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 burglars and how to keep your home safe from them:

Home burglary generally has a pattern: criminals looking for an easy target they can rob fast. Career burglars shared this information to help you prevent break-ins.

• Weekdays, between 12:30 p.m. and 2 p.m. are the most popular times for break-ins. The last thing criminals want is to encounter someone at home and weekend schedules are too unpredictable.
• Criminals scout public social media accounts to find victims. Locating someone’s home address using basic information from their social media profile is surprisingly easy.
• Tall bushes are favorites of burglars since they offer an obstructed view from the street and an easy way to hide from neighbors. So, keep your shrubs and large landscaping features trimmed.
• Unlocked windows, unused deadbolts, poorly lit homes, and residences without security systems are prime targets for thieves.
• Keep your expensive items out of sight. Leaving your MacBook in front of your kitchen window is making it too easy for a burglar.

Source: California Association of Realtors and RISMedia’s Housecall

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

Want to know what is going on in North County San Diego when it comes to buying and selling homes? Check out the latest statistics from the HomeDex report:

• Rising home prices, higher interest rates and increased building material costs have pressured housing affordability to a ten-year low, according to the National Association of Home Builders. Keen market observers have been watching this situation take shape for quite some time. Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0%. That kind of gap will eventually create fewer sales due to affordability concerns, which is happening in several markets, especially in the middle to high-middle price ranges.
• Closed Sales decreased 15.3 percent for Detached homes and 15.3 percent for Attached homes. Pending Sales decreased 9.4 percent for Detached homes and 10.4 percent for Attached homes.
• The Median Sales Price was up 9.4 percent to $755,000 for Detached homes and 2.3 percent to $445,000 for Attached homes. Days on Market increased 12.9 percent for Detached homes and 25.0 percent for Attached homes. Supply increased 25.0 percent for Detached homes and 46.7 percent for Attached homes.
• While some are starting to look for recessionary signs like fewer sales, dropping prices and even foreclosures, others are taking a more cautious and research-based approached to their predictions. The fact remains that the trends do not yet support a dramatic shift away from what has been experienced over the last several years. Housing starts are performing admirably if not excitingly, prices are still inching upward, supply remains low and consumers are optimistic. The U.S. economy is under scrutiny but certainly not deteriorating.

HomeDex report is from the North San Diego County Association of Realtors.

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 housing market continues to stay competitive according to the latest HomeDex Report for North County San Diego attached and detached homes:

Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong.

Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly.

Closed Sales decreased 18.4 percent for Detached homes and 17.0 percent for Attached homes. Pending Sales decreased 5.9 percent for Detached homes and 3.4 percent for Attached homes.

The Median Sales Price was up 4.0 percent to $728,000 for Detached homes and 10.0 percent to $480,000 for Attached homes. Days on Market decreased 7.1 percent for Detached homes and 19.0 percent for Attached homes.

Supply increased 8.3 percent for Detached homes and 14.3 percent for Attached homes.

Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest. As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals than were in place a decade ago.

Want to find out more about the HomeDex Report for your home? Call The Lawhead Team!

The Lawhead Team would like to share the latest “One Cool Thing” from the California Association of Realtors about tackling your next home remodel:

The reason homeowners undergo a home remodel is because they desire better and newer amenities or they feel compelled to repair or replace old components in their homes. The following are some reasons homeowners take on a remodel:

On a scale of 1 to 5 (1 = Never/Almost Never, 5 = Very Often):

• Desire for better/newer amenities: 4.3
• Need to repair and or replace old components: 4.1
• Desire/need for more space: 3.8
• Want to avoid moving or having to buy another home: 3.5
• Desire to be able to age in place: 3.4
• Repairing a damaged property: 2.8
• Desire to be energy efficient and concerned for the environment: 2.4
• Family growing in home: 2.3
• Want to accommodate multi-generational living: 2.2
• Want to resell an ordinary non-distressed property: 1.8
• Need to get a property ready for REO/short/other distressed sale: 1.4

Source: National Association of Home Builders

Looking to buy or sell instead of remodel? Give The Lawhead Team a call!

The Lawhead Team would like to share the latest One Cool Thing about the most popular home renovation projects that are happening this year. Check it out:

Did you know that 58% of homewoners are planning to spend money on home improvement projects this year?

According to the latest One Cool Thing, here is what projects they have planned:

• 43% want to remodel their outdoor space
• 31% are going to take on a bathroom remodel this year
• 28% will be doing home repair (Isn’t it fun being a homeowner?)
• 26% are tackling a kitchen remodel
• 16% want to remodel their garage
• 5% will be adding a pool to their backyard

How are homeowners planning to pay for their home improvement projects?

• 62% will tap into their savings
• 30% will put the home projects on a credit card
• 13% are going to use a home equity line of credit
• 8% plan to liquidate or tap into investments
• 5% will get a home improvement loan

Source: Lightstream Home Improvement

Are you looking to upgrade instead of remodel? Contact The Lawhead Team!