December Real Estate Market in Review

December’s San Diego real estate market in review: As of December 2016, the median detached home in San Diego County sold for $572,690, up 7.6% from the previous year.

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As of  December 2016, the median attached home (including condos, townhomes, and twinhomes) in San Diego County sold for $365,000 , up 3.7% from last year.

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The average detached home in San Diego spent 45 days on the market.

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Condos, twinhomes, and townhomes in San Diego spent an average of 37 days on the market.

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As of December 2016, the average seller of a detached home in San Diego County receives 96.3% of the original list price at the close of the sale.

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As of December 2016, the owners of attached properties (condos, twinhomes, and townhomes) retained 97.1% of the original list price.

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The inventory of homes in San Diego County is still low, which is consistent with what we know that inventory is very tight and not predicted to dramatically improve.

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The supply of attached properties also continues to decline.

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Are you interested in seeing this breakdown for your San Diego community or zipcode? Let us know!

Coastal Premier Properties Partners With Relobase

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Coastal Premier Properties is proud to announce their partnership with Relobase! Relobase assists our many military service members with their relocations from base to base. Before starting Relobase, founder Jack Somers, himself a retired military service member, saw a void in the way these Permanent Change of Station (PCS) moves are handled. Service members often have thirty days or less to pack up and move themselves and their families across country to an unfamiliar location. Relobase provides the support that military service members need from tools and resources to save money on the move, to task management to make sure nothing gets forgotten, to tons of great information about the new installation they are headed to. This partnership between Relobase and Coastal Premier Properties was a natural fit as owners Amy Green and Susan Meyers-Pyke were looking for a way to give back to a community who sacrifices so much for their country. Whether a military service member is looking to rent a property at their installation or buy a new home and sell their old one, Relobase and Coastal Premier Properties are there to help. Go to Relobase.com to learn more about their services and to download their free app!

San Diego Real Estate Report: November 2016

November’s San Diego real estate market in review: As of November 2016, the median detached home in San Diego County sold for $567,000, up 5.6% from the previous year.

As of  November 2016, the median attached home (including condos, townhomes, and twinhomes) in San Diego County sold for $374,000 , up 6.9% from last year.

The average detached home in San Diego spent 37 days on the market.

Condos, twinhomes, and townhomes in San Diego spent an average of 31 days on the market.

As of November 2016, we are in a seller’s market. On average, a seller of a detached home in San Diego County receives 97% of the original list price at the close of the sale.

As of November 2016, the owners of attached properties (condos, twinhomes, and townhomes) retained 97.6% of the original list price.

The inventory of homes in San Diego County is still low, which is consistent with what we know that inventory is tight and also that late fall and winter are not the preferred time for sellers to list their homes.

The supply of attached properties continues to decline.

Are you interested in seeing this breakdown for your San Diego community or zipcode? Let us know!

7 Tips For Selling Your Home When You Have Children

Selling a San Diego home is a complex process. When you add children to the mix, there are a few special considerations that you will want to take. Read on for our 7 Tips For Selling Your Home When You Have Children!

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Make Sure Your Kids Know You’re Selling Your Home
This may be surprising, but many parents do not inform their children about selling the home. Make sure you clearly explain the situation and the process. Many children don’t realize that they get to bring all their toys and possessions with them to their new home and that their family is going too. And if you’re moving locally, they could keep the same friends and even go to the same school! Removing your child from a familiar and comfortable sanctuary can be hard on them, but by taking the time to prepare your child for the change, you can often make the process easier.

Prepare Your Home For the Market!
Whether you have children or not, preparing your home for market is an important step in the sale process. First impressions are lasting so it’s a good idea to paint over the crayon scribbles that never went away, install new carpet, fix the broken drawer that’s been on your to-do list, replace any burnt out lights, and get those fingerprints off the windows with a professional cleaning!

Stage Your Home
Make sure to clear and tidy up playrooms and children’s rooms. You want a potential buyer to imagine themselves living in your home…even if they don’t have kids of their own! It’s a good idea to hire a professional stager to give your home that on-trend look buyers are looking for, even if they just stage the common areas.

Secure a Storage Unit
Families with children tend to have a lot of stuff! Between the sports equipment, the toys, the books, and the art supplies, it’s a good idea to secure a storage space. The less cluttered your home, the better it will show. But be sure and let each of your children keep a few of their favorite toys or books so they don’t feel deprived. This will go a long way towards keeping them on board with the whole home selling process.

Choose Optimal Times For Open Houses
If you choose to have open houses, you will want to make sure the whole family is out of the house! Give yourself enough time before the start of the open house to tidy up and get everyone packed and ready to go. Open houses are a great opportunity for a family outing – go to the beach, watch a movie, go on a hike, or visit one of San Diego’s great museums.

Prepare Your Home For Showings
Between showings, make sure your home stays clean. Enlist the help of your children during this process. Make it into a game to earn points for making their beds before school, putting their toys away nearly, and helping Mom and Dad with the rest of the house.

Have a Game Plan
The most important tip for families during the home selling process is to have a game plan. Have regular family meetings to make sure everyone knows the schedule and understands what’s going on with the house. Children like to be included in the affairs of the family so keep them involved from listing to sale!

Selling a home usually means that a new chapter is just beginning. Take time to embrace the change with your family and prepare for the years of new memories you will make in your new home!

 

What is An REO?

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REO (Real Estate Owned) is a financial industry term referring to properties that a bank has foreclosed upon and now owns. Make sure that you speak with your agent to ensure that you understand the terms of the listing clearly. The escrow timeframe will usually be 30 days and cannot be contingent on selling another home. In most cases, the foreclosure property will be offered in an “as-is” condition, with the list price reflecting its condition. When purchasing a foreclosure property “as-is,” ensure you’ve done your homework to clearly understand the structural and mechanical condition of the building, HVAC, internal plumbing, the well and septic system. Depending upon the condition of these components of the home, the types of financing available may be impacted.  However, there are special loan products available that will lend on the “after improved” value of the home thereby making it possible to purchase even the most neglected property and to make it the home of your dreams.

 

What Are the Most Common Types of Home Loans?

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Most people will need to finance the home they wish to buy. It’s important to consult a lender as to what financing option is right for you. Here are 3 common options for financing a San Diego home:

  • Fixed-Rate Mortgage: Also known as traditional mortgages, these types of mortgages offer a fixed interest rate (and in turn a fixed monthly payment) for a longer period of time, usually 15-30 years. These are a good option for people who plan to live in their house for a long time and like a predictable payment schedule.
  • Adjustable-Rate Mortgage (ARMs): These are shorter term mortgages. ARMs offer an interest rate that is fixed for a short period of time. After this initial period, the interest rate will adjust up or down, depending on what the market does.
  • Interest-Only Payments: Both fixed and ARM mortgages have this option. What this means: for a certain amount of time during the course of your loan, you are allowed to pay only enough to cover the interest portion of your payment. You may pay the principal amount if you wish, but you don’t have to.

If you need recommendations for a great San Diego lender to find out which financing option is best for your situation, we are happy to provide them!

 

 

 

 

 

 

7 Need to Know Tips for Millennial Home Buyers

 

“How can I purchase a home?” is the question many millennials are asking themselves. Millennials  have been forced to look at the purchasing of real estate in a very different lens than the generations before them. The recent real estate recession is still all too fresh in everyone’s memory, and when coupled with student loan debt, high unemployment, and much tighter loan requirements, the very idea of owning a home can seem very unnerving, or even impossible.

Well great news — it isn’t. Those in their 20’s and 30’s that have considered buying a home are in a position to capitalize on extremely low interest rates. Historically real estate has been a very safe investment that has benefited many people. And just like every recession before this past one, the market always bounces back to a varying extent.

Owning a home can be a long term investment that will really pay off for you later in life. Take a look at our 7 need to know tips before you start your home search!

1. Seek help from a professional: If you are in your 20’s and are thinking about buying a home, you are already very ahead of the game. To get the most out of your home buying decision, you should hire a professional. A great example of this is that if you buy a home with road noise, it may not disturb you at all, however it will be much harder to resell in the future and might yield less of a profit. While living in an internet-centered world means that also any information you need is right at your fingertips, this is one life decision you don’t want to do alone.

2. Pick an agent who you can trust:  Although most millennials are very knowledgeable about the internet and are used to researching anything they need to know, a good real estate agent is invaluable during the home buying process. While you can certainly research homes you want to see with the click of a mouse, your agent has the industry experience and negotiation skills that will help ensure you get the best price for your dream home and that the transaction is as smooth as possible. Selecting an agent you trust is of the utmost importance and you should interview several agents before deciding on one. This may seem like common sense, but many home buyers go through family, friends, or a google search. While this may provide comfort in the short term, it could end up being a hindrance in the long term. Be sure to read online reviews not only on the agent’s website, but also independent review sites like Zillow or Trulia. Choose wisely!

3. Identify great locations and neighborhoods: A lot of first time buyers don’t realize just how important location is in real estate. It is the single most important factor that not only affects value, but determines how easy it will be to sell your home at some point down the road if / when you choose to do so. You may love the attributes of a particular home, but not have the foresight required to know that it might not be a smart investment.

4. Understand immediate and long term costs: There are many different costs that factor in to buying a home such as the mortgage application, mortgage insurance, home inspection costs and much more, which can add up quickly. Aside from these short term costs, many first time home buyers don’t budget properly for long term costs and expenses that come with owning a home. With knowledge of all the various costs and fees, you can plan more effectively.

5. Decide on what type of housing makes the most sense / Thinking towards the future: A major decision many face is deciding between buying a condo or a home. This requires planning for both the now and the future, which is what makes this stage rather difficult. You need to weigh your current life with the life you will most likely want to cultivate in the future. What does your 5 or 10 year plan look like? That influences everything from where to buy (good schools or not), what to buy (house with lots of extra rooms), and what kind of mortgage to get (30-year fixed vs ARM). Someone who’s buying a house for their family to grow up in looks different than someone with no immediate plans and different still from someone who is buying now, but is on track to make a lot more money in 5-10 years…they might consider moving up in 5-10 years before those kids ever really factor in the picture. Because San Diego can be expensive, it’s very important to make a good move now to set yourself up well for the future.

6. Choosing a fixer upper or a turn-key home: Another thing home buyers need to think about is what they will want to do with their property. Do you want something that will be just as you like it right when you move in? Or maybe you’ve always had dreams of designing your own home. This is a factor that many first time home buyers don’t consider, and should have some serious thought put into it.

7. Be patient: This may go without saying, but buying a home is a major life decision and needs to be treated appropriately. You should do copious amounts of research and really think about what you want, both now and in the future. Taking your time to familiarize yourself with the home buying process will allow you to make much more knowledgeable decisions. And remember, you can look at as many houses as you want to, and can make offers on ones you are interested without actually committing if you are unhappy with even the slightest detail. You only want a house that you will be truly happy with!

Wherever you are in your home buying process, we are ready to help answer any questions you may have!