This monthly 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?
In most years, as the year winds down, the market slows down with it. 2018 is no exception. Inventory has decreased in some areas, and sales prices went down in October from September. In most cases, the number of days on market has also increased.
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In Carlsbad, inventory for both detached and attached homes is 7% lower than one month ago. The median sales price for detached homes went down 5%, from $1,045,000 in both August and September to $985,500 in October. The median sales price for attached homes decreased 9%, from $635,000 in September to $535,000 in October. Most homes in Carlsbad were sold within 24 days.
In Encinitas, inventory for both detached and attached homes has not really changed over the past 3 months. The median sales price for detached homes increased 11%, from $1,325,000 in September to $1,480,000 in October. The median sales price for attached homes decreased 4%, from $655,000 in September to $627,000 in October. The number of days on market for detached home sales increased from 17 days in September to 38 days in October.
In San Marcos, inventory is 4% lower than last month. The median sales price for detached homes decreased 10%, from $733,750 in September to $657,500 in October. For attached homes, the median sales price went up 23%, from $380,000 in September to $469,500 in October. Most homes sold within 3 weeks.
In Vista, inventory for both detached and attached homes went up 6% between October and November. The median sales price for detached homes increased 5%, from $539,500 in September to $567,450 in October. The median sales price for attached homes decreased 2%, from $356,000 in September to $346,700 in October. Most homes sold within 24 days.
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.
Download – North County San Diego Market Report November 2018
2018 Mortgage Limits (2019 Limits Coming Soon…!)
2019 mortgage limits should be announced soon. The mortgage limit for conventional, VA, and FHA loans in San Diego County is $649,750. The conforming loan limit is $453,100. Loans at or below this amount usually offer the lowest interest rates.
Loans between $453,100 and $649,750 are called super conforming, or high balance loans. Any loans above $649,750 are jumbo loans.
Interest Rates
Interest rates have been steadily going up all year. With excellent credit, fixed mortgage rates for 30-year terms hover around 5% for conventional loans. VA and FHA loans have slightly lower rates, closer to 4.75%. Also, your credit score plays a big role in determining your interest rate.
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Low Down Payment Loan Programs
FHA Loan Programs offer mortgages with only 3 1/2% down payment. VA Loan Programs offer $0 down payment mortgages to eligible military active duty and veterans, with no monthly mortgage insurance. Conventional loans are available starting at only 3% down payment, and some of these conventional loans are available with no monthly mortgage insurance.
All of these loan programs can be used for new purchases, or for refinancing existing mortgages.
Have you had a bankruptcy, short sale, or foreclosure? Find out how long you need to wait to buy again, which depends on the event and the type of loan you want to obtain.
Solar Rebates – 30% Federal Tax Credit Available through 2019
THERE’S STILL TIME TO BUY SOLAR! 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% until 2022. Read my Solar for Homeowners article series.
Time to Switch to Waterwise Landscaping
More funding is available! I was recently paid to replace my turf grass with native landscaping, at $2.75 per square foot! Read my article about rebates for turfgrass removal. If you want to learn more about water-wise landscaping, the Metropolitan Water District of Southern California offers free California Friendly Landscape classes online. The San Diego County Water Authority also offers free California Friendly Landscape Training classes throughout San Diego County.
Also, now is the best time to trim trees – get that scheduled before the spring!
Down Payment Assistance
Low- to median-income borrowers may qualify for down payment assistance. Some programs can be layered on top of each other, to maximize your benefit.
Use the California Association of REALTORS® Down Payment Resource Tool to check all available programs. Here are links to my articles about some popular down payment programs:
- CalHFA Down Payment Assistance – deferred loans for first-time home buyers (haven’t owned a home in 3 years) – new updates for 2018!
- San Diego Housing Commission – deferred loans and grants
- Fannie Mae HomePath Ready Buyer Program – grants up to 3% for Fannie Mae owned homes
- Golden State Finance Authority – grants up to 5% for down payment and closing costs
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.
If you’re a real estate investor and want to defer paying capital gains taxes by exchanging one property for another, then read my article about 1031 Exchanges. Thinking about becoming an investor? Read my article about how to choose a rental property.
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 need funds for a down payment, read about Down Payment Funding Options. 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 can 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, solar panels, and electric heat pump water heaters. Before you invest in energy efficiency, read about 7 Ways to Finance Energy Upgrades.
Any questions? Send me a message.
