it makes a difference. In fact, homes that are listed on a Thursday sell faster on average and are more likely to sell above list price compared to homes listed on other days of the week. Homes listed on a Sunday, for example, were found to stay on the market eight days longer than those listed on Thursdays. Homes listed on Saturdays or Mondays took seven days longer to sell. It makes sense, if you think about it. Thursdays are when home buyers are likely beginning to think about their weekend and whether or not there are any available homes they'd like to tour. Which makes it the optimal day for sellers to get their home in front of the most home shoppers.

June 2, 2021

More Than Half Of Homes Sell Above List Price

In most cases, when you buy something, you don't get to negotiate the price. If you're buying a refrigerator, for example, you don't make an offer. You pay whatever the store says it costs. Buying a house works a little bit differently. That's because, the price a home lists for isn't necessarily the price it sells for. Depending on market conditions, buyers may be able to get a house for less than its list price or, at other times, they may have to pay more. That's particularly true in today's market. A lower-than-normal number of homes for sale means buyers these days often have to compete with other buyers to get their offer chosen. Most often, that means paying more than the homeowner's asking price. But how often should prospective buyers expect to have sweeten their offer to get the home they want? Well, according to one recent analysis, at the end of May, more than half the homes sold were sold above list price. In fact, 51 percent of homes sold for more than their list price, that's up from just 26 percent last year at the same time.

June 1, 2021

Buyers Who Relocated Say They're Happier Now

Last year, after the coronavirus' onset, there was a lot of talk about how Americans were looking to move from city centers into the suburbs and exurbs. The pandemic had us staying at home more and more time in the house led to a wave of home buyers with a freshly updated wishlist. Space, privacy, and affordability led the list of features buyers were now focused on finding. In short, they wanted a bigger place with more outdoor space and a lower monthly cost. So how'd they do? Well, according to one recent survey, pretty well. In fact, 80 percent of those buyers said they're happier now and had no regrets about their decision to move to a new area. Many of them also reported having more disposable income and lower housing costs than they did before they moved. And while about 15 percent said they had some regrets about their move, that's remarkably low considering these buyers were making an important decision about their future during a chaotic time. Now the question is whether or not the trend will last as the pandemic's impact begins to recede.

 

May 26, 2021

How Long Will You Live In Your Next House?

If you're shopping for a house this year, there's likely a reason you've decided now's the right time for you to buy. Maybe it's because you no longer like the neighborhood you're in or you need more space because your family's grown since your last move. Whatever the reason, the list of things you want in your next home is mostly tied to the things you want and need right now. But, based on a new analysis of homeownership tenure from ATTOM Data Solutions, you might want to also think about your future needs. That's because, the length of time the average homeowner lives in a house has been growing in recent years. In fact, in the early 2000s, homeowners typically stayed in a house just under four-and-a-half years. These days, it's almost double that. At the end of last year, for example, the average homeowner had owned their home over eight years. And while it's fallen slightly this year, it's still climbing in some places – especially, the Midwest and South. In other words, the house you buy today might be your home for most of the next decade. Which means, you should probably give some thought to – not just what you need right now – but also what you might need over the next several years.

May 24, 2021

Existing Home Sales Surpass Last Year's Pace

There are a lower-than-normal number of previously owned homes available in today's market, but that hasn't stopped home buyers. In fact, according to the National Association of Realtors, sales of existing homes between January and April are 20 percent higher than they were during the same period last year. That's despite the fact that April sales fell 2.7 percent from the month before. Lawrence Yun, NAR's chief economist, says demand is strong. “Despite the decline, housing demand is still strong compared to one year ago, evidenced by home sales from this January to April, which are up 20 percent compared to 2020,” Yun said. “The additional supply projected for the market should cool down the torrid pace of price appreciation later in the year.” More homeowners are expected to list their homes for sale as COVID vaccinations are administered and Americans feel more comfortable showing their homes. As that happens, home-price increases and buyer competition are expected to moderate.

May 21, 2021

Forecast Sees Improvement Ahead For Housing Market

Each month, Fannie Mae's Economic and Strategic Research Group releases a forecast for the economy and housing market. According to their most recent release, the group sees improvement ahead. In fact, their forecast calls for home sales to increase 6.3 percent this year and new home construction to rise almost 25 percent higher than the year before. But despite the optimistic numbers, there are still challenges facing the market. Among the biggest is the lack of existing homes available for sale. Fewer homeowners are listing their homes and the pace of new home construction, while greatly improved, is being slowed by supply constraints and a shortage of available lots. That means, inventory issues will likely continue for the foreseeable future. Fortunately, Doug Duncan, Fannie Mae's senior vice president and chief economist, says conditions haven't affected mortgage rates. “This has yet to significantly affect mortgage rates, except to the extent that the rise in the 10-year Treasury since the beginning of the year contains an increased expected inflation component and has prevented mortgage rates from retreating further from their temporary recent peak,” Duncan said.

May 19, 2021

Competition Intensifies For Spring's Best Homes

By now, everybody knows the housing market's hot. They're probably also familiar with the factors that have kept it buzzing. Low mortgage rates and the increasing number of Americans working remotely are just a couple of the now well-known drivers of recent buyer demand. But just how competitive is the spring market? Well, according to one recent analysis, 72 percent of the homes sold in April faced competition. In other words, nearly three-quarters of the homes sold during the month had more than one interested buyer. And that's up almost 4.5 percent from the month before. But it shouldn't be a surprise that the real-estate market isn't cooling down. After all, spring and summer are typically the busiest months for home sales. It's also when homeowners who want to sell – rather than need to – put their homes on the market. That means, the homes listed now are more likely to have been upgraded and prepped for sale, which raises the competition for them even higher.

May 17, 2021

Neighbors Have Become More Neighborly

In times of crises, people tend to come together. That's certainly been true over the past year. The coronavirus pandemic meant we all had to look out for one another a little bit more than usual, and we did. Especially, closer to home. In fact, according to one recent analysis, the pandemic led to an immediate uptick in neighborhood outreach. We started relying more on the people in our own communities for everything from picking up prescriptions to walking dogs and letting each other know where supplies that had suddenly become scarce were still in stock. The increase in neighborhood engagement wasn't just in certain locations or among certain demographics, either. It was widespread, from urban centers to rural areas and among the young and old. It was so widespread that 75 percent of surveyed neighbors said they had recently been the recipient of a random act of kindness. In short, we've all become a bit more neighborly in the past year – and that's good news, because good neighbors make for safer, happier neighborhoods.

May 14, 2021

Homeowner Equity Continues To See Gains

When you own a home and its value increases, you build equity. And when the amount of equity you've built is more than double what you owe on your mortgage, you're considered equity rich – at least, according to ATTOM Data Solutions' 2021 U.S. Home Equity & Underwater Report. The report, which looks at the number of equity-rich properties across the country, found that almost one in three homes qualified during the first quarter. In fact, 31.9 percent of the 55.8 million mortgaged homes included in the analysis were equity-rich. That's up from 30.2 percent at the end of 2020 and nearly 5.5 percent higher than last year at the same time. Todd Teta, ATTOM's chief product officer, says it's a great time to be a homeowner. “It continues to be a great time to be a homeowner most everywhere in the country,” Teta said. “The ongoing price spikes we're seeing help to cut down the number of seriously underwater properties and boost the level of equity-rich properties.”