North County San Diego Real Estate Market Report – January 2015

January 4, 2015

If you’re planning to buy or sell real estate, start keeping track of market trends. These real estate market reports will inform you about market conditions in Coastal North San Diego County, and how they have changed over the past year.

What’s Happening in the North San Diego County Real Estate Market?

During all of 2014, North County real estate values steadily increased, especially in the coastal areas. The average time it takes to sell, or the number of days a property is listed in the MLS before an offer is accepted, has also increased gradually over the past year. As always, many attractive properties that are well-priced are selling quickly, and with multiple offers.

The winter season is usually the slow period for real estate. Fewer houses go on the market, and fewer buyers shop for homes. It’s a good time to sell, because buyers tend to be more serious, and motivated to buy. It’s also a good time to buy, because there are fewer buyers competing for homes.

For Buyers: Interest Rates, New Loan Programs, Down Payment Assistance

In December 2014, interest rates dropped to 2014 lows, and many borrowers locked in rates below 4%! As of early January, these low rates continue to be available to well-qualified borrowers.
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2015 mortgage limits for conventional loans have been released. In certain cases, people who could not qualify for loans last year may find that they qualify now. There is now an FHA loan program that requires only 1/2% down payment. VA Loans continue to offer $0 down mortgages to eligible military active duty and veterans. Effective December 13, Fannie Mae began offering conventional loans with only 3% down payment.

The California Housing Finance Agency offers down payment assistance to low to moderate income Californians. Also, check out the Down Payment Resource Directory, an online search tool to identify more down payment assistance programs.

Consult the Real Estate Market Report for Your Area

Starting with these January reports, I am now using median values instead of average values. The San Diego MLS system has been updated to provide median values, which provide a more accurate picture of market conditions.

What’s Next?

Are you curious about how much your home is worth? Are you considering buying a home in a certain neighborhood? If you’re interested in a particular property or area, contact me for a specific market analysis. I also provide information about closing costs, to give you a good idea of the true cost of buying or selling real estate, depending on the property.