The Lawhead Team would like to share the latest HomeDex Report for North San Diego County for October:

October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.

Closed Sales increased 36.6 percent for Detached homes but decreased 19.8 percent for Attached homes. Pending Sales increased 35.7 percent for Detached homes and 14.7 percent for Attached homes.

The Median Sales Price was up 11.8 percent to $777,000 for Detached homes and 7.2 percent to $504,000 for Attached homes. Days on Market decreased 38.5 percent for Detached homes and 35.3 percent for Attached homes. Supply decreased 50.0 percent for Detached homes and 53.8 percent for Attached homes.

Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.

The HomeDex Report is from North San Diego County Association of Realtors.

The Lawhead Team would like to share the latest “One Cool Thing” about California renters and their dream of making homeownership happen.

Despite affordability challenges, California renters continue to hold homeownership in high regard and aspire to purchase a home eventually.

Advantages of homeownership, according to renters:

• 21%: provides a good long term investment
• 19%: gives them the freedom to do what they want with their home
• 12%: allows stability to plant roots

What’s hindering renters from homeownership:

• Only 40% of renters are familiar with the credit and loan criteria needed to purchase a home.
• 14% of renters are under the impression that more than 50% down payment is needed to purchase a home.
• Nearly 40% of California renters believe that more than 20% is required to become a homeowner.

These misconceptions result in many renters delaying their home purchase or possibly giving up on the dream of homeownership. If you’re a renter, talk to your REALTOR to find out how you can become a homeowner.

Source: CAR 2018 State of the California Consumer Survey

The Lawhead Team would like to share the latest One Cool Thing about surprise home repairs and how people usually are able to pay for them.

Nearly half of homeowners experienced an unexpected home repair in the first year of homeownership and almost one-third did not have money set aside for home repairs or improvements. Homeownership involves more than just paying for your mortgage. Be sure that you’re prepared for unexpected expenses.

Paying for home improvements:

• 12% had to tap into or exhaust savings to pay for the majority of home repairs/improvements.
• 52% were able to easily pay for most home repairs/improvements without tapping into savings, going into debt, or making other sacrifices.
• 13% had to take on debts to pay for the majority of home repairs/improvements.
• 20% had to make sacrifices in other areas in order to pay for the majority of home repairs/improvements.
• 3% had other ways of paying for the repairs.

Source: “2018 Home Improvement Report,” Nerdwallet and CAR.

The Lawhead Team would like to share the latest “One Cool Thing” about surrounding school rankings and how they influence choosing a home to buy.

When it comes to choosing a home, the ranking of a school is very important to consumers of all ages and income levels. Here’s how people perceive the importance of highly rated schools:

• 47% consider the rating of surrounding schools very important
• 23% consider it somewhat important
• 11% feel that school ratings are not very important
• 19% feel that surrounding school ratings are not at all important

43% of consumers age 34 or under believe highly rated schools are very important while 58% of consumers earning more than $100,000 think highly rated schools are very important.

Below are the monthly indicators for the HomeDex North County home market activity for both attached and detached homes:

If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas including North County, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices.

Closed Sales decreased 15.6 percent for Detached homes and 15.3 percent for Attached homes. Pending Sales decreased 3.5 percent for Detached homes but increased 1.9 percent for Attached homes. The Median Sales Price was up 5.1 percent to $715,000 for Detached homes and 13.3 percent to $465,000 for Attached homes.

Days on Market increased 8.3 percent for Detached homes and 15.4 percent for Attached homes in North County. Supply increased 40.9 percent for Detached homes and 40.0 percent for Attached homes. Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market.

The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.

Information from: North San Diego County Association of Realtors.

Looking to simplify your home buying process? It is important to work on getting your financing ducks in a row before looking for a home.

Check out the latest “One Cool Thing” from the California Association of Realtors about seeking financing when buying a home:

Most home buyers are following their realtors advice and seeking financing first in their home buying journey. They also want greater speed, simplicity and communication from their providers.

• 73.5% sought out home financing options before looking for a home.
• 75.4% said their agent and lender communicated with each other about their home buying process.
• 49.5% desire a faster or easier home buying experience.
• 34.1% had trouble understanding mortgage fees.

Source: loanDepot and mellohome

Summer is heating up and homes with amenities geared toward summertime activities have major appeal for buyers.

Check out the latest One Cool Thing about must haves while selling your home during the summertime:

In rank order, the summer features correlated with highest price-per-square foot boost, when compared to similar homes, without it include:

• Outdoor showers – 97% price per square foot premium
• Barbecues – 26% premium
• Entertainers poor or spa – 26% boost
• Zoned sprinklers – 21% lift
• Fire pits or outdoor fireplaces – 25% jump

Homes with summer features are often listed with at least 10% higher prices than similar homes!

If you are looking to buy or sell in the summertime, The Lawhead Team can help!

Check out the latest One Cool Thing about some great high-tech features you might want to include in your new kitchen!

• Cut The Cords! There are many appliances now that are wireless and compatible with smart countertops. Plus a wireless kitchen reduces the number of cords, which is extremely important near kitchen sinks.
• Find A Digital Hub To Manage Your Kitchen – Download apps that can help you take greater control over your kitchen by using voice commands or allowing you to directly turn on your oven remotely or access videos with step-by-step directions.
• Make Sure Your New Appliances Are WiFi Enabled – Appliances that can connect to the internet are the future., and some companies believe other appliances will eventually be outdated. Connectivity, for example, allows ovens to control the baking for you!
• Consider A Wireless Charging Countertop – Yes you heard us!! Wireless charging countertops may become the “new quartz”. When choosing a countertop, it may be a smart idea to skip the stone and opt for smart countertops that charge your devices.

Do you have any ideas for updating your kitchen to be more tech-savvy? Please comment to let us know!

The Lawhead Team would like to share the latest One Cool Thing about “Military Members On A Home Buying Mission”.

Did you know active-service military members and veterans make up the smallest group of homebuyers?

Of all home buyers, 2% are active-service military, 17% are veterans and 81% are non-military. Check out what they are purchasing and how:

Active-Service Military Buyers –

• 50% are first time home buyers
• 68% are first time sellers
• 56% completely financed their home with no down payment
• 77% of active-service military buyers use a VA loan to buy their home
• 15% used a conventional loan to buy their home

The average home for active-military home buyers are a 4 bedroom, 2 bath house approximately 2,050 square feet.

Military Veteran Buyers –

• 19% are first time home buyers
• 26% are first time home sellers
• 41% military veterans completely financed their home with no down payment
• 58% used a VA loan to buy their home
• 66% of military veterans use a conventional loan

For military veteran buyers, the average home they bought was a 3 bedroom, 2 bath house with approximately 1,960 square feet.

Non-Military Buyers

• 35% are first time home buyers and 39% are first time home sellers.
• 39% non military buyers are first time sellers.
• 7% completely financed their home with no down payment
• 66% used a conventional loan to purchase their home.

The average home for a non military home buyer is a 3 bedroom, 2 bath house with 1,870 square feet.

Source: National Association of Realtors.

The Lawhead Team would like to share the latest One Cool Thing about HOA‘s and how they protect home values:

69 million Americans live in 342,000 common-interest communities and the majority of owners say Homeowners Associations (HOA‘s) protect home values. Find out why:

• 90% say association rules protect their investment and enhance property values.
• 73% believe their community managers provide value and support to residents and their associations.

The best aspects of living in an HOA community are:

• Clean or attractive neighborhood
• A safe neighborhood
• A maintenance free neighborhood
• Having the association help maintain property values

And the worst aspects of living in a HOA community are:

• Restrictions on exterior home improvements
• Paying dues

Source: Community Association Research