Want to know how the housing market in North San Diego County is lately? Check out the latest HomeDex highlights below:

The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while the housing market inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.

Closed Sales increased 8.8 percent for Detached homes and 12.8 percent for Attached homes. Pending Sales increased 26.8 percent for Detached homes and 24.6 percent for Attached homes.

The Median Sales Price was up 17.1 percent to $820,000 for Detached homes and 10.8 percent to $500,000 for Attached homes. Days on Market decreased 27.0 percent for Detached homes and 17.6 percent for Attached homes. Supply decreased 54.8 percent for Detached homes and 41.7 percent for Attached homes.

As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.

For more information related to the HomeDex housing market report please visit TheLawheadTeam.com!

The Lawhead Team would like to share this great information to help all home buyers! 

Down payment money is the number #1 obstacle for buyers!

Qualifications

What do you need to qualify to buy a home?

• Income verification
• Property type
• Home price
• Is it a primary residence?
• Take a homebuyer education course
• Are they are first-time buyer?

Available Programs

Did you know down payment assistance programs help buyers lower monthly payments and provide cash at closing?

These come in many forms:

• Grants
• Mortgage Credit Certificates
• Matched Savings & Development Accounts
• Housing Finance Agency Boards
• Second Mortgages
• Housing Vouchers, Employer Assistances, etc.
• Programs for Veterans & Public Service Employees (Educators, Fire Fighters, Police, etc.)

The Lawhead Team would like to share the following article from the NSDCAR (North San Diego County Association of REALTORS) about the impact the Presidency could have on our real estate.

How Trump Presidency Could Impact Real Estate

In a nation in which homeownership is largely seen as synonymous with the American dream, it’s a question that real estate professionals are now asking:

• How will President Trump impact the U.S. housing market in 2017?
• Will a Trump presidency launch a sustained upward trend in homeownership rates?
• Mr. Trump is a real estate tycoon who has made a fortune building luxury condominiums, hotels and casinos. But will that experience enable him to help the middle class, which faces a lack of affordable housing and rising prices?

The surprise election of Donald J. Trump has real estate professionals wondering how a new Washington regime will impact our profession, one way or another. During his campaign, Mr. Trump has said his priorities would be cutting taxes and creating jobs. In addition, Mr. Trump’s tax plan explicitly stated that he would preserve the mortgage interest deduction. If we take him at his word, then the prospects for the housing market are not bad. Today, Americans want to feel secure and believe they have a fair shot in the marketplace. Overall, I believe Donald Trump represents good news for home buyers and sellers.

Mr. Trump has a tremendous opportunity to write a new chapter in housing policy and build a legacy based on achievement and improving prosperity for the working class. If President Trump is successful in launching massive rebuilding programs in inner cities and for aging infrastructure across the country, then the impact could be tremendous for real estate, the building industry and skilled labor.

Meanwhile, industry analysts vary in their predictions on the impact to the real estate profession under a Trump administration with Republicans controlling both chambers of Congress. Mr. Trump made his billions as a real estate developer so he knows well the hurdles of dealing with zoning burdens. We might see fewer regulations for new home construction, thereby lowering the cost of building and increasing homeownership. Simply put, Mr. Trump’s first term will be defined by fulfilling his campaign promises and economic improvement.

Among other crystal-ball predictions:

— If Trump is anything, he is a guy who has built buildings. And, a lack of inventory is widely considered the biggest current drag on the housing market. So, if builders could benefit from lower corporate taxes and deregulation, then the result could be an expansion of existing home inventory. In July of last year, the U.S. Census Bureau announced the homeownership rate in this country had hit its lowest level since the government began measuring the stat in 1965.

— The housing market thrives on optimism. Boosted by a Trump confidence pop, demand may increase and mortgage money may become plentiful as equity-sharing mortgages become more widespread with support from big lenders. If banks make it easier to lend to average Americans and lower the credit scores required to qualify for mortgages, then this could increase the buyer pool and give more people a pillar of the American dream: homeownership. Subsequently, lower mortgage rates also could lead to higher home values. Even if rates slightly increase, factor in Mr. Trump’s promised tax cuts, big spending initiatives and reductions in regulations, then home buyers face higher interest rates still won’t be a huge problem.

— Watch for a move away from stringent mortgage underwriting to more normal lending, as well as reforms to Fannie Mae and Freddie Mac. Indeed, some investors are betting Mr. Trump will move the government-controlled mortgage giants into private hands. The fate of mortgage rates may depend in part on the how much pressure the Trump administration puts on the Federal Reserve.

— Speaking of optimism, a combination of tax cuts and government spending in the form of upgrading nation’s infrastructure and for national defense is certain to provide a boost to the economy. A stronger economy is always good news for real estate professionals. Accompanying gains in consumer confidence also will further move the economy higher. If we are rooting for the economy to improve, then we are hoping that with Mr. Trump’s background as a business entrepreneur and real estate developer will pave the way for more growth and more development, which would be a net beneficial for real estate.

Click here to read entire article

The Lawhead Team would like to share our latest listing at 2120 Softwind Lane Encinitas, CA.

• Fabulous Encinitas location on cul de sac with no one behind you.
• 3 car garage
• Huge useable yard
• Freshly painted inside and out
• Lots of storage in the garage
• Huge balcony/deck accessed by two secondary bedrooms upstairs
• Romantic fireplaces in the family room and master bedroom
• Walk to elementary and middle schools
• Community pool, spa, tennis courts & playgrounds.

Check out the full listing for more photos at Coldwell Banker Homes

The Lawhead Team would like to share the C.A.R.’s Center for Real Estate’s latest “One Cool Thing” about what stands in the way of achieving the American Dream.

Prospective home buyers face numerous challenges when it comes to achieving the American Dream of homeownership, but obstacles remain and often vary among ethnic groups.

Among those who plan to buy a home, the biggest challenges home buyers face are:

• 29% Saving for a down payment
• 27% Lack of inventory
• 22% Access to credit and financing
• 19% Personal debt

Click the image below for more hurdles home buyers face achieving the American Dream.

Source: The Futures Company in partnership with the CALIFORNIA ASSOCIATION OF REALTORS® Center for California Real Estate

The Lawhead Team would like to share the C.A.R.’s One Cool Thing about what real estate investors are purchasing. 

More real estate investors are turning to niche properties and away from single-family and multifamily properties than in recent years, leading to shirts in the marketplace.

The share of single-family homes being purchased by investors has been declining gradually since 2013.

• 10% purchased more commercial, land, mobile homes, or other properties
• 70% of investors purchased single-family homes in 2015, which is down from 78% in 2013

A record share of investors purchased properties outside California

• 15% in other states
• 2.4% in other countries

Source: 2016 California Investor Survey

The Lawhead Team would like the share which features can help get your home off the market faster.

Not all homes are equal, and don’t sell equally either. So what features can make or break the sale? Here’s what recent data showed about how much of a difference the most popular features can make in selling a home.

Spanish-style homes are HOT HOT HOT 

• Making up only 1 percent of the studied for-sale listings, Spanish-style homes spend a median of only 47 days on the market which is 1/2 the national average.

It’s all about the view…but what view?

• Homes with a city skyline view sold the fastest at 83 days on the market.

THE RIGHT INTERIORS = A CLOSED DEAL

Stainless steel is still a must-have feature for buyers, helping homes sell an average of 15% faster than homes without stainless-steel appliances

LOCATION STILL RULES

• Good school districts still help make the sale with an average of 76 days on the market.
• Homes near major medical centers command the lowest prices, receive the fewest views, and stay on the market for the longest.

Source: Realtor.com

The Lawhead Team would like to share the latest One Cool Thing from the C.A.R. about the pressures Millennials face in today’s real estate and job market. 

Achieving the American dream has proven more difficult for millennials.

Boomers bought homes and raised families during more optimistic times when there was a big middle class and healthier job market. Millennials have faced a real-estate market bust, overwhelming college debt, and delayed career starts – impacting earning potential and leaving unique financial pressures on the largest generation in history.

The cost of purchasing a house has increased

• $174,065 – median home price in 1982*
• $213,800 – median home price today

Median household incomes have decreased

• $57,530 – median household income in 1982*
• $53,482 – median household income today

Many more households are struggling with students loans

• 1989 – 16% of young households had outstanding student loans
• 2010 – 37% of young households had outstanding student loans

$245,340 – Cost of raising a child from birth to age 18

Source: The Futures Company, 2016

*adjusted for inflation

The Lawhead Team would like to share our latest listing in Old Creek Ranch. 

This 2 bedroom 2.5 bath townhouse is located at 2117 Cosmo Way San Marcos, CA 92078. Price: $438,000

One of the most upgraded townhomes in the desirable Solaire complex in Old Creek Ranch. The only unit in the complex with a fireplace!

• Beautiful laminate flooring.
• Center island in kitchen was expanded and has quartz countertops
• Upgraded glass subway tile as backsplash
• Stainless steel appliances and beautiful dark cabinetry
• Downstairs den has custom built-ins
• Surround sound in the living room and master bedroom
• Central air conditioning
• Custom interior paint
• Great quiet location

Check out the full listing here.

The Lawhead Team would like to share the latest key points from the CALIFORNIA ASSOCIATION OF REALTORS® January 2016 resale housing report.

• The number of active listings increased for the first time in five months, increasing 3.1 percent from December on a statewide basis. At the regional level, total active listings increased from the previous month in Southern California (5.3 percent), and the San Francisco Bay Area (8 percent), but declined slightly in the Central Valley (1.6 percent).

• C.A.R.’s Unsold Inventory Index rose to 4.3 months in January from 2.8 months in December, primarily due to slower sales and an increase in active listings. The index stood at 4.9 months in January 2015. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered typical in a normal market.

• The median number of days it took to sell a single-family home increased in January to 44.5 days, compared with 39.5 days in December and 49.5 days in January 2015.

• According to C.A.R.’s sales-to-list price ratio*, properties are generally selling below the list price, except in the San Francisco Bay Area, where a lack of homes for sale is pushing sales prices higher than original asking prices. The statewide measure suggests that homes sold at a median of 97.9 percent of the list price in January, up slightly from 97.1 percent at the same time last year. The Bay Area is the only region where homes are selling above original list prices due to constrained supply with a ratio of 100.3 percent in January, up from 100 percent a year ago.

• The average price per square foot** for an existing, single-family home was $227 in January 2016, down from $230 in December and up from $212 in January 2015.

• Mortgage rates dipped in January, with the 30-year, fixed-mortgage interest rate averaging 3.87 percent, down from 3.96 percent in December and up from 3.67 percent in January 2015, according to Freddie Mac. Adjustable-mortgage interest rates also dipped, averaging 2.98 percent in January, down from 3.04 percent in December and up from 2.89 percent in January 2015.

*Sales-to-list price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 38 counties.

The previous key points are from January home sales and price report.