Ashley and I are sending wishes of health and happiness as we round out this holiday season. Read on for local real estate news and to discover lifestyle tips curated just for you.
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A new year is finally here!
Nobody could have projected the twists and turns the economy took at the beginning of 2020. There was a lot of fear around how the pandemic was going to affect the real estate market. We now know, that was mostly noise. Supply: 2020 started out with the lowest level of inventory since 2012 with 4,442 homes listed on the market. The inventory peaked in mid-May at 5,330 active listings and ended 2020 with only 2,613--that is throughout the entire county, at every price point! The top attributing factor to record-low inventory is simply because many homeowners did not want to place their homes on the market amid a pandemic. Just about every home that came on the market in 2020 made its way into escrow, eating away at the active inventory. Demand: 2020 started off with strong demand. That all changed in March when the pandemic slammed the entire economy and buyer activity dropped to levels last seen at the beginning of the Great Recession. The shock factor of the virus stopped the typical Spring market momentum in its tracks. The stay-at-home order halted open houses, escrows canceled, homes were pulled off the market, and life was turned upside down. As soon as real estate was re-classified as an "essential service" in California, the mortgage interest rates dipped to another record low, and buyer demand began to climb. By August, buyer damnd peaked with a total of 4,068 pending sales. On December 24th mortgage rates hit a 16th record low at 2.66%. 2021 Projections: Here are some projections from housing expert Steven Thomas, Reports on Housing:
2021 will continue where the second half of 2020 left off, HOT.
January through the Summer market: Multiple offers and bidding wars will be the norm for homes priced below $1.25 million. Buyers will have to be aggressive with price and terms to get an offer accepted and take advantage of record-low mortgage rates.
From mid-August through the remainder of the year: evolve into a slight Seller’s Market, where sellers still get to call more of the shots, but home value appreciation will slow. Sellers - do not overprice your properties if you want them sold.
For Sale in Mission Hills
3 Bed | 3 Bath | 1,669 SF
Start off the New Year with a residence that captures the essence of luxury, comfort, and convenience located in the highly desired historic neighborhood of Mission Hills. Offering a bedroom and full bath on the main floor and 2 generously sized en-suite bedrooms on the 2nd floor, the versatility of the floor plan is endless. The open concept living space is anchored by a wall of glass that virtually disappears when the oversized sliding doors are opened to integrate the Zen-like patio into your living space.
Contact me to schedule a private tour today!
Private Exclusive Listings
We are preparing two homes to hit the market soon. To learn more about what we have in store, please contact me today!
Under Contract This Month
We launched 3087 Nute Way at the start of the year and had an incredible amount of buyer interest (36 in-person showings - all conducted in a safe manner), 3 compelling offers, and have gone under contract with one lucky buyer.
Working with our buyer to locate the ideal condo in North Park during a competitive market was not an easy task but with persistence, and a highly competitive offer up against two others, we officially had an accepted contract this week.
Congratulations to our clients for successfully opening escrow this month!
Bay Ho
3 Bed | 2 Bath Representing Seller
North Park
2 Bed | 2 Bath Representing Buyer
Downtown San Diego
Savina Complex
New Construction 2 Bed | 2 Bath
Representing Buyer
Local Events
7 Ways to Workout and Stay Fit in San Diego's Great Outdoors If you're looking for ways to start the new year on a positive note and get active, check out this list here for the best local workout spots. Whether you're in search for family hiking trails, waterfront runs or outdoor yoga spaces, there is always an outdoor activity around every corner in beautiful and sunny San Diego.
2021 PGA Tour's Farmer's Insurance Open | Jan 28-31
One of San Diego's biggest events of the year, Farmer's Insurance Open, will return in January and will be held at the Torrey Pines Golf Course in La Jolla. Although participation might be different this year, the event will be televised on the Golf Channel and CBS for you to enjoy from the safety and comfort of your own home. Find out more details here.
Lifestyle Tips & Tricks
Interior design trends 2021 – the 12 biggest looks for the New Year
It's been a long year, so we have good reason to rejoice when thinking of the interior design trends coming up in 2021, from the growing importance of sustainable materials to elegant elements of individuality and uniqueness, our 2021 with sensational style.
Creating the Ultimate
2021 Self-Care Routine
Smaller, more attainable goals add up to create a big impact. Experts share all of their best self-care tips they've learned while on the clock, including small life changes that can help you feel less stressed, more fulfilled, and feel more energized to conquer your goals in 2021.
What could Compass Concierge do for your home in 2021?
With the predictions of an earlier spring market, we're here to help you get ahead and start prepping so you can maximize your home's value. Exclusive to Compass, our Concierge program helps you easily prepare your home for sale by fronting the cost of home improvement services so that you can sell it faster and for more money. Whether you're facing basic
wear-and-tear or your home requires more significant upgrades, Concierge has the power to transform a property — and the price it can claim. Click here to learn more about our Concierge program.
Noel Wheeler
REALTOR
619-890-2877
DRE#01373389