More good news for the Real Estate market this week! New listings tracked by Altos Research have climbed upwards for 5 consecutive weeks. This suggests that the spring home buying season will bring the strongest prices the nation has seen since the tax credit 2 years ago! Read the full article via RISMedia. Home builder confidence is also increasing for the 5th consecutive month! Per the NAHB/Wells Fargo Housing Market Index (HMI) ”this consistency suggests that the housing market is moving toward more sustainable growth.”
I have to admit there has been a visible change in Downtown San Diego’s market in the past 5 weeks. The listing inventory is low (under 200 units where 1.5yrs ago we had over 600) and demand is high. If anything, prices are becoming more stable and competition is stiff. We’ve had multiple offers on our listings, and watched units our buyers were planning to write offers on go pending within weeks of hitting the market. With interest rates under 4% the time to buy and sell is NOW! Don’t wait! Remember- EVERY 1% INCREASE IN RATE ON A 30 YR FIXED MORTGAGE OFFSETS A 10% CHANGE IN PRICE! For example: Finance a $300,000 loan today at 4% interest- payment is $1432/mo. Finance the same amount at 5% interest- payment is $1610/mo. At the end of that 30 yr term- you spent 10% more on that home at 5% than at 4%! So don’t wait for that bank owned property to list 10% under the current market, because by the time that happens the rates could be on the rise and you could be spending tens of thousands more in the end!!
95%- The percentage of refinancing Borrowers that chose fixed rate mortgages in 2011′s 4th quarter according to Freddie Mac.
Quote of the week: “It is amazing what you can accomplish if you do not care who gets the credit.” -Harry S. Truman
Team News:
Rachel and fiance Christopher visited Copley Symphony Hall to watch the Moscow Ballet Company perform Sleeping Beauty.
They also celebrated their soon to be son Paxton Kelly with a co-ed baby shower in Downtown San Diego. Richard from our ARG office made this great cake! We can’t wait to meet Pax come April 1st, congrats!!
Allison and new fiance Matt kicked off their engagement with a night with family and friends at Ebisu Sushi Bar in Hillcrest. “This is a great place to host a party!!”
The couple suggests ordering garlic edamame and the H-Bomb roll! Ebisu also has a DJ on the weekends and offers Happy Hour Monday – Friday from 5-7pm.
Nicole & Rebecca hosted an open house at their Watermark listing- here’s the virtual tour if you’re looking for a classy 2+den in Downtown SD with all the bells & whistles! Want to keep track of our open houses? “Like” our facebook page for daily updates!
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