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San Diego Real Estate Information
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March 8, 2007
The market continues to adjust downward in most of the appraisals I have completed lately in San Diego. But that is pretty much what everyone was expecting. I continue to hear news reports and conversations about increases in appreciation, sales prices, etc... I think there has been a lot of reworking the numbers over past appreciation rates due to all the figures being lumped together for condo's and condo conversions, new homes and reseller homes, etc... But everyone agrees there are lots of homes on the market still. From the latest news I heard about the San Diego real estate market on KPBS and am radio, the numbers look promising for the market to appreciate and the decrease in appreciation rates to slow down. I hope so, I will be listing a lot and land for sale soon!
November 1, 2006
The real estate market in San Diego is still continuing to adjust throughout the county, but many feel that the corrections are almost over with the lowering of interest rates, etc... But I continue to see the news articals painting a gloom picture of the San Diego home market. Many are taking their properties off the market and deciding to rent them until it becomes less of a buyers market with so many comparable properties up for sale at the same time. I have also read some recent news articles about the market in Phoenix making corrections and a very large inventory of homes for sale. Builders are also pulling out at the last minute on new communites that were planned to be built over the next year due to the value of land increasing substantially over the past few years. There are also lots of new incentives and price reductions on new homes throughout California and Arizona. Might be a good time to pick up some rental properties. Rental fees should continue to increase as interest rates rise and the rental market appears to be strong. I am going to start doing some foreclosure research and will let you know the details on my next update.
September 1, 2006
Almost time for all the kids to go back to school and was listening to a discussion about the PPIC Statewide Survey: Californians and the Future, August 2006. Visit the PPIC for this report and others. It has a bunch of great information about the future of California over the next 20 years to include a wide range of issues. 2001 California Adults were surveyed in the making of this report. It is expected that the California population will grow by 10 Million over the next 20 years and the survey gives insight on traffic, pollution, the economy and more.
August 24, 2006
I whip open the business section today and see at the headline:
July home sales sink to 2-year low
The article goes on to explain how how sales are deteriorating month to month and that the record number of unsold houses hit a record high in July. Most of the economists feel this is just part of the cycle where home prices begin a slight decline or a plateau in prices. But many are still devided on what this means. Almost everybody feels a correction was in order with the insane amounts of appreciation homes have produced over the past few years. I tend to believe there will be additional adjustments. We are only seeing the beginning.
I still think back to when I purchased my home back in 2001 in an improving area of San Diego for $390K. It only has 3 bedrooms, 1 bath and no garage. The garage was converted in the past to add a family room and bump the square footage up to 1100SF. When I purchased the home, this place looked like army barracks and I thought for sure they were built by the military for all the soldiers coming back from WWII. It does look a little better now, and the neighborhood is still going through quite a bit of change. Houses are looking better, but as one of the more affordable areas of San Diego since these price increases, I think there has been a small influx of crime. I can sell the place easily these days at about $525K. But I could easily see the value of my home drop down to the mid 400's after the market corrects. I guess that is where I think the value really sets on this home until the up cycle in Real Estate begins again.
The article continues on to the next page with Experts predict prices will not fall very far. That sounded a little scary to me. What is 'not very far'? I guess we will see. Data Quick reported sales in july of 3,370 homes, down 29.3% from last july and median prices fell 1.8% in San Diego County. Condos and New Homes are already getting hit the hardest with drops of 3.6% and 4.7% from a year ago. Major builders are backing out of projects and offering more incentives than seen previously. Joshue Shapiro, chief U.S. economist with MFR wrote in a research note the prior day "While certainly a change in trend, so far the offical data are not corroborating some of the more alarmist stories being bandied about recently." I hope we see that official data soon!
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August 14, 2006
The adjustment period has not ended and we continue to see adjustments all around San Diego County. Primarily the resale condo's seem to be getting hit the hardest and there is a rise by media organizations covering the falling prices and record number of properties for sale throughout Southern California.
I feel that the market still has reasons for adjustments between 5-15%. But I have also seen homes for sale with just .05 - 1% lower price than similar properties listed in their neighborhood selling within 1 - 2 weeks. I have advised many sellers if they have any offers to take what they can and don't hold out for that special buyer over a period of 3-6 months.
I will continue to monitor the situation and report my findings. For all you sellers out there, clean up your houses, make them really good showing properties and price them a little lower than the comparable properties in your neighborhood. Make sure curb appeal is as high as it could possibly be. $5000 spent on landscaping might pay off in the short run with a quick sale! Good luck out there!
Also, I have a property in Clairemont Mesa, a real contractors dream. I am currently about half way through the lot split process in San Diego. I will start posting information regarding the lot split on a blog to teach others how to initiate a lot split and the requirements for San Diego County.
May 18, 2006
The floor hasn't fallen out yet, but I continue to see price adjustments and negative appreciation over last years sales. A couple of really good reads are by Bruce Norris of The Norris Group about current market conditions. Click here to read the report as featured in Forbes and Yahoo.
It is really amazing to see the actual appreciation numbers as reported by DataQuick for San Diego. Follow the links below to see the latest numbers.
If you would like more information on a home appraisal or to find a really honest mortgage company. Please visit San Diego Appraisals.
© 2006 : Bryan Knowlton : Appraise All Real Estate : http://www.appraiseallrealestate.com
Some of my resources:
San Diego Creative Investors Club : How to become a real estate appraiser
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