“May your walls know joy, may every room hold laughter, and every window open to great possibility.”
– Mary Anne Radmacher Read on for a local market update and lifestyle tips curated just for you!
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San Diego Real Estate
The Numbers:
When clients ask if they should wait for the market to “cool off” before buying, I try to articulate my response with facts: The lack of current inventory of active homes for sale is severe. As of December 2, throughout San Diego County, at every price point and including all property types, there were 1,911 homes available for sale. With more than 3,500 sales pending, and an average of 3,400 homes sold each month in 2021, the number of active listings is expected to drop below 1,800 by January 1, 2022. This will be 30% fewer homes than at the same time last year. To have a “balanced market” (not a sellers’ market and not a buyers’ market) active inventory would need to be closer to 10,000 homes, or 5 times the current inventory. Match this with insatiable buyer demand fueled by 3% mortgage interest rates, the supply issue will become more severe in the coming weeks and into early next year as demand hits a peak in the Spring season.
My advice remains consistent: Trying to time the market is important for investors whose businesses depend on buying and selling a property quickly; this is not a prudent strategy for someone who intends to live in a home for many years.
A Note of Hope:
Even though 2021 will go down in history as one of the hottest Seller's Markets on record, the Noel Wheeler Group successfully helped 22 families buy and sell real estate. Of those 22 sales, we represented 14 buyers with the vast majority facing multiple offers and fierce competition. So, before you think "there is no conceivable way I could dive into this market in 2022", we would be happy to discuss your situation to determine if the timing is right for you and devise a strategy to help you meet your goals.
Based on our knowledge of the market, years of experience, and past success, I truly believe there are opportunities for people considering buying or selling in 2022!
Recent Sales Activity
Congratulations to our clients on Century Way for not only trusting us in the sale of their home, but also their home purchase in October. Our client who is purchasing her first home on Estelle Street was up against 4 other compelling offers and was able to secure the winning offer. We appreciate the opportunity to be of service to help you reach your real estate goals!
PENDING El Cerrito
2 Bed | 2 Bath Representing Buyer
1840 Century Way, Escondido 92026
SOLD
4 Bed + 1 Opt Bed | 2.5 Bath | 2,251 SF
Represented Seller
Real Estate in The News
Zillow to Shut Down iBuyer Program. What does this mean for San Diego's housing market?
On November 22nd Zillow – the company famous for their Zestimates – announced they will be shutting down their iBuyer program. An iBuyer (or instant buyer) relies on an algorithm to price homes and make offers, versus using trained Realtors to assess value. Zillow is currently holding about 8000 homes in their inventory, mostly in lower-priced housing markets with exploding population growth, like Las Vegas, Phoenix, Raleigh-Durham, Charlotte, and Atlanta. San Diego was never a top market for Zillow’s program, therefore, the selloff of their inventory is not expected to help San Diego’s inventory shortage. Source: Inman News
Local Events
Click here for all of the holiday events and happenings throughout San Diego.
Little Italy Tree Lighting December 4th
Transforming into a winter wonderland with Christmas twinkle lights down all the streets, Little Italy will be adorned with 10-foot tall nutcrackers, holiday displays on street corners, Christmas songs and more. Family, friends, and neighbors are invited to come together to experience true holiday joy at this family-friendly event and enjoy the neighborhood’s festive décor. Full details and schedule here.
San Diego Bay Parade of Lights
December 12th & December 19th
The San Diego Bay Parade of Lights brings more than 100,000 San Diego residents and visitors to the shores of San Diego Bay each year. The procession of approximately 80 lavishly decorated boats has become one of the most iconic events in the region. There is no cost to view the parade.
Details on where to view the parade can be found here.
Salsa Under the Stars
December 17th 6 - 9 PM
Dust off those dancing shoes and join Manny Cepeda & Orchestra for a night of salsa dancing under the stars in the Headquarters courtyard in Seaport Village! Come early and grab a cocktail at Portside Pier. No partner or experience necessary! Details and additional dates found here.
Christmas Eve at the Hotel Del
December 24th
Celebrate Christmas Eve in the spectacular Crown Room with a lavish holiday buffet of traditional favorites and culinary surprises. Guests will marvel at thousands of sparkling lights adorning the property with towering Christmas trees, garlands galore and stunning holiday décor, including a fabulous two-story lobby tree in The Del’s newly restored lobby.
Lifestyle Tips & Tricks
Designers Share the Interior Design Trends They're Most Excited About for 2022
2021 has looked a bit more similar to 2020 than we hoped, but that has meant we've continued to lean into our homes for creative inspiration this year. While we are crossing our fingers for more cocktail parties and jet-setting come 2022, appreciation for our homes as sanctuaries is here to stay.
The Best Holiday Destinations for 2022
As the green shoots of travel turn to tall, towering oaks, 2022 is a chance for us to reconnect to the best holiday destinations in a deeper, more authentic way. We’ll be reminded often of why we travel; those sparks of curiosity and adventure will be fanned to roaring flames, and as travel steadily finds its way back into our lives, we’ll appreciate every moment that comes with it!
Noel Wheeler
REALTOR
619-890-2877
DRE#01373389
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