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?
In the past month, North County real estate values have continued a gradual increase, 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, is just under one month. As always, the attractive properties that are well-priced often sell quickly, with multiple offers. There is high demand for real estate, and the super low interest rates make this a very attractive market for buyers.
The winter season is usually the slow period for real estate. Fewer houses go on the market, and fewer buyers shop for homes. In the past month, Carlsbad and Encinitas/Cardiff have increased their inventory, without a huge jump in prices. In San Marcos and Vista, there has been significantly more market activity and more houses going into escrow. The asking prices in Vista have already gone up this year, and it’s only February! 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 January 2015, interest rates dropped again to 2014 lows, and many borrowers locked in rates below 4%! As of early February, these low rates continue to be available to well-qualified borrowers.
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2015 mortgage limits have been announced; the new limit for San Diego County is $562,350. In certain cases, people who could not qualify for loans last year may find that they qualify now. FHA Loan Programs have lowered their monthly mortgage insurance, effective January 2015. 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. Starting 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:
- Carlsbad Real Estate Market Report
- Encinitas Leucadia Cardiff Real Estate Market Report
- San Marcos Real Estate Market Report
- Vista Real Estate Market Report
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.
You can also use my Seller Net Proceeds Worksheet, and my Monthly Housing Costs Worksheet, to help you budget and plan for the future.
