The hidden 💎 value of home
Updated: May 21, 2020
We hope this note finds you, your family and friends safe and healthy.
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The CEO of Compass, Robert Reffkin, sent out a beautiful message this morning that I wanted to share in part with you today: "The weeks and months we’re spending inside will forever change our concept of home. We are living through the biggest shift in the relationship between people and their homes since the 1950s when the American Dream of homeownership swept the nation. Home has never meant so much to us in so many different ways. It is now where we live... and work... and eat… and sleep… and exercise… and relax… and stress out… and play. Living rooms have become classrooms and exercise studios and virtual meeting rooms. Kitchens have become restaurants serving breakfast, lunch, and dinner every single day and way too many snacks in between. Some bedrooms have become hospital quarantine rooms where we care for the sick while trying not to get sick ourselves. Home is now the place where we shelter in place. Home is where we stay to keep safe, and keep our families safe and keep our communities safe. Staying in our homes is literally saving people’s lives."
Our homes have become everything to us, and to our pets as well (and no...Leo should not be on the couch!) As we continue to navigate through these unique and evolving times, Ashley and I want you to know that we are here for you in any way we can provide support. It’s during these times that we will witness the resilience and beauty of the human spirit.
We find reassurance in knowing that we are all in this together.
San Diego Market Update
Based on January and February sales data, San Diego's 2020 real estate market was off to a great. Local economist Alan Nevin states, "In January and February, detached home sales were up from a total of 2,572 to 2,735, a 6.3% increase. And attached sales were up from 1,260 to 1,488, an 18% rise over the first two months of 2019."
In March, the impact of Covid-19 and the California stay-at-home order on buyer demand became evident. Pending sales of detached and attached homes dramatically decreased by 19.2% versus the same period in 2019, as seen in the chart below.
This was in sharp contrast to the 10.4% and 9.9% increases seen in January and February, respectively.
The decrease in demand was coupled with a 30% decrease in supply, as represented in active listings available for sale in March 2020 vs the same period in 2019. According to Steven Thomas with the San Diego Housing Report, the decrease in both supply and demand is what will prevent housing prices to plunge: "During the great recession, demand instantly dropped to levels that were much like today. Yet, there were over four times the number of homes on the market compared to today, reaching nearly 20,000 homes. With very low demand and a huge supply of homes, the housing market ground to a halt and home values plunged." Economists today believe March 2020 numbers are a temporary phenomenon that may extend through the second quarter, but not the systemic problems we saw during the 2008 recession. I will continue to listen to local economists and track the data. Call me if you'd like to discuss your questions or concerns about the housing market and how it impacts your specific circumstances.
Upper La Jolla Shores 4 Bed | 2 Bath | 1,794 Sqft | $1,349,000
Single-level, mid-Century home has been lovingly maintained by the same family for 63 years, perfectly positioning new owners to add personal touches to their satisfaction. Sited in close proximity to UCSD, La Jolla Shores, shopping, restaurants and hospitals, this home will appeal to many for its location alone.
4625 Alabama St
University Heights 2 Bed | 1 Bath | 784 Sqft | $730,000
1927 Spanish bungalow located 1/2 block to Trolley Barn Park in Unversity Heights. Highlights include original hardwood floors, period details, updated kitchen and bathroom, dual-paned windows and interior laundry. The front courtyard and the fully fenced back yard with alley access are perfect to enjoy San Diego's year-round idyllic weather.
A special thanks to our clients who gave us the opportunity to help them find a home in their dream neighborhood! We appreciate being able to assist you in reaching your real estate goals and are excited to see how the whole family participates in the transformation of your new home!
Sold 3/31/20 6708 Tuxedo Dr. San Diego 92119 4 Bed | 2.5 Bath | 2,359 SF
There is no better time than the present to focus on your health and wellness. Here are some helpful resources to bring some well-deserved relaxation and peace of mind to your home.
Mindfulness and Meditation Apps A clearer mind is only a few clicks away. Check out these free apps geared at taking a moment to pause, gather your thoughts, and practice general mindfulness. (Quiet room to reflect and meditate in not-included.) Check out the top 5 meditation apps here.
The Best At-Home Workouts 12 of the best gym studios around the world are currently offering free online workouts to help keep bodies active and healthy while we’re stuck inside. Social distancing is the perfect time to nail at-home fitness and balance out all of the extra snacks we’re sneaking!
Ways to Show Your Support of Local Restaurants
To show your support to local restaurants, consider ordering takeout this week. STP Bar-N-Grill andGoodOnYa Organic continue to serve delicious options through their take out services! Eater San Diego lists 41 North County Restaurants with Takeout and Delivery Options. Enjoy everything from authentic Italian to American BBQ, breweries, and more. Read on here to find the full list of options.
17 Dessert Spots with Takeout and Delivery Options Craving something sweet during quarantine? Take a look at this list of 17 dessert spots offering takeout and delivery dessert options. Or, if you're just looking to show your support, you can purchase a gift card to any of the spots listed to be used at a later date. Find the list here.
Lifestyle Tips & Tricks
7 Design Insiders Reveal Their Favorite Spring Trends A change of season is always the perfect excuse to infuse a little newness into your home, courtesy of the hottest trends. And if you’re not sure where to start? Well, that’s where House Beautiful comes in. They tapped several design experts, from bloggers to designers, to disclose the trends they’re most looking forward to bringing home this spring. Prepare to be inspired.
Trend Alert: Mixing Neutrals With Emerald and Aqua Whether you're looking for the light brightness of aqua or the rich dimension of emerald, these two jeweled hues are a guaranteed way to amp up your neutral color palette. While designers often suggest sticking to neutrals for your main furniture pieces, one statement piece in a bold color choice takes your living room from ho-hum to dazzling. HGTV's trend alert is everything we needed and more