When will more homes be on the market?
Warm wishes for a happy Valentine's Day. We hope you celebrate it by doing all the things you love. Read on for things to do this month and discover lifestyle tips curated just for you.
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San Diego Real Estate
“When can we expect more active listings on the market” is one of the most frequently asked questions I hear. In the past, my typical answer was "end of March," which coincides with the beginning of the Spring selling market when active inventory begins to increase. This year the answer will be very different, depending on price point. The typical increase in inventory for homes priced under $1.25 million (66% of all inventory) cannot cure the insatiable buyer demand (88% of all pending sales). Buyers in this price point may be rooting for an easier market with less competition, fewer competing offers, and a gentler rise in values, but that would come at the expense of higher rates and higher monthly payments.
For a buyer targeting a mortgage and interest payment of $3,000 per month, last year that buyer would have been targeting a $825,000 home. Today, this same payment equates to a $916,250 home. The current sub-3% interest rate has boosted that buyer’s purchasing power by $91,250. Comparing today’s rate to November 2018 at 5%, the difference is mind-blowing: buyers are awarded an additional $217,500, bumping their price point to $916,250.
The luxury market in San Diego is defined by all homes above $1.25 million. Currently, it accounts for 34% of the active inventory and only 14% of demand. But, in the past two weeks, luxury demand surged. The inventory for homes above $1.25 million now sits at 833 and demand rocketed upward with 306 pending sales, a 20% increase. The overall Expected Market Time for homes priced above $1.25 million decreased from 91 to 82 days in the past couple of weeks. Luxury is setting the stage for an incredible 2021.
Source: Steven Thomas - Reports on Housing
3972 Albatross St Unit 202 92103
3 Bed | 3 Bath | 1,669 SF
This residence 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!
We are off to a busy start in 2021 with six homes under contract in January.
Congratulations to our buyers and sellers for successfully opening escrow this month!
3 Bed | 2 Bath Representing Seller
1 Bed | 1 Bath Representing Seller
3 Bed | 2 Bath Representing Buyer
2 Bed | 2 Bath Representing Buyer
Downtown San Diego
New Construction 2 Bed | 2 Bath
687 Casita Ln
Off Market Sale
5 Bed | 3 Bath
Sold Last Month
We worked with our clients for over 6 months to find this beautiful Valley Center home, as they transitioned their family from Florida to California. We could not be more excited for you to start your new West Coast adventure! Welcome to San Diego!
4 Bed | 3.5 Bath Represented Buyer
It's Museum Month in San Diego! Enjoy 28 days learning about the story of San Diego told through museums, gardens, zoos/aquariums, historic sites, and more. New experiences are awaiting you every day of February, as you and the family engage in virtual activities and behind-the-scene special tours of our San Diego museums. The full list of details for this month-long event can be found here.
Looking for ways to spoil your loved one this Valentine's Day? Check out the Oceanside Harbor Wine Cruise, a special and luxurious 90-minute cruise through Oceanside Harbor which will include an appetizer platter and three wine tastes from a local favorite, Beach House Winery. Find more details and
information about how you can attend this exclusive Valentine's Day event here.
Lifestyle Tips & Tricks
Every 2021 Color of The Year
Pantone is the latest to reveal its prediction for the 2021 color of the year. See which shades you can expect to see in the coming year from some of the biggest names in paint. See the top shades Better Homes & Garden's know of so far.
Courtesy of Better Homes & Gardens
HGTV's Take on The Biggest Home Design Trends for 2021
After a year that guided many of us to spend more time at home, the new year is an opportunity to bring comfort and creativity to our living spaces. From calming Zen room ideas to stylish (and smart) approaches to home office design, HGTV is predicting 15 of the biggest interior design trends for 2021.
Courtesy of HGTV