This September 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.
Homeowner Tips: There’s still time left 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. Also, 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! If you are thinking about installing or replacing your HVAC system, read my article about Choosing the Right HVAC System for Your Home. And, don’t buy a solar system without checking out my Solar for Homeowners article series.
What’s Happening in the North County San Diego Real Estate Market?
Coastal North County real estate has experienced a very low inventory, and high buyer demand all year. There isn’t much difference in price and inventory between July and August. On average, the number of days on market has increased some. Still, most homes go into escrow within three weeks of being listed on the market.
My most recent listing, 3790 Florida Street, went into escrow after only 2 days on the market. In this seller’s market, homes that are staged well and priced appropriately are quickly sold.
[widget id=”text-31″]
In Carlsbad, asking prices are slightly lower than one month ago. The number of homes on the market is very similar. August final sales prices were slightly higher than in July. In August, the median number of days on market for both detached and attached sales was 17 days.
In Encinitas, asking prices and inventory levels are very similar to one month ago. Final sales prices were lower in August than in July. These numbers don’t always tell the full story: at the same time, the price per square foot was actually higher in August. The median number of days on market for detached sales increased from 16 in July to 23 in August. For attached sales, the number of days on market was only 9 in August.
In San Marcos, inventory levels are very similar to one month ago. Asking prices and price per square foot are almost identical. The number of days on market for detached sales is 15, and for attached sales is 11.
In Vista, there were no significant changes between July and August. Inventory, days on market, and prices were almost identical.
Interest Rates
In the past few weeks, fixed mortgage rates have dropped to all-time lows. Are you paying over 3.75% on an existing mortgage? It may be time for you to consider refinancing your home.
[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 is $580,750. Loans between $417,000 and $580,750 are called super conforming loans. Any loans above $580,750 are jumbo loans.
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 September 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.
