Report #3
WANT TO GET TOP DOLLAR WHEN YOU SELL YOUR HOME?
(Wait for a “Sellers Market”)
Market designations are determined by “Housing Inventory”, or how many homes are available for sale in an area. We normally have an inventory large enough to supply demand for 6 months (called a “Neutral Market”). Several years ago, we had a 13 month supply of homes on the market and we had a “Buyer’s Market”.
In the summer of 2018, San Diego County has a 2.1 month inventory and East County has a 1.6 month inventory. There simply aren’t nearly enough homes to meet the demand.
Homes prices are at an historic high, they are selling at 97% of their asking price and the average home on the market is sold in less than 30 days.
We are smack in the middle of a “Seller’s Market” and if ever there was the right time to put your home on the market, now is the time! So if you are considering selling this year, you need to ask yourself why you’re on the sideline and how much longer you plan to remain there.
WANT THE BEST POSSIBLE DEAL WHEN YOU BUY?
(Wait for a “Buyer’s Market”)
If you’re considering buying a home, I’m sorry to rain on your parade, but this is San Diego, and the sumer of 2018 is right in the middle of a “Seller’s Market”. Yes, real estate is cyclical and the market is subject to fluctuations. And yes, you may be well advised to wait things out, because if you jumped in prematurely, there could be some real financial headaches. Our best advice would be to move with caution and patience, but there are still some good buys out there, especially if you are willing to add some ”sweat equity”.
You also have another option. With over 120 specific attributes to be included (or eliminated), we can create a custom search for any property in any area or zip code or price range. Need a single story colonial, in a 5 star school district, with west-facing views, with a pool, RV parking and a 15 minutes commute to downtown? We can find it for you….if it exists.
Perhaps you might consider letting us set up a custom search for you while you lie off in the bushes and wait for the right deal to come along. We’ll do all the work! And if a home does come on the market that has just you want at just the right price, we can send you an immediate alert with full details and color pictures, so you don’t miss out.
According to the San Diego Union (April 24, 2018), home prices went up 6.8% to $550,000, for the year ending March, 2018. Should that same rate continue, the average home will hit $587,400 by next year. Although you may pay more, one reason to consider buying today is that if the upward swing of the market continues, you may benefit from substantial appreciation. Also, there are tax benefits, because mortgage interest and property taxes are fully tax deductible.
The other wild card is where interest rates will be when you finally decide to enter the market. As of June, 2018, the Federal Reserve which establishes the interest rates has indicated these rates will be increasing throughout the coming year.
“Market Snapshot” Will Help You Understand Your Neighborhood Market
Go to www.jimmoranbrokerage.com and scroll down a bit on the “Home” Page. You will discover that you have the ability to create a Market Snapshot, which is a quick look at any area or zip code in which you have an interest. Tell us the number of bedrooms and baths required and the price range you want and we'll give you color photos of all properties sold, active, withdrawn and cancelled and any brand new properties currently on the MLS, together with informational data and demographics on that neighborhood.
How Will Rising Interest Rates Affect the Purchase of a $600,000 Home?
Every Springtime the market gets hot as people start their search for new homes to move into, so the family can settle down before the next school semester. Also, this year will be an even better time to sell because the Federal Reserve has promised to raise interest rates this year.
Conventional rates are now around 4.375%, but when interest rates go up one point to 5.375%, the Buyer who would have qualified for a $600,000 home will only qualify for a $540,000 home. That will drop a lot of Buyers out of the $600,000 marketplace.
Coldwell Banker is the Largest and the
Most Trusted Real Estate Company in America
Ethisphere is a consumer watchdog group that tracks the corporate behavior of major companies and examines and analyzes how they conduct business and interact with the public. They have designated Coldwell Banker as the Most Ethical Real Estate Company in America, for each of the past 6 consecutive years. You may verify this at www.ethisphere.com.
For the 21st year in a row, Coldwell Banker has been ranked the #1 residential real estate brokerage in the nation in both sales volume and number of homes sold, by REAL Trends 500. Check out https://www.realtrends.com/top-10-real-trends-500-volume-2018 to see the full report.
It is no accident that Coldwell Banker has consistently out performed all other Real Estate Companies in America for the past 21 straight years. People love to root for the “little guy” and if that’s what you like, more power to you. But if you’re really serious about selling your home or finding just the right one, it might be a good idea to consider a partnership with the one company which has both the very best reputation and the very best sales record.
I have been a California Broker for over 30 years. You may check any Realtor’s records by entering their license number at www2.dre.ca.gov/PublicASP/pplinfo.asp. My License Number is 00904384.
I would love to show you what amazing resources the largest Real Estate Company in the World has to place at your disposal! Please visit my website www.jimmoranbrokerage.com. and go to the tab at the top of the page titled “The Difference”. You will be very pleasantly surprised. Or, just turn over to Report #5 for an overview.