This May 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.
Homeowners: It’s time to postpone tree trimming until October. 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. And, 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!
What’s Happening in the North County San Diego Real Estate Market?
Coastal North County real estate continues to experience very low inventory, and growing buyer demand. While inventory levels haven’t changed much over the past year, there are some notable price increases.
In Carlsbad, not much has changed between March and April. The inventory and asking prices are almost identical. Detached homes are selling faster – the median number of days on market decreased from three weeks in March to only two weeks in April.
In Encinitas, the housing inventory has moderately increased. There were more sales in April than in March, and prices were slightly lower.
In San Marcos, current inventory levels haven’t changed much since March. Between March and April, there were more sales last month, and homes sold more quickly.
In Vista, inventory increased in April. Sales prices also increased, and homes sold faster than in March.
Interest Rates
Fixed 30 year mortgage rates have stayed under 4% in 2016. Are you paying over 4% on an existing mortgage? It may be time to refinance.
[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 has increased to $580,750.
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.
THERE’S 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 May 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.
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 Preapproval, 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.
