This November 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.
What’s Happening in the North County San Diego Real Estate Market?
Coastal North County real estate is still high in demand, and the inventory is the same or lower than from one month ago. November is typically the “slow” season in real estate, but we have not seen a dramatic change in inventory or sales prices this season. The only consistent trend that we have seen all year is an overall increase in prices, and a flat, limited inventory.
Properties that are well-marketed and well-priced are still selling very quickly. My latest listing at 1070 & 1072 Arcadia Road in Encinitas sold after only one two-hour open house, with competing offers!
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In Carlsbad, inventory and asking prices are similar to one month ago. Fewer homes are currently in escrow, and fewer homes were listed in October than in September. Median final sales prices in October were about $50,000 lower than in September for detached homes, and about $50,000 higher for attached homes.
In Encinitas, the inventory is down 13% from one month ago. The median number of days on market for attached home sales doubled from September to October, from 11 to 22. Final sales prices increased from September to October – by almost $100,000 for detached homes, and by almost $50,000 for attached homes.
In San Marcos, inventory is almost identical to one month ago. Prices are slightly higher for detached homes, and slightly lower for attached homes. October sales took about 3-5 days longer on the market than the September sales. Median final sales prices in October were about $20,000 less for detached homes, and $10,000 higher for attached homes.
In Vista, inventory is almost identical between now and one month ago. At the same time, almost twice as many attached homes were listed in October than in September. Median final sales prices in October were slightly higher for detached homes, and almost $60,000 lower for attached homes. The median number of days on market for detached sales went from 25 in September, down to only 15 in October.
Interest Rates
Fixed mortgage rates are still under 4%. Are you paying over 3.75% on an existing mortgage? You may save money by refinancing your home.
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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. 2017 mortgage limits for conventional, FHA, and VA loan programs should be announced within the next month.
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 November 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.
Any questions? Send me a message.
