Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Sept. 28, 2022

August 2022 Market Update

Is it Buyer’s Market yet?

….Not quite yet but the market is definitely softening!

August stats for San Diego shows…

😒 There’s about 30% less homes SOLD vs last year!
😰 Pending Sales slowed down
🫣 Inventory went up about 20% (still not up to par to make it a buyer’s market)
🤗 Yet… we still have a healthy appreciation growth of 7.4% in Median Sales Price:

💲910,000 median sales price for detached homes
💲625,000 median sales price for attached homes

Per San Diego Association of REALTORS® “Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR (National Association of Realtors) chief economist Lawrence Yun, believe the worst of inflation may be over. Although sales price remain up from this time last year, price of growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.”

Don’t stay too long on the sideline, you might lose this window of opportunity to have a better negotiating room as a buyer. Let’s talk ☕️

Tina Balch
DRE 01310121
Big Block Realty
#teambalch
teambalch@gmail.com or DM me!

#sandiego #sandiegolife #sandiegorealestate #sandiegorealtor #sandiegorealestateagent #home #firsttimehomebuyer #homesforsale #whyrentwhenyoucanown #whyrentwhenyoucanbuy #mortgage #homeloans #sellingsunset #listingagent #homeownershipgoals #buynow #realestatetips #realestategoals

Posted in Market Updates
Sept. 28, 2022

Here are some common #realestate scams and HOW TO AVOID THEM!

1️⃣ Escrow Wire Fraud- ‼️Here is how it works‼️you get an email, phone call, or text pretending to be the #escrow company giving you the wiring instructions. They will provide you a website similar to the escrow company’s website, so you think it’s legit and ways to easily send your deposit online ~ poof 💸 your money is gone.

 

⛔️Here’s how to avoid it⛔️ Always communicate everything to your #realtor; we can tell when something is off or out of the norm! Escrow typically emails escrow instructions via a secured encrypted email. We always ask #homebuyers to call the escrow officer (we will give you the direct line for your escrow officer) before wiring to verify the information. A further step is to ask the banker or teller to call the escrow officer before wiring to verify the wiring instructions and amount. Don’t send money online or via a website!

 

2️⃣ Predatory Lenders- ‼️Here is how it works‼️first of all, they know who to target! If you’re in #financialdistress, they know! Unfortunately, #seniors are the most vulnerable to this tactic (so please check on your parents and grandparents); they will repeatedly market to them and charge exuberant #interestrates and closing fees! I know the rate depends on #creditscores, but even if your score is low(er), #predatorylenders will offer much higher interest rates than they should in their situation, so that’s a #redflag already! Plus, they tuck in a lot of what we call “junk fees,” fees that are not usually charged but are put in there for these lenders to make more!

 

⛔️Here’s how to avoid it⛔️ If a lender you’ve never heard before approaches you, DO YOUR HOMEWORK! They might have tons of reviews from other borrowers who got scammed, so you might want to avoid that lender! Always compare, shop 2-3 lenders, and ask for their “loan estimate.” The loan estimate is an initial disclosure of interest rate and closing cost charges. If you see a BIG variance from one lender, that should be your clue!

 

3️⃣ Foreclosure Relief - scammers are smart, they research and get all the details of your situation, so when you are in default, they know! You will get all kinds of letters (some will use your lender's brand so it looks legit, or will use the City or some kind of "Government Housing Assistance") offering financing for higher interest rates (the likes of predatory lending) that will leave you in much worst situation.

 

⛔️Here’s how to avoid it⛔️ if you get a letter that looks like it's coming from your bank, get your mortgage statement and look for their customer service number and call them directly. Remember, the bank is not in the business of real property but financing, so they don't want foreclosures. They would much rather work with you on some kind of loan modification or forbearance than lose you in foreclosure proceedings. Rather than calling the number on that letter that promised or looks like "Governmental Housing Assistance," go to HUD directly via www.hud.gov

 

4️⃣ Rental or Listing Scam - scammers post (or duplicate existing legitimate listings) rental or home for sale listing at an unbelievably amazing price to lure victims. Usually, you won't be able to get a hold of them via phone, mostly text (and they will give all kinds of excuses not to be able to talk) and email. They will ask for a small "deposit" to reserve your spot & see the place, and unfortunately, people fall for it. They will think - "ah, it's only $100" but you will not see that $100 back =( 

 

⛔️Here’s how to avoid it⛔️ NO landlord will ask for a deposit to see the place. Remember that! A deposit is only required when you enter into a lease contract. Usually day of the signing or within a certain time frame (usually before the landlord gives you the key). Legit landlords will talk to you and not avoid seeing you in person during showings. Think twice when a home for sale is listed WAY below market value. When it's too good to be true, then it probably is! Remember, the seller's goal is to get "top dollar," and if someone is selling for WAY less than what it's worth, it might be a big-time FIXER! When in doubt, contact a realtor and give the address to verify the legitimacy of the sale...better yet, work with a realtor because we know all of the properties that come in and out of the market!

 

 

Unsure of something? Let's connect, and I’ll do my best to help you!

 

#yourrealtorforlife #sellingsandiego

@tinabalch DRE01310121 Big Block Realty teambalch@gmail.com

 

Don't forget to follow us on instagram.com/teambalch for more REAL ESTATE TIPS!

Posted in Market Updates
Aug. 7, 2022

July 2022 Market Update

Let’s keep this market update simple!

Median Sales Price:

  • Detached homes $970,000
  • Attached homes $632,500
  • Went down a little bit from June’s figure, we can feel the effect of the slow down now!

Active Market time (all types of properties) 22 days

It means it takes longer now for us to sell a home, they stay a little longer in the market vs a year ago (or even a few months ago!)

Inventory is 1.7 months

We are still at a point where we have fewer homes than buyers on the market! On a balanced market, we should see 6 months' worth of home inventory so it’s safe to say we are still in a “seller’s market”

Overall, the market is reacting to the recession &/or inflation effect. We sold -42% homes compared to last year, inventory has increased yet not enough to meet the needs, and interest rate seemed to settle at 5’s% so honestly… it is still a great rate! You don’t want to look back on missing this opportunity to buy now when competition is not as fierce yet there are more homes available (& a not-so-bad interest rate!)

Want to know your options in buying or selling? Let’s talk

 

 

Posted in Market Updates
July 31, 2017

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Posted in Market Updates