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?
Prices continue to increase steadily in 2015, due to low supply and high demand. The number of days that a house is on the market before accepting an offer has decreased. In May, most homes were sold in less than two weeks! I just sold 2739 Argonauta Street in 11 short days!
Competitive offers and high property appraisals have contributed to an overall increase in property values. The inventory has slowly increased over the past two months, and prices are also going up. It is a FANTASTIC time to sell!
Interest Rates
Rates have been slowly increasing in 2015. At the beginning of June, interest rates for 30-year fixed mortgages hit 2015 highs, just over 4%.
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Mortgage Limits in 2015 – Conventional, VA, FHA
The 2015 mortgage 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.
Loan Program Update
FHA Loan Programs have lowered their monthly mortgage insurance, effective January 2015. There is an FHA loan program that requires only 1/2% down payment. VA Loan Programs continue to offer $0 down mortgages to eligible military active duty and veterans. Starting December 13 of last year, Fannie Mae began offering conventional loans with only 3% down payment. As of March 23, Freddie Mac also began offering 3% down payment loans.
Down Payment Assistance
The California Housing Finance Agency (CalHFA) offers down payment assistance to low to moderate income Californians. HomePath has introduced a new 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
- Carlsbad Real Estate Market Report
- Encinitas Cardiff Leucadia Real Estate Market Report
- San Marcos Real Estate Market Report
- Vista Real Estate Market Report
What’s Next?
Selling Your Home
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.
If you’re thinking of selling, you can also use my Seller Net Proceeds Worksheet, to estimate your bottom line.
Buying a Home
If you’re thinking of buying, you can use my Cost to Buy a House Worksheet and my Monthly Housing Costs Worksheet, to help you budget and plan for the future.
The Consumer Financial Protection Bureau recently 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.
