This August 2016 Real Estate Market Report describes the real estate market conditions in Coastal North County San Diego, and how they have changed over the past month and year.
Homeowner Tips: Are you ready to lower your water bill? For a limited time, you can apply for a FREE irrigation system checkup. This free service will offer tips to reduce both outdoor and indoor water usage. Also, if you have central air conditioning, but haven’t yet upgraded to a digital thermostat, SDG&E will give you an ecobee thermostat for free! If you are thinking about installing or replacing your HVAC system, read my article about Choosing the Right HVAC System for Your Home.
What’s Happening in the North County San Diego Real Estate Market?
Coastal North County real estate has spent 2016 with a very low inventory, and high buyer demand. There isn’t much difference in price and inventory between June and July. Most homes go into escrow within two weeks of being listed on the market.
In the past month, I have had two listings sell after being on the market for only 6 days, with multiple offers. 7616 Marker Road, a 4-bedroom detached home in the Torrey Del Mar neighborhood of Carmel Valley, sold for $900,000. This is the third-highest Torrey Del Mar sale in 2016. My other listing is 4262 Mesa Vista Way #2, a condo in Oceanside, which went into escrow over list price on August 3.
Both of these listings had competitive offers, and were on the market for only 6 days each. In this seller’s market, homes that are staged well and priced appropriately are quickly sold.
[widget id=”text-31″]
In Carlsbad, there are fewer homes on the market than there were one month ago. August’s asking prices are very similar to July’s. Final sales prices are still about $342 per square foot, for both detached and attached homes. Listings went off the market in July as quickly as they did in June. For detached homes, the median number of days on the market is still 12.
In Encinitas, the housing inventory is slightly higher than one month ago. Asking prices are similar. More homes were listed for sale in July than in June. The number of days on the market for Encinitas detached homes has slightly increased, from 12 to 16.
In San Marcos, inventory levels have increased since last month. Asking prices are almost identical. Fewer homes were listed in July than in June, and fewer homes sold in July than in June. In July, the median sales price of detached homes decreased from $651,000 in June to $609,800 in July.
In Vista, there is slightly lower inventory and slightly lower asking prices than last month. Detached homes took longer to sell in July, from only 11 days on the market in June to 23 days in July.
Interest Rates
In the past few weeks, fixed mortgage rates have dropped to all-time lows. Are you paying over 3.75% on an existing mortgage? It may be time for you to consider refinancing your home.
[widget id=”text-5″]
Mortgage Limits in 2016 – Conventional, VA, FHA
Effective January 1, 2016, the mortgage limit for conventional, FHA, and VA loans in San Diego County is $580,750. Loans between $417,000 and $580,750 are called super conforming loans. Any loans above $580,750 are jumbo loans.
Loan Program Update
FHA Loan Programs offer mortgages with only 3 1/2% down payment. VA Loan Programs continue to offer $0 down payment mortgages to eligible military active duty and veterans, with no monthly mortgage insurance. Conventional loans are available with only 3% down payment, and some of these conventional loans are available with no monthly mortgage insurance. All of these programs can be used for new purchases, or for refinancing existing mortgages.
STILL TIME TO BUY SOLAR! The 30% tax credit will not expire this year! Federal tax code allows for a one-time 30% Residential Energy Credit to purchase home solar photovoltaic systems. The credit may include any repairs necessary to install the panels, including roofing repairs. Check with your tax professional. This 30% incentive will be available through December 31, 2019, before tapering to 10% in 2022. Read my Solar for Homeowners article series.
Down Payment Assistance
The San Diego Housing Commission provides loans and grants to help first-time home buyers. The California Housing Finance Agency (CalHFA) also offers down payment assistance to low- to moderate-income Californians. HomePath offers a down payment assistance program called the HomePath Ready Buyer Program. 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
My Real Estate Market Report covers the areas of Carlsbad, Encinitas / Leucadia / Cardiff-by-the-Sea, San Marcos, and Vista.
North County San Diego Market Report August 2016
What’s Next?
Selling Your Home
Are you curious about how much your home is worth? The Real Estate Market Report is a good start, but if you’re interested in the market value a particular property or area, contact me for a specific market analysis. In addition to my Real Estate Market Report, I also provide information about seller closing costs, to give you the true cost of selling a home.
You can also use my Seller Net Proceeds Worksheet, to estimate your bottom line. You can also read about the seller disclosure process. If you need to sell one home to buy another, here’s how to sell and buy a home at the same time.
Buying a Home
If you’re thinking of buying a home, use my Cost to Buy a House Worksheet and my Monthly Housing Costs Worksheet, to help you budget and plan for the future. You can also estimate your Mortgage Approval Amount. Learn more about the Cost to Buy a House and the Cost to Own a Home. If you are a cash buyer, read about Closing Costs for Cash Buyers.
For information about mortgages, you can read my articles about Choosing a Lender, How to Get Mortgage Approval, and How Much Home You Can Qualify to Buy. If you’re interested in buying a fixer property and hiring contractors to make repairs and renovations, you should consider a Renovation Loan. Renovation loans finance both the property and the renovations, in one single mortgage payment. Renovation loans can be used to finance energy upgrades, like insulation and solar panels. Before you invest in energy efficiency, read about 7 Ways to Finance Energy Upgrades.
In 2015, the Consumer Financial Protection Bureau (CFPB) released a new toolkit to guide consumers through the process of shopping for a mortgage and buying a home. The Home Loan Toolkit is a helpful tool to help you plan your purchase. The CFPB also has a website called “Owning a Home,” full of online tools and resources for prospective home buyers. The CFPB has written guides to the Loan Estimate and the Closing Disclosure.
Any questions? Send me a message.
